Articles Tagged With: Mobile Home

Can I buy a manufactured home with an FHA loan?

September 20, 2017

Can I Buy A Manufactured Home With An FHA Mortgage?

Can I buy a manufactured home with an FHA loan? That is a question on the minds of many who are interested in purchasing a mobile home or manufactured home. What are the FHA loan rules for these properties? For starters, It IS possible to buy a mobile home or manufactured home using an FHA mortgage. Not all participating FHA lenders offer these loans (that’s up to the discretion of the lender) so you will need to find a lender who offers this type of FHA mortgage. Secondly, the homes themselves must meet FHA loan standards and other requirements in order to qualify for the mortgage. What are the FHA loan rules for mobile and manufactured home loans? One of the most basic areas addressed in the FHA loan handbook | more...

September 1, 2017

What Kind Of Home Can I Buy With An FHA Loan?

By Bruce Reichstein

What kind of home can I buy with an FHA loan? That is an important question-not everyone is looking for a typical suburban home. Some people are interested in farm homes, condos, town homes or duplexes, or manufactured housing. What does the FHA loan handbook, HUD 4000.1, have to say about what can be purchased with an FHA mortgage? FHA Single Family Loans For Owner/Occupiers FHA single-family loans are intended for owner-occupiers who intend to use the home as their primary residence. There are some exceptions to this (we will cover those in another blog post), but for most transactions, borrowers must own/occupy the home as their main address. FHA Single Family Loans For Multi-Unit Properties Buyers can purchase homes they intend to occupy even if those homes have more | more...

December 13, 2011

FHA and HUD Information In Spanish

By Joe Wallace

The FHA and HUD offer a wide range of information, advice, and news about FHA insured home loan programs. Part of that information includes FHA/HUD resources in Spanish. Did you know there’s an entire Spanish-language site dedicated to the same information provided in English? The Spanish language version of these pages is available at http://espanol.hud.gov/home.html and features information about buying vs. renting, home economics, FHA loan advice and other valuable resources. For those who have already purchased homes with an FHA mortgage, there are resources including topics on FHA/HUD refunds and “refund tracers,” refinancing options, foreclosure avoidance and other important details. When it comes to foreclosure avoidance advice, borrowers in trouble on their FHA loans in need of Spanish-language resources should see the page titled, “Gu

July 29, 2011

FHA Loans For Homes Near Airports and Runways

By Joe Wallace

The location of the home an FHA loan applicant wants to purchase affects many things connected to FHA loan approval. The FHA loan limit is a good example–these limits are set by county and vary depending on the housing market in a given area. Homes located in some counties may have requirements based on local building codes other areas don’t require. And some properties may get closer scrutiny if they are located in or near flood zones or other areas identified as prone to natural disasters. With all that in mind, some borrowers may worry about the eligibility of a particular home for an FHA loan based on its proximity to airports or military air fields. Is a property rendered ineligible for an FHA home loan because it is in | more...

May 18, 2011

Basic Facts About Qualifying for FHA Loans

By Joe Wallace

First-time home buyers looking to a home to purchase with an FHA guaranteed loan have many questions about the program and how it works. One of the first questions is, “Am I eligible for an FHA home loan?” One reason for this question is because FHA loans are sometimes misunderstood, especially when it comes to income requirements. Contrary to what some mistakenly believe, there are no income maximums for FHA loans. Some programs associated with down payment assistance or secondary financing may impose income ranges, but for a basic FHA home loan application, you cannot make “too much money” to qualify. The FHA does require borrowers have enough income to qualify for mortgage payments, and income is carefully scrutinized along with a borrower’s amount of existing debt. A borrower who | more...

May 13, 2011

FHA Loans For Manufactured Homes: Which Manufactured Homes Are Eligible?

By Joe Wallace

The rules for FHA insured loans have long included manufactured homes; the FHA recognizes that not all borrowers need or want a tradition suburban home, condo, or multi-family unit. Manufactured homes have their own unique requirements in order to be approved for FHA mortgages, and in order to be eligible for FHA financing, the home must meet these requirements to the letter unless otherwise specified in FHA loan requirements. For starters, a manufactured home is not eligible for an FHA insured loan unless it has at least 400 square feet of floor space. It must be built upon and remain on a permanent chassis and foundation. That foundation must be considered permanent and meet FHA specifications. The home must be classified as real estate, which goes back to the permanent | more...

April 5, 2011

FHA Loans: Comparing Down Payments

By Bruce Reichstein

Coming up with a down payment is one of the most important issues

March 22, 2011

FHA Loan Facts on Title I Loans for Manufactured Homes

By Joe Wallace

FHA home loans aren’t just available for traditional suburban houses; the FHA also insures loans for manufactured housing. Just as with FHA loans for traditional homes, the FHA insures or guarantees the loan rather than providing the loan itself. The FHA guaranty makes qualified borrowers more attractive to lenders willing to issue the loan. FHA Title I loans for manufactured homes can be used in one of three ways–to purchase the home itself, to purchase a lot for a home already owned or to be purchased, and the Title I loan can also be used to buy a manufactured home and lot in combination. The FHA has different loan terms depending on the nature of the Title I loan. Maximum loan amounts for the home only are just under $70 | more...

February 18, 2011

FHA Loans: Important Details Of Adjustable Rate and Interest-Only Mortgages

By Bruce Reichstein

When a first-time home buyer is searching for a home to buy with an FHA guaranteed loan, the buyer isn't just shopping for a home--they're also shopping for a home loan. There are many options to choose from, one of which is the adjustable rate mortgage or ARM loan for short. Another is the interest-only mortgage loan, also known as an I-O mortgage. We

January 19, 2011

What is the FHA Definition of a Manufactured Home?

By Joe Wallace

FHA home loans are available for mobile homes, manufactured homes and/or modular homes. How does the FHA define a manufactured home and how is it different than a new construction or existing construction suburban home? Much depends on the status of the manufactured home and how it is assembled. According to the FHA official site, a manufactured home differs from a new construction project in one very important way.