Non-QM manufactured home loans
Non-QM lending solves for borrowers whose income or documentation does not fit qualified-mortgage rules. Self-employed buyers using bank statements, real estate investors qualifying on rental cash flow (DSCR), retirees qualifying on assets, ITIN borrowers without traditional credit. The catch: most non-QM lenders carve out manufactured homes entirely.
A handful of non-QM lenders do accept manufactured collateral — usually on the higher-quality end (doublewide or larger, owned land, permanent foundation). Cornerstone First Mortgage works with the specific non-QM wholesale partners that accept manufactured. Mike knows which scenarios go to which partner, which keeps the file from getting kicked back at underwriting.
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Bank statement loans on manufactured
- Self-employed borrowers qualify on 12 or 24 months of personal or business bank statements rather than tax returns.
- Minimum down: 10% typical (sometimes 15%)
- Minimum FICO: 660
- Loan amount: Up to $3M on accepting partners
- Property: Doublewide or larger on owned land, permanent foundation. Single-wides almost universally declined.
DSCR loans on manufactured (investor)
- Debt Service Coverage Ratio loans qualify the loan based on the property's rental income, not the borrower's income.
- Minimum down: 25–30%
- Minimum FICO: 660
- LTV cap: 65–70% (vs 75–80% on site-built — manufactured haircut)
- Property: Doublewide+, owned land, permanent foundation. No park-leased pads — kills almost all park-home investor scenarios.
Asset depletion (retiree path)
- Borrowers who do not show enough monthly income but hold substantial assets (retirement accounts, brokerage, etc.) can qualify by depleting the asset over a calculated horizon.
- Property: Owned land, permanent foundation. Doublewide preferred.
- Common use: Retirees downsizing into a manufactured home with cash flow paying for itself from asset draw.
ITIN loans on manufactured
- ITIN borrowers (Individual Taxpayer Identification Number, no SSN) can finance manufactured homes through a small number of non-QM lenders.
- Minimum down: 15–20%
- Minimum FICO: 620 alternative tradelines accepted
- Loan amount: Up to $1M on accepting partners
- Property: Owned land preferred. Some partners accept leased pad with longer remaining lease.
Why margins can be higher on non-QM MH
- Less competition: Roughly 1 in 50 loan officers will work a non-QM manufactured file. The borrower has nowhere else to go.
- Pricing tolerance: Non-QM borrowers shop on getting approved, not on saving 12.5 basis points.
- Sticky pipelines: Dealer and park relationships are exclusive in a way that Realtor relationships are not. A dealer who refers Mike one non-QM file usually keeps sending them.
- Fast cycle times: Chattel and some non-QM manufactured close in 14 to 21 days.
Talk through your non-QM scenario
One conversation, real numbers. Direct line: (480) 296-6513 or use the contact form.