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FHA Mobile Home
|FHA Mobile Home Loans are available under Title I and Title II home loan financing programs of the institution. Not all approved lenders can make these mortgages. You will have to locate a local lender who might be able to help you fulfill either of these loan requirements. Moreover, if you already own a manufactured home you can find some refinance programs as well to streamline your financial situation.
These loans do not offer low interest rates. Instead the rates are based on the prevailing market condition, but these can be negotiated between the lender and borrower. Moreover, the interest rates are required to be fixed for the entire term of the loan, which is usually 20 years.
FHA Mobile Home Loan Requirements
Under a Title I loan program, a maximum loan amount of $69,678 is available for purchasing or refinancing a mobile home. The maximum amount to buy or refinance a manufactured home lot is $23,226, and if you want to buy or refinance both, the combined amount can go up to $92,904. If your mortgage requirement is more than this amount you should go for a Title II home financing program.
The loan terms under Title I also vary according to the properties being purchased or refinanced. It is 20 years for a single-section manufactured home and lot and 25 years for a multi-section manufactured home and lot. The maximum term for a mobile home lot is 15 years.
The eligibility requirements include the capability to meet minimum downpayment and regular monthly payment requirements, borrower’s intention to occupy the property as principal residence and the availability of a mobile home park that is either owned or leased by the borrower. The lease agreement regarding a rental site in Manufactured Home Park must meet the FHA guidelines.
FHA Manufactured Home Foundation Requirements
The mobile homes must comply with the Model Manufactured Home Installation Standards and all applicable state laws. The foundation system must also meet the guidelines published in the Permanent Foundations Guide for Manufactured Housing (HUD-4930.3G).
The inspection requirements cannot be fulfilled unless a certification to this effect is not obtained from a licensed professional engineer and is subsequently included in the insuring file. This process is, however, not required under a refinancing situation.
Permanent Foundation Guide for Manufactured Housing is a comprehensive guide that deals in much greater details about the various foundation-design issues including vertical anchorage and tie-down requirements.
Besides enabling fully-complying inspections of manufactured home foundation systems, the guide helps appraisers meet the FHA appraisal guidelines for mobile home and park.
For more information on FHA Mobile Home Loans, visit the website of the US Department of Housing and Urban Development.