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Yahoo
2 days ago
- Business
- Yahoo
How to finance a mobile or manufactured home
Mobile homes, also known as manufactured homes, can be a cost-effective alternative to buying a traditional home. Due to their lower cost and rapid depreciation, most traditional mortgage lenders don't offer mobile home financing. FHA Title I and Title II loans, Freddie Mac loans, Fannie Mae loans and personal loans are some ways you can finance a mobile or manufactured home. With the median price of traditional homes exceeding $416,900 in the U.S., mobile homes, also called manufactured homes, can be more cost-effective while offering more flexibility. The average manufactured double-wide home costs approximately $145,200. That said, it may take more legwork to find a lender to help you finance the purchase of a mobile or manufactured home than a traditional home. That's because most mortgage lenders don't offer financing for these types of properties due to the lower sales price and high rate of depreciation. Still, there are some options available. Since traditional mortgages may not be a viable option for financing mobile homes, consider alternative types of loans. Carefully weigh the pros and cons of each to find the solution that best meets your needs. The Department of Housing and Urban Development (HUD) offers mobile home loans through the Federal Housing Administration (FHA) loan program. This includes Title I and Title II loans. A Title I manufactured home loan can be used in several ways, including to finance the purchase of a new or used manufactured home, refinance a manufactured home purchase, to buy the developed lot where you will locate this type of home and for a combination purchase of both the lot and the home itself. These funds can also be used to alter, repair or improve a manufactured home. Lenders can offer Title I mobile home loans even if the buyer doesn't own or isn't planning to purchase the land on which the manufactured home will stand. These homes will typically be placed in a manufactured home community or mobile home park. If the borrower doesn't own — or isn't buying — the land, they must provide a signed lease for a mobile home plot with an initial term of at least three years to qualify for a Title I loan. The amount you can borrow with a Title I loan depends on the width of the home and whether you plan to purchase a lot as well: Purchase type Maximum loan amount Single-wide home $105,532 Single-wide home with lot $148,909 Multi-width home $193,719 Multi-width home with lot $237,096 This loan program insures loans that borrowers can use to finance a qualifying manufactured home and lot. For example, you can only use a Title II loan if you plan to live in the manufactured home as your primary residence. Other requirements for the home include: Have a minimum floor area of 400 square feet Be constructed after June 15, 1976 Be classified as real estate, but not necessarily for state tax purposes Be built and remain on a permanent chassis The loan must cover the home and the land on which it stands Title II loans cannot be used for manufactured homes on leased land in manufactured home communities or mobile home parks. Down payments on a Title II loan can be as low as 3.5 percent, and terms can last up to 30 years. Some lenders offer mortgages backed by Fannie Mae through the Manufactured Housing (MH) Advantage program. The loans come with 30-year financing and down payments as low as 3 percent. As an added benefit, interest rates on MH Advantage mortgages tend to be lower than those of most traditional loans for manufactured homes. To qualify, you must satisfy several eligibility criteria, including installing a home with a driveway and a sidewalk that connects the driveway, carport or detached garage. The home must also meet certain construction, architectural design and energy efficiency standards similar to those of site-built homes. You may be able to obtain conventional financing for a manufactured home through the Freddie Mac Home Possible mortgage program. Down payments begin at just 3 percent, and in some cases, you can use gifted or grant money to help cover the upfront costs. Freddie Mac also offers manufactured home financing through their CHOICEHome Mortgage program. To qualify, homes must meet the same requirements as site-built homes and meet certain eligibility factors. Service members with eligible service histories may qualify for a loan backed by the U.S. Department of Veterans Affairs (VA). VA loans are intended to help military members become homeowners, and can be used to buy a manufactured or modular home and put it on land you already own, buy both the home and land simultaneously or refinance a home you plan to transport to land you own. Lenders can offer up to 100 percent financing on manufactured home loans, though you'll have to pay a one-time funding fee, which can be between 1.25 and 3.3 percent of the purchase price, depending on the size of your down payment and whether you've borrowed a VA loan before. You'll need an