Question:

What is the maximum term in years for FHA (mobile) manufactured home loans?

Answer:

Currently, the term for FHA (mobile) manufactured home loans depends on the number of home units and whether you are buying the lot, or not.

  • Manufactured home lot land mortgage can be taken for a maximum of 15 years.
  • Mobile home (1-, 2-, multi-unit) can be bought with a 20-year mortgage loan.
  • Single section manufactured home plus lot can also be purchased with 20-year home loan for combined mobile home plus lot.
  • Multi-unit manufactured housing combined with the land lot can carry 25-year FHA mortgage loan.

FHA manufactured home mortgages have special requirements and consumer protection.

To obtain FHA financing for mobile homes, the home must comply with the National Manufactured Home Construction and Safety Standards.

Local manufactured home dealers and/or retailers can help you locate FHA-approved lender who does manufactured home mortgages. To get an FHA loan for mobile housing units, the lender will explain the credit terms and requirements when application is submitted, or prior to filing a mobile home loan application.

Your manufactured house has to be installed on site to your consent and satisfaction before the manufactured home dealer/retailer is entitled to receive the mortgage loan proceeds. Additionally, after you move into your new manufactured home purchased with FHA/HUD insured financing and if any issues arise with mobile home construction, you are advised to call HUD to get assistance.

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