Question:

What are the FHA mobile home loan requirements?

Answer:

As a whole, the FHA mobile home loan requirements are quite affordable compared to other FHA loans. The money available for a mobile home loan does not exceed $65,000, which comprises the cost of the manufactured house and the lot where it is supposed to be positioned, as per HUD (the US department of housing and urban development).

If you are considering becoming a homeowner of a mobile home through the FHA mobile mortgage program, you will also have to prove that this will be your primary residence.

Once you have contacted an FHA approved lender who will finance the mobile home loan, you'll have to prove that you can make the 5% down payment required by the program, as well as demonstrate sufficient income to meet mortgage monthly payments and any other expenses. If you are not buying a lot, you have to show you own one, or have rented a suitable place (in a mobile park, for example) to place your manufactured home. Also, the money from the loan can be used for purchasing built-in appliances but not for furniture (such as beds, lamps, etc.)

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Common misspellings: mortage and morgage