affidavit of affixture, which proves the property is attached to land you own and meets certain local and VA requirements. A chattel loan is a specialized type of personal property loan that can be used to purchase a mobile home. These loans are designed for financing expensive vehicles, such as planes, boats, mobile homes or farm equipment, where the property serves as collateral for the loan. Some lenders offer chattel loans for manufactured home purchases that are insured by the FHA, the VA or the Rural Housing Service (RHS) through the U.S. Department of Agriculture. Additionally, the closing process for chattel loans is usually faster and less restrictive than what you would experience with a traditional mortgage. But chattel loans have disadvantages to be aware of. They typically have higher interest rates than traditional mortgages. Chattel loans also have shorter terms, which means their monthly payments will likely be higher than a conventional mortgage. Mobile homes are significantly cheaper than traditional homes, so you may be able to finance your purchase with a personal loan. Because personal loans are flexible, you can use them for almost any purpose — including buying a mobile home. However, personal loan interest rates tend to be higher than secured loans, such as mortgages or auto loans. The trade-off is that you don't have to provide any collateral — which means you won't lose your home if you default on a personal loan — and the application process tends to be shorter and involves less paperwork. Another important advantage of personal loans over mobile home mortgages is that they're typically inexpensive or free to originate, says Steve Sexton, CEO of Sexton Advisory Group. 'There's no costly title, escrow or appraisal fees. And the lender has zero interest in or control over your home, because the loan is not secured.' Personal loan lenders usually offer maximum loans of $25,000 to $50,000, though some lenders will let you borrow $100,000 or more. Your credit will need to be in good shape to qualify, and excellent credit personal loan rates can start around 6.6 percent. If you're wondering how to finance a mobile home, there are a few steps you should follow first. When you apply for any type of financing, a lender will consider your credit as part of your loan application. Clean credit histories and solid credit scores make it easier to secure loans with lower rates and better terms. Your bank or credit card issuer may offer free access to your credit score, or you can buy it via a third party. If you find mistakes when you check your credit reports, you can dispute them with the appropriate credit bureau — Experian, TransUnion or Equifax. The bureau will have up to 30 days to respond to you. You can request free copies of your credit reports at Why it's important The better your credit score and history, the lower your interest rate will be. This can save you thousands of dollars over the life of the loan. When you're financing a mobile home, the stability of the asset being financed is important, Sexton says. If you own the land and your mobile home has had the axle and wheels removed, it's less likely that you'll pick up and move. This may make more lending institutions open to financing a mobile home. Why it's important If you plan to rent a plot for your home, you'll be eligible for fewer loans than if you plan to purchase the land the home will be placed on. The type of home you're considering will affect the loans you may be eligible to receive. For example, if you want to buy a double-wide manufactured home that costs $200,000 or more, you won't be eligible for an FHA loan. Older mobile homes may not qualify for certain types of financing at all. Why it's important All lenders have specific lending criteria based on the type and value of your home. Choose the type of loan you'll use and compare different lenders' offerings. Mobile home interest rates and fees can vary widely by lender, so take the time to shop around. Try to find a loan that has few fees and low rates so you can minimize your borrowing costs. Why it's important Doing your research and shopping around can save you thousands of dollars over the life of the loan and help you secure more favorable loan terms. In addition, searching for financing options early will help ensure a loan is available when you're ready to buy. You'll want to ensure that your application is as complete and transparent as possible. In addition, many lenders require a down payment, so be prepared to make one when you complete your application. Why it's important Being able to submit a complete application will improve your odds of qualifying and keep the process running smoothly. If you're planning to get a personal loan, you'll need documents that verify your identity, residency, employment and income. As with any loan, mobile home interest rates and manufactured home loan rates will vary based on several factors. Your credit score, down payment amount, type of home and whether you're buying the land will affect the amount you pay. With this information, you