New construction loans

New construction loans for manufactured homes

A new construction loan is a short-term loan that is intended to last throughout the duration of the construction process. After construction is finished, you will receive a Certificate of Occupancy that states the home is complete. This is when your lender will provide you with a mortgage for your manufactured home. Construction loans protect you, the buyer, and the lender in case there are unforeseen obstacles that can arise during construction that prevents the completion of the project. Securing a construction loan can prevent the heartache of having to find an alternative place to live if you cannot get your home construction completed on time.

How the Tammac new construction loan works

When you are ordering a new home, or the siting of your home is delayed, consider the Tammac construction loan. It allows you to close in advance of your home being sited, locking the rate and term of your home loan. Contractors are paid with periodic draws as the work is completed and accepted. You’ll pay interest ONLY on the amount of funds advanced to work completed. When the siting of your home is completed, you then sign an acceptance to initiate your loan. We can use land equity as a down payment. Tammac offers conventional loans for all new construction loans and the construction interest can be included in the loan or can be paid monthly by the borrower. 

Credit guidelines*

* Meeting these guidelines does not guarantee approval

  • Loans are available in the following states:
    • Chattel – Delaware, Kentucky, Maine, Maryland, New York, New Jersey, Ohio, and Pennsylvania.
    • Land/home – Delaware, Kentucky, Maine, New York, Ohio, and Pennsylvania
  • Minimum loan amount: $10,000
  • Low down payments
  • Age of mobile home – 1976 or newer HUD coded homes only
  • Escrow for insurance and taxes is required for all loans
  • Property must be on a publicly maintained road. No shared wells, no cisterns.

Items needed to complete a credit application

  • Email address (if you wish to complete an online application and/or receive documents electronically
  • Social Security Number
  • Purchase price
  • Cash down payment amount, land equity value, or trade value
  • Home information including year, manufacturer, size
  • Subject site address, property type (park/community, leased land, owned land) and lot rent payment
  • Name of seller, retailer, or realtor
  • Current gross (before taxes) income
  • 3 years history for income and residence
  • Current monthly debt payments (include alimony and child support if owed)

Documents needed to complete your loan

  • Pay stubs which include year to date gross income (must cover 30 days) and the most recent two years W-2s for borrowers that are currently employed
  • 2 years tax returns for self-employed borrowers
  • 1099s, 1099Rs, award letters, and proof of current deposits for retired borrowers
  • Divorce decree and proof of 12 months on-time payments for alimony (if listed on the application)
  • Court order and proof of 12 months on-time payments for child support (if listed on the application)
  • Copy of deed (if owned or private land)
  • Landlord waiver (if private land owned by another)
  • Park approval letter (if in a community)
  • NADA certified appraisal (if purchasing a pre-owned home)
  • Proof of funds used for cash down payment and closing fees via two months of formal bank statements or gift letter and proof of funds (if applicable)
  • Copy of driver’s license (or alternate photo ID if borrower does not drive)
  • Copy of Social Security Card
  • Property tax information (tax bills if existing home, tax collector info if new home)
  • Copy of title for the mobile home (if pre-owned)

Apply now

If you’re ready to apply for a new construction loan, just click the button below and fill out a quick quote form. See how fast and easy it is to get approved with Tammac and experience the Tammac Difference.