Aware that manufactured housing could be the home of choice for Gen Z and Millennial new home buyers, Rocket Mortgage, America’s largest mortgage lender, has rolled out a new manufactured home loan program.
The manufactured home loan can be used to purchase a primary residence with as little as a 5% down payment or a second home with 10%. Cash-out refinances are available on a primary residence, and rate-and-term references are available on either a primary or second home.
The loan requires credit, asset, income, and debt documentation in line with conventional loan guidelines.
“In the past year, there was roughly $12 billion in sales of manufactured homes,” said Rocket Mortgage CEO Bob Walters. “Many of these clients have great income and credit scores and are very creditworthy. We are looking forward to helping them achieve homeownership.”