Lending
USDA, Construction, Modular and Mobile Home Loans
USDA, construction, modular, mobile home and FHA mobile home loans, compared across lenders.
Talk to Maggie directly: cell (916) 549-3131 (text or call) · maggie@loveyoursurroundings.coMaggie B. Hopkins, NMLS #349517 · Surroundings NMLS #2528307
Which loans fit homes that aren't a typical resale house?
Most buyers use a conventional, FHA or VA loan on an existing home. Some homes and some plans need a different loan: a home in an eligible rural area, a home you're building, a home built in a factory, or a mobile home.
As a mortgage broker, Maggie B. Hopkins compares what several approved lenders offer for these loans. Fewer lenders make some of them, so knowing where to look matters.
What is a USDA loan?
A USDA loan is a home loan backed by the U.S. Department of Agriculture. It's meant for homes in eligible rural areas, and some areas on the edges of the Sacramento region may qualify. These loans carry income limits and property rules.
The CFPB counts USDA-backed loans as Qualified Mortgages. Eligibility maps and income limits change, so we check the address and your household against the current rules before you count on one.
How does a construction loan work?
A construction loan pays for building a home, or a major rebuild, while the work happens. Instead of paying the full amount at once, the lender usually releases money in stages as the work is done and checked.
Lenders look closely at the plans, the budget, the builder and the timeline. When the home is finished, the loan is either replaced with a regular mortgage or turns into one, depending on the program. We compare options that fit your project and walk you through each step before you break ground.
Can you finance a modular home?
Yes. A modular home is built in sections in a factory, then set on a permanent foundation on your lot. Many lenders treat a finished modular home much like a site-built home.
The details depend on the lender and on how the home is placed and titled. Ask early, before you order the home, so the loan and the build line up.
What about mobile home and FHA mobile home loans?
Mobile and manufactured homes can be financed too, but the rules depend on the home and the land. A home on a permanent foundation on land you own is financed differently from a home in a park where you rent the space.
FHA insures loans for manufactured homes that meet its rules, which can make them easier to finance. Other lenders offer their own mobile home programs. We check which ones fit your home before you make an offer.
How do you start?
Fill out the loan options form or call Maggie's cell at (916) 549-3131. Tell us about the home or the project: where it is, what kind of home it is and your timeline.
For a build, bring the plans, the builder's bid and your lot details. For a manufactured or modular home, bring what you know about the foundation and the land. We'll tell you what else is needed.
Frequently Asked Questions
Are there USDA-eligible areas near Sacramento?
Some areas on the edges of the region may qualify. Eligibility is set by address and household income, and the maps change, so we check the specific home against the current USDA rules.
How is a construction loan paid out?
It is usually paid out in stages as the work is done and checked, instead of all at once. When the home is finished, the loan is replaced with or turns into a regular mortgage, depending on the program.
Is a modular home the same as a mobile home?
No. A modular home is built in sections in a factory and set on a permanent foundation, and many lenders treat it much like a site-built home. Mobile and manufactured homes follow different loan rules.
Can I get an FHA loan on a manufactured home?
FHA insures loans for manufactured homes that meet its rules. Whether a home qualifies depends on the home, its foundation and the land, so we check before you make an offer.
Talk to Maggie directly: cell (916) 549-3131 (text or call) · maggie@loveyoursurroundings.coMaggie B. Hopkins, NMLS #349517 · Surroundings NMLS #2528307
Loans are arranged through Maggie B. Hopkins, NMLS #349517 · Surroundings NMLS #2528307. This is not a commitment to lend. All loans subject to credit approval and property qualification. Equal Housing Lender.
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