can use a loan calculator to estimate your loan costs. To qualify for low mobile home interest rates, make sure your credit score is at least 700. You'll need a score of 750 or higher and a low percentage of debt relative to your income to qualify for the best rates available. The average rates presented are accurate as of June 17, 2025. Type of loan Average rates Typical minimum credit score Typical terms FHA 6.92% 500 Up to 30 years Fannie Mae Varies 620 Up to 30 years Freddie Mac Varies 680 Up to 30 years Chattel Starting at 5.99% 575 Up to 20 years Personal 12.65% 600 Up to 7 years You'll often hear the terms mobile, manufactured and modular used interchangeably when discussing these similar types of homes. While they are related, there are some important differences between these homes. A mobile home is built at a factory before it's brought to a property for setup. It may or may not use metal tie-downs in place of a traditional foundation. However, this explanation can also apply to manufactured homes. Like mobile homes, manufactured homes are built in a factory. They can be set up at their permanent location on blocks, metal piers or a permanent foundation. Unlike mobile homes, manufactured homes are not intended to be moved once they're set up. They are usually more expensive than mobile homes, with an average sale price of $120,900 in January 2025, according to the U.S. Census Bureau. Similar to mobile and manufactured homes, modular homes are built in a factory and shipped to the land where they will be set up. However, modular homes are more similar to traditional homes. They often include crawlspaces and basements and use a traditional foundation. They can cost between $160,000 and $320,000, according to Angi. Bankrate's take Before you shop, understand the differences between mobile, modular and manufactured homes, so you can choose the option that makes the most sense for you. Now that you know how to buy a mobile home or manufactured home, you'll want to consider a few factors to make sure you select the best option, including location, size and age. Before you think about anything else, figure out where you will install your mobile home. The location you choose will have a big impact on the rest of the process. 'Purchasing a mobile home and finding the right location is just like buying a home,' Sexton says. 'A good neighborhood is important.' You can choose to install the home on a piece of land you already own, buy the land where your mobile home will be located or rent a plot of land in a mobile home community. If you choose to buy land, consider zoning regulations and necessary utility hookups. Mobile homes and manufactured homes come in a variety of sizes. Larger homes are more expensive and require larger lots. As a result, you may need to borrow more if you want a larger home. Mobile homes are usually classified by their width. Both classifications are usually about 70 feet long. The classifications you'll typically see are: Single-wide homes or single units: Under 15 feet wide Double-wide homes or double units: About 30 feet wide 'Many towns don't allow single-wide mobile homes in their town or city limits,' Sexton says. 'Make sure you research the rules that might apply to your situation.' Unlike traditional real estate, mobile and manufactured homes tend to lose value over time. That means you can get a discount if you buy a used mobile home. The trade-off is that used mobile homes will often show signs of age, unless they've been well-maintained. Some locations won't allow the placement of homes produced before a specific date, which limits your options. Purchasing an older mobile home may require expert insight to assess its condition. When you purchase a mobile or manufactured home, one of the expenses to consider is the cost of mobile home insurance. Similar to standard homeowners insurance, this type of policy offers you protection if your home is damaged or requires repairs. Often, mobile home policies cover both the dwelling itself and your personal belongings, if they're damaged or stolen. You may also obtain policies that include liability coverage, which protects you if someone is injured on your property and you are held liable. Standard mobile home insurance typically doesn't include coverage for hurricanes, earthquakes and flood events, and may require an add-on for this protection. And, like traditional homes, the cost of mobile home insurance policies varies based on your coverage level. Mobile and manufactured homes can be much more affordable than a traditional site-built home — but they can be trickier to finance. Since you typically can't use a conventional mortgage to buy a mobile home, you should consider options like FHA loans, VA loans and personal loans. You'll also want to ensure the home isn't too old to qualify, and that you have a suitable location. What credit score is needed to finance a mobile home? The higher your credit score, the easier it will be to qualify for a mobile home loan with competitive interest rates. 'FHA will finance with a 500 to 589 credit score and 10 percent down,' Sexton says. 