Articles Tagged With: Mobile Home

September 12, 2019

Homes You Can And Cannot Buy With An FHA Mortgage

What kinds of homes can you purchase using an FHA mortgage loan? It does not matter whether you are a first-time home buyer or an experienced borrower, the FHA mortgage option (as well as FHA refinance loan options) are open to any financially-qualified borrower. Homes You Can Buy With An FHA Home Loan: Condominiums The FHA condo loan program was revised in 2019 to include the approval of qualifying individual condo units in projects not on the FHA approved list. That means that it is easier to find a purchase a condo unit with an FHA mortgage. Some believe condos to be closer to the luxury side of real estate buying, but condo units are popular, especially in larger metropolitan areas. The FHA loan program allows borrowers to purchase condo | more...

August 29, 2019

FHA Home Loans For Manufactured Homes

By Joe Wallace

Many borrowers want to know if there are FHA home loans for manufactured homes, modular homes, or mobile homes. The short answer is yes, there are, but the FHA home loan program does feature some rules you should know before deciding on the right manufactured home for you. FHA Loan Rules For Manufactured Homes: Permanent Foundation Required FHA mortgage loan rules for manufactured housing (located in HUD 4000.1) include a requirement that the property is or will become attached to a permanent foundation that meets federal and state requirements. FHA home loans cannot be made for any mobile home that cannot or will not be attached to a permanent foundation and FHA mortgages cannot be approved for recreational vehicles or houseboats. Manufactured Home Age Requirements Mobile homes and manufactured homes | more...

April 24, 2019

Which FHA Home Loan Do You Need?

By Joe Wallace

First-time home buyers new to FHA home loans don’t always realize how many different FHA home loan options are available to them. You don’t have to buy a one-bedroom house in the suburbs; FHA mortgages are more flexible and offer many ways for you to find and buy a dream home. FHA Condo Loans Because of a long-time misconception held even today about FHA loans being need-based, having income caps, or intended only for low-income borrowers (none of those things actually apply to the FHA mortgage loan program) some are surprised to learn that there is such a thing as an FHA condo loan. Any qualified borrower (based on income, credit history, employment stability, and other financials) can apply for an FHA condo loan in a condominium project that meets | more...

April 9, 2019

Different Types Of FHA Home Loans For First-Time Buyers

By Bruce Reichstein

There are many different choices for home loans, and first-time home buyers should know their options before they decide on which loan to apply for. Do you know the difference between a rehab loan and a construction mortgage? Or a condo loan versus a mobile home loan? FHA One-Time Close Construction Mortgages These loans, also known as FHA Construction-to-Permanent loans, offer a single loan and closing date for borrowers who want to have a house built for them rather than buying an existing property. FHA construction loans can be more complex that loans for existing real estate but for many the additional effort is worth it to have a home that is built especially for them. First time home buyers can apply for these loans the same as any other | more...

September 11, 2018

FHA Home Loans For Manufactured Housing

By Joe Wallace

FHA home loans are for a variety of different property types. Manufactured homes are one of the property types you can purchase with an FHA mortgage, but like most other home loans the home you want to buy must meet FHA standards. FHA Home Loans For Mobile Homes: Find A Participating Lender FHA mortgages for mobile homes and manufactured homes are not always available since some participating FHA lenders choose not to offer them. The nature of a given housing market, buying or selling trends, and the quality of the manufactured homes / mobile homes in the area may all contribute to a lender’s decision to offer or not offer a mobile home loan. You may need to shop around for a participating lender who can help. You can also | more...

August 24, 2018

Five Things To Know About FHA Mobile Home Loans

By Bruce Reichstein

There are five important things you should know about FHA mobile home loans. If you are interested in buying a mobile home or manufactured home using an FHA mortgage, knowing these five things will help you to make the right choices for your loan and your new home. 5. FHA Mobile Homes Are Possible For A Variety Of Property Types The FHA loan program allows the purchase of a mobile home, a modular home, or a manufactured home. The differences in these types of properties may not seem so important in terms of loan approval but can mean a lot to the FHA borrower depending on what’s involved. For example, the stereotypical mobile home may be delivered to the site where it will be put onto a permanent foundation as | more...

January 3, 2018

Can I Buy A Mobile Home With An FHA Mortgage?

By Bruce Reichstein

Can I buy a mobile home with an FHA home loan? There are many people who need to know if it’s possible, and the good news is that FHA home loan rules do include provisions for buying mobile homes with an FHA mortgage loan. Mobile home loans are unique due to the nature of the property and FHA loan requirements include some special considerations for mobile homes that include square footage and foundation requirements. FHA Home Loans For Mobile Homes: A Few Basic Rules All FHA mortgage loans are for homes that can be legally classified as real estate. Some are fooled by the term “mobile home”, thinking that the definition includes recreational vehicles commonly called mobile homes, motor homes, etc. FHA loan rules are clear-no FHA loan can be | more...

November 30, 2017

What Are The FHA Appraisal Rules For Mobile Homes?

By Bruce Reichstein

What are the FHA appraisal rules for mobile homes? FHA mortgages are available for mobile, manufactured, and modular homes the same as for “stick built” housing such as a typical suburban home. What are the basic appraisal requirements for mobile homes? FHA loan rules for appraisals are found in HUD 4000.1, the FHA loan handbook. There we learn that mobile homes have some unique appraisal requirements. Like condo loans, there are extra rules due to the unique nature of mobile homes. FHA Mobile Home Minimum Size Requirement For example, in HUD 4000.1, we find no minimum square footage requirement for a stick-built home or a condo. But for mobile homes, FHA appraisal requirements include a minimum 400 square feet of floor space. Anything less does not meet the FHA loan | more...

November 1, 2017

What Kind Of House Can I Buy With An FHA Mortgage?

By Joe Wallace

What kind of house can I buy with an FHA loan? Many first time home buyers want to know if FHA mortgages can be used to buy certain kinds of property including condos, duplexes, mobile homes, etc. FHA mortgage loans are flexible enough to purchase many different types of houses depending on the housing market, the lender, and local market standards. Not all FHA lenders will offer all the FHA loan types available to them, so it’s good to ask early if the property type you are interested in is an option. FHA Loans For Typical Suburban Homes The most obvious type of home loan is definitely available for purchase with an FHA mortgage. A suburban home can be existing construction, new construction, or built to suit. FHA loan requirements | more...

October 10, 2017

Can I Buy A Mobile Home With An FHA Mortgage?

By Joe Wallace

Can I buy a mobile home with an FHA mortgage? That’s a question on the minds of many not looking for a typical suburban house or a condo unit. FHA loan rules in HUD 4000.1, the FHA loan handbook, address the question of mobile home and manufactured housing purchases with an FHA mortgage. FHA Loans Can Be Used To Purchase A Mobile Home Or A Manufactured Home HUD 4000.1 includes instructions for the lender on processing FHA mortgage loans for mobile homes and manufactured housing. There are restrictions on the age of the mobile home; it must have been built on or after June 15, 1976 in order to qualify for an FHA mortgage loan. Additional lender standards in this area may also apply. Mobile Home Requirements To Qualify For | more...