The main thing to note with financing manufactured homes is that there are limited lender options. Here are a few other things to consider:

CMHC: The lenders who will finance them often use CMHC, so you will need to follow their qualifying guidelines. Here is a short video on how those work: maximum purchase price. Their limit is typically 39% GDS and 44% TDS however we find that they often require under 40% TDS for mobiles. The minimum credit score they are looking for is typically 680. Sagen and CG (the 2 other default insurers in Canada) may consider financing these properties on exception however we are finding that they prefer newer ones (20 years old maximum).

Appraisal: Most lenders will require an appraisal to confirm the following:

• The economic life remaining (since they are often viewed as a depreciating asset). They may reduce the amortization (which increases the monthly payments) based on this
• The CSA number (which determines which building code it was built under)
• That it is permanently affixed to the foundation (please note that it will also be required to be de-registered)

PAD Rent: This monthly fee is included as a debt and therefore reduces the overall amount of mortgage you will qualify for. Based on a qualifying rate of 5.25% and a 25 year amortization, this results in roughly $50K lower of a mortgage. 

Insurance: This one has been the biggest problem lately. Since often the value is more in the land, we are finding that many clients cannot get adequate coverage for home insurance. In the event of a claim, it will be very important to ensure you have proper coverage. The coverage overview and lender conditions for insurance are reviewed at closing with the Lawyer or Notary so it is very important that they do a full review of the policy and confirm it meets the lender requirements prior to removing subjects.

We still have a few options and I have local contacts for older ones however you just want to be mindful of the drawbacks and plan to have a longer subject removal period if possible.

HERE is a resource page I have for first time buyers.

HERE is a description for what they are looking for in general with mortgage qualifying.

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