'Credit scores of 580 or above will only be required to have a deposit of 3.5 percent. The minimum credit score with Freddie Mac or Fannie Mae is 620. Various chattel loan providers will require a credit score of as little as 575 or as high as 660.' How long can I finance a mobile home? The length of mobile home financing depends on the lender. However, you can expect to find loans with terms ranging from five to 30 years, depending on the loan type. Is it hard to finance a mobile home? Because mobile homes depreciate over time, it can be more challenging to find a lender that offers financing for manufactured homes. But there are still plenty of options available. Just be sure to do your due diligence to find the right one based on your creditworthiness, financial situation, needs and preferences. Should I use a personal loan to buy a mobile home? A personal loan can be a good way to finance a mobile home that doesn't qualify for other types of financing. They are unsecured, offer fast funding and have fewer restrictions when it comes to choosing your home. However, personal loans generally have lower maximum borrowing amounts, higher interest rates and shorter terms than traditional mobile home financing options, such as FHA loans or loans from Freddie Mac and Fannie Mae. This could make it more difficult to borrow enough to purchase the home you want and repay your loan on time. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-06-2025
- Politics
- Yahoo
Supreme Court Unanimously Sides With Disabled Student in Lawsuit vs. District
In a unanimous opinion delivered by Chief Justice John Roberts, the U.S. Supreme Court on Thursday sided with the family of Ava Tharpe, a teen with a rare form of epilepsy whose suburban Minneapolis district denied her request for a modified school day. The decision, A.J.T. vs. Osseo Area Schools, means K-12 students do not have to meet a higher standard of proof than others suing under the Americans with Disabilities Act. If the justices had agreed with the district's longstanding argument, children with disabilities would have had to prove their school system intentionally acted in bad faith in denying them in-school accommodations. In 'friend of the court' briefs, numerous advocacy groups had warned that holding special education students to a different — and extraordinarily strict — definition of discrimination would have made it virtually impossible for families to assert their rights. Get stories like this delivered straight to your inbox. Sign up for The 74 Newsletter The court agreed, saying everyone who files suit under the ADA should have to meet the same standard of 'deliberate indifference,' or disregard for an individual's need for accommodations. 'That our decision is narrow does not diminish its import for A.J.T. and 'a great many children with disabilities and their parents,' ' Roberts wrote, citing language from a lower court decision. 'Together they face daunting challenges on a daily basis. We hold today that those challenges do not include having to satisfy a more stringent standard of proof than other plaintiffs to establish discrimination under Title II of the ADA and Section 504 of the Rehabilitation Act.' In a concurring opinion, Justices Sonia Sotomayor and Ketanji Brown Jackson elaborated, citing examples of discrimination that, intent notwithstanding, must still be addressed. 'Stairs may prevent a wheelchair-bound person from accessing a public space,' Sotomayor wrote. 'The lack of auxiliary aids may prevent a dead person from accessing medical treatment at a public hospital; and braille-free ballots may preclude a blind person from voting, all without animus on the part of the city planner, the hospital staff or the ballot designer.' Related 'Today's decision is a great win for Ava, and for children with disabilities facing discrimination in schools across the country,' said Roman Martinez, a lead attorney on the case. 'This outcome gets the law exactly right, and it will help protect the reasonable accommodations needed to ensure equal opportunity for all.' In a statement to The 74, a district spokesperson said the high court 'declined to decide what the particular intent standard is for such claims,' noting that 'the case will now return to the trial court for next steps consistent with the court's ruling.' In 2015, when Ava was in fourth grade, her family moved from Kentucky to Minnesota. Because her severe form of epilepsy causes frequent seizures during the morning, she had been allowed to attend school in the afternoon and early evening. Initially, the Osseo district agreed to a modified schedule, but reneged after the family moved, saying it was unwilling to provide services outside the normal school day. The state administrative law judge who heard the family's initial complaint called the district's arguments 'pretextual,' saying it was more concerned with 'the need to safeguard the ordinary end-of-the-workday departure times for its faculty and staff' than with outside evaluators' assessments of Ava's needs. As