What are the FHA manufactured (mobile) home loan guidelines?
Answer:FHA manufactured (mobile) home loan guidelines read that the Title I program is the FHA loan program for purchasing or refinancing of a mobile home which is used for primary residence of the borrower.
FHA manufactured (mobile) home loan financing applies to either manufactured home, or a manufactured lot, or to a combination of both.
|
FHA
Manufactured Home Loan Maximum Amount (high cost areas limits are 85% higher) |
|
|---|---|
| Manufactured home | $48,600 |
| Manufactured lot | $16,200 |
| Manufactured home + lot | $64,800 |
Also, eligible mobile homes must meet the National Manufactured Home Construction and Safety Standards. New manufactured homes need warranty of at least 1 year from the manufacturer.
An FHA-approved lender will advise you on the eligibility requirements for an FHA mobile home loan:
- Down payment of 5% is required.
- Income has to be sufficient to cover the mortgage payment together with other living expenses and debts.
- The mobile home has to be used as a primary residence, and be placed on a site in mobile home park, or on a privately owned site.
Our advice: Be sure to ask your lender about FHA loans. FHA loans have very competitive interest rates because the loans are insured by the US Federal Government. Even if you have had serious credit problems, such as bankruptcy, it is easier to qualify for an FHA loan than a conventional loan. Also, taking an FIXED rate loan while the interest rates are still low is a smart idea. Check your eligibility here:
| Not at all | Definitely |
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Common misspellings: mortage and morgage