Home Loan Options

Need a standard, traditional home loan? Let’s look at a conventional loan.

These home loans are best for:

• Primary residence
• Second homes
• Investment properties
• Single family, modular, doublewide, condo, or PUD

First time home buyer? An FHA home loan could be the best option for you.

FHA home loans aren’t just for first time home buyers, but the flexible options are great if you’re looking to bring your home ownership dreams to reality for your primary residence. These home loans are designed for single family, modular and manufactured homes with 3.5% down payment required (down payment may be a gift, but documentation will be required).

Want to take advantage of the FHA refinance? This is a great option for single family, modular, manufactured and PUD homes.

You’ll need:

• Up to 97.75% rate/term refinance
• Up to 80% cash out/debt consolidation

Looking to buy a home in need of repairs? An escrow repair loan is a great option to address issues like structural alterations/reconstruction, eliminating health/safety hazards, and major landscaping/site improvement.

We offer both 203B and 203K escrow repair loans, so speak with one of our loan officers to see which is right for you.

This only applies to home constructed after January 1st, 2006.

This loan is meant to help families receive 100% financing for a home in qualifying rural areas. Even if you’re not a first time home buyer, you can still qualify. However, you must meet certain requirements, including: 

• Must be your primary residence
• (Subject to credit approval) minimum credit score required for all borrowers
• Manufactured homes built after January 1, 2006 (subject to approval)
• Seller can typically pay up to 6% of buyer’s closing costs and pre-paid items
• All repairs required by the appraiser must be completed prior to closing of loan
• Other restrictions may apply

Contact a loan officer to learn more and see if you qualify.

For all armed service members, veterans, and eligible surviving spouses who sacrificed for all of us, we’re here to make sure your dream of homeownership becomes a reality.

At Volunteer Home Mortgage, we have closed several loans for our VA customers who were not able to get approved with other lenders or companies. Whether it’s a single family residence or a double wide home, a part of our mission to serve you is to provide home loan guarantee benefit programs to help you buy, refinance, repair, retain, or adapt a home for you and your family.

For purchase loans and cash-out refinance are also available for VA-guaranteed loans for active duty service members and their families. To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE).

Types of financing:  Conventional FHA VA

• Have a floor area of not less than 400 square feet. Measurement is based on the overall length, including living areas and other projections that are at least seven feet in height. Length and width should not include bay windows, roof overhangs, drawbars, couplings or hitches. Each manufactured home must have an attached data plate(s) with the name of the manufacturer and the construction date located on the outside of the dwelling.
• Be constructed after June 15, 1976, in conformance with the Federal Manufactured Home Construction and Safety Standards, as evidenced by an affixed certification label in accordance with 24 CFR 3280.11(manufactured homes produced prior to that date are ineligible for insured financing).
• Be classified as real estate (but need not be treated as real estate for purposes of state taxation). All titles must be detitled at closing.
• Be built and remain on a permanent chassis.
• Designed to be used as a dwelling with a permanent foundation built to FHA criteria. A structural engineer report may be required to verify.
• The finished grade elevation beneath the manufactured home or, if a basement is used, the grade beneath the basement floor shall be at or above the 100-year return frequency flood elevation.
• All manufactured home permanent foundation systems must follow the FHA guidelines in effect at the time of the certification. Currently, these guidelines are published in the Permanent Foundations Guide for Manufactured Housing (PFGMH), The submission of a certification from a licensed professional engineer, guidelines include or registered architect, who is licensed/registered in the state where the manufactured home is located, attesting to compliance with the current guidelines. A copy of the foundation certification, showing that the foundation meets the guidelines published in the PFGMH that were in effect at the time of certification, is acceptable for future FHA loans, provided there are no alterations and/or observable damage to the foundation.
• The unit must not have been previously installed or occupied at any other site or location, except from the manufacturer or the dealer’s lot as a new unit.
• All manufactured housing must be permanently affixed to each transportable section of the manufactured home evidencing compliance with the HUD Codes. If the HUD Certification Label has been removed, compliance may be evidenced using the HUD Data Plate located near the main electrical panel or in another readily accessible and visible location. The HUD certification number appears on each HUD Certification Label on each section of the manufactured homes, and all HUD certification numbers for the manufactured home are found on the HUD Data Plate. For a manufactured Home that has had the HUD tags removed and/or the appraisal does not reflect the photos, a HUD Label Verification Letter must be ordered.

Down Payment Assistance Programs Through THDA and other DPA Programs

Are you 62 or older looking for loan options? A reverse mortgage allows homeowners to borrow money using their home as security, however the loan is repaid when the borrower no longer lives in the home.

Need more information? Check here: https://www.hud.gov/program_offices/housing/sfh/hecm/hecmhome

Need a more customized mortgage loan? Let’s explore some non-traditional options.

Nontraditional mortgages offer a variety of options depending on your financial needs, and give borrowers more repayment flexibility.