the case made its way to the Supreme Court, the district had consistently argued Ava had to prove the school system acted out of ill intent — a standard that would have applied only to K-12 students. But in the brief it submitted before oral arguments, Osseo widened its argument, saying that a showing of bad faith is required in all ADA cases, not just those involving schools. The April 28 hearing erupted in rare verbal fireworks when Justice Neil Gorsuch took exception to a statement by the district's attorney that lawyers for the U.S. Department of Justice, who sided with the family, were 'lying' when they said the district had changed its argument. Justice Amy Coney Barrett characterized the district's shift as 'a pretty big sea change,' while Jackson questioned whether the district was saying the ADA does not necessarily require accommodations for people with disabilities. In their concurring opinion, Sotomayor and Jackson noted that when they wrote the act, lawmakers addressed the question at the heart of the case head-on: 'Congress was not naïve to the insidious nature of disability discrimination when it enacted the ADA and Rehabilitation Act. It understood full well that discrimination against those with disabilities derives principally from 'apathetic attitudes rather than affirmative animus.' ' The decision comes at a time when disability protections have come under fire from the second Trump administration and a number of Republican governors. In October, motivated by new rules that said gender dysphoria could be considered a disability, 17 states sued the federal government. Gender dysphoria is the clinical term for distress caused when a person's gender does not match their sex assigned at birth. That suit, Texas vs. Kennedy, originally sought to have Section 504, the portion of the ADA that outlaws in-school discrimination, declared unconstitutional. The states have since dropped that demand from the suit but are still asking courts to overturn rules prohibiting discrimination in a wide array of public settings. Whether the states will continue to press the new, broader case in the face of Thursday's decision remains to be seen. For their part, disability advocates were quick to celebrate. The district's position was 'flatly inconsistent with the law and would have stripped millions of people with disabilities of the protections Congress put in place to prevent systemic discrimination,' said Shira Wakschlag, senior executive officer of legal advocacy and general counsel for The Arc of the United States, which submitted a brief on the issues. 'The very foundation of disability civil rights was on the line.'
Yahoo
10-06-2025
- Business
- Yahoo
Vermont State University Selects YuJa Panorama LMS Accessibility Platform to Help Support Title II Compliance and Create Accessible Learning Materials
SAN JOSE, Calif., June 10, 2025--(BUSINESS WIRE)--Vermont State University, part of the Vermont State Colleges System, has selected the YuJa Panorama LMS Accessibility Platform to help support its commitment to inclusive education and meet Title II regulations across the institution's five campuses and learning sites. Institutional leaders were seeking a robust accessibility solution that goes beyond the basic to address the full spectrum of digital accessibility concerns, such as math format support, inline remediation, and integration with the WYSIWYG editor. YuJa Panorama has powerful remediation engines that detect, prioritize, and help instructors correct inaccessible content in documents and images, while advanced analytics help instructors and institutional leaders understand what students are using and what they need to be successful. The platform automatically generates accessible versions of all uploaded documents, provides users with customized website accessibility profiles, and directly integrates with the Canvas Learning Management System. "YuJa Panorama was designed to help instructors and instructional designers meet compliance standards as they create and deliver accessible course content," said Nathan Arora, Chief Executive Officer at YuJa, Inc. "We're excited to provide a robust suite of accessibility tools that Vermont State University needs to create an inclusive learning environment." ABOUT VERMONT STATE UNIVERSITY Vermont State University is a public university with multiple campuses and learning sites throughout Vermont, and it is regionally accredited by the New England Commission of Higher Education (NECHE). The university is part of the Vermont State Colleges System of higher education, where it is joined by the Community College of Vermont in their collective mission to serve Vermonters for the benefit of the state. ABOUT YUJA, INC. YuJa is a leader in cloud platforms and compliance applications for regulated sector clients including higher-ed, K12, healthcare, and government. We enable enterprises to deliver engaging and compliant media experiences. We have legal headquarters in Delaware with primary offices in Silicon Valley, California, and Toronto, Canada. Learn more at View source version on Contacts Hannah Johnson1-888-257-2278
