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How to get an FHA loan on a munufactured home?
I'm looking at a home which is double-wide set on a concrete foundation (with basement) on its own 4 acres. I'm told a Rural Development 0% down will not qualify. The problem is I don't have much of a down payment. Can an FHA be worked onto a manufactured home or is FHA out of the question?
3 Answers
- Anonymous10 years agoFavorite Answer
FHA typically doesn't apply to manufactured or mobile homes; only stick-built.
This is really a question for your mortgage lender, as we have no idea what state you are in or what kind of programs are available to you.
- 10 years ago
Yes you can get an FHA loan on a manufactured home but you will need a 20% down payment, at least in California. Plus the seller will have to provide a cert for the manufactured home stating it is attached to a concrete foundation.
When you say double-wide it usually means a mobile home. By definition, a mobile home is one with wheels, unless the wheels are removed and set on piers. A mobile home is also usually thought of as being in a park where the land is not owned. A mobile home is not considered real estate and will needs to be registered and licensed by the Department of Motor Vehicles or Bureau of Motor Vehicles.
A manufactured home on the other hand, is made in a factory, and taken from the factory by truck in two pieces to where it will be put together and set on a foundation.
Source(s): 16 yrs real estate Title & Escrow Loans - Anonymous10 years ago
The Federal Housing Administration (FHA) offers a federally backed program that insures loans originated and serviced by qualified lenders. It was originated to help low-income and moderately low-income families buy homes of their own.
Instructions:
1. Contact an FHA-approved lender. Look in the yellow pages under Real Estate Loans/Mortgages, or search the Internet.
2. Shop around. Interest rates for FHA loans are set by the individual lenders, so rates vary.
3. Learn the specific income and credit qualifications for your area.
4. Know that the maximum loan amount is $151,725, but may be lower depending on where you live.
5. Complete a loan application.
6. Provide the documentation required by the lender.
7. Be prepared to pay a down payment of 3 to 5 percent, depending on where you live. (Closing costs are 2 to 3 percent of the purchase price, and most of that can be financed.)
8. Pay mortgage insurance. Because you may be putting down as little as 3 to 5 percent, you are required to pay mortgage insurance to cover the risk incurred by the lender. An up-front mortgage insurance premium is required and can be financed. The monthly mortgage insurance payments must be paid each month with the mortgage payment.
9. Complete the loan transaction.