Business Wire
10-06-2025
- Business
- Business Wire
Vermont State University Selects YuJa Panorama LMS Accessibility Platform to Help Support Title II Compliance and Create Accessible Learning Materials
SAN JOSE, Calif.--(BUSINESS WIRE)--Vermont State University, part of the Vermont State Colleges System, has selected the YuJa Panorama LMS Accessibility Platform to help support its commitment to inclusive education and meet Title II regulations across the institution's five campuses and learning sites. Institutional leaders were seeking a robust accessibility solution that goes beyond the basic to address the full spectrum of digital accessibility concerns, such as math format support, inline remediation, and integration with the WYSIWYG editor. YuJa Panorama has powerful remediation engines that detect, prioritize, and help instructors correct inaccessible content in documents and images, while advanced analytics help instructors and institutional leaders understand what students are using and what they need to be successful. The platform automatically generates accessible versions of all uploaded documents, provides users with customized website accessibility profiles, and directly integrates with the Canvas Learning Management System. "YuJa Panorama was designed to help instructors and instructional designers meet compliance standards as they create and deliver accessible course content,' said Nathan Arora, Chief Executive Officer at YuJa, Inc. 'We're excited to provide a robust suite of accessibility tools that Vermont State University needs to create an inclusive learning environment.' ABOUT VERMONT STATE UNIVERSITY Vermont State University is a public university with multiple campuses and learning sites throughout Vermont, and it is regionally accredited by the New England Commission of Higher Education (NECHE). The university is part of the Vermont State Colleges System of higher education, where it is joined by the Community College of Vermont in their collective mission to serve Vermonters for the benefit of the state. ABOUT YUJA, INC. YuJa is a leader in cloud platforms and compliance applications for regulated sector clients including higher-ed, K12, healthcare, and government. We enable enterprises to deliver engaging and compliant media experiences. We have legal headquarters in Delaware with primary offices in Silicon Valley, California, and Toronto, Canada. Learn more at
Yahoo
09-06-2025
- Politics
- Yahoo
Oakland coffee house at center of Star of David hat controversy sued by DOJ
(KRON) — An Oakland coffee house that refused to serve a customer wearing a hat emblazoned with a Star of David last year is being sued by the United States Department of Justice. On Monday, the DOJ announced it had filed a lawsuit against Fathi Abdulrahim Harara and Native Grounds LLC, the owners of the Jerusalem Coffee House on Telegraph Avenue. The lawsuit, according to the DOJ, alleges the coffee house discriminated against Jewish customers, a violation of Title II of the Civil Rights Act of 1964, 'which prohibits discrimination based on race, color, religion, or national origin in places of public accommodation.' 'It is illegal, intolerable, and reprehensible for any American business open to the public to refuse to serve Jewish customers,' said Assistant Attorney General Harmeet K. Dhillon of the DOJ's Civil Rights Division. 'Through our vigorous enforcement of Title II of the Civil Rights Act and other laws prohibiting race and religious discrimination, the Justice Department is committed to combatting anti-Semitism and discrimination and protecting the civil rights of all Americans.' Dozens of arrests after San Francisco protest turns violent Sunday The lawsuit alleges that on two occasions, Harara ordered Jewish customers, who were identified because they were wearing Star of David baseball caps, to leave the business. During one incident, the suit alleges, a Jerusalem Coffee Huse employee told a customer, 'You're the guy with the hat. You're the Jew. You're the Zionist. We don't want you in our coffee shop. Get out.' In another incident cited by the lawsuit, a customer wearing a Star of David hat who was with his 5-year-old son was told to leave repeatedly by Harara, who accused him of supporting 'genocide' and accused of 'trespassing.' That particular incident, which was partially caught on video, was condemned by local leaders including Rep. Ro Khanna and recently elected Oakland Mayor Barbara Lee. The lawsuit, which was filed in the U.S. District Court for the Northern District of California, further alleges that on the one-year anniversary of the Oct. 7, 2023 Hamas terror attacks, the coffee house unveiled two new drinks: 'Iced In Tea Fada,' and 'Sweet Sinwar,' a reference to former Hamas leader Yahya Sinwar. The coffee shop's interior walls, according to the lawsuit, displayed inverted red triangles, 'a symbol of violence against Jews that has been spraypainted on Jewish homes and synagogues in anti-Semitic attacks.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
