No matter if you call it a factory built home, a manufactured home, a modular home, or a prefabricated home; smart Florida financing Mobile Home Buyers know that manufactured homes offer them comparable quality, lower costs per square foot and dramatically quicker build times than a traditional site built home.
Getting a low interest rate on a Florida manufactured or mobile home loan is very possible using the FHA mortgage loan. The reality is that in many places in Florida, manufactured homes, also known as Mobile Homes, are the residence of choice for many Florida homebuyers and one of the most difficult types of homes to get a low interest rate home loan on. Enter the FHA mortgage program. Learn more. Call 954-667-9110 or inquire.
Advantages of using FHA for a Manufactured home include:
Minimal Down Payment and Closing Costs.
Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.
In many instances, the actual purchase price for a Florida mobile home with land is much lower than a conventional home and allows a wider range of prospective Florida home buyers to become home owners. The FHA manufactured home loan will approve both Double Wide and Single Wide Florida manufactured home financing under FHA underwriting terms and conditions.
You’ll get a low fixed rate, and you will get a much higher loan-to-value (up to 96.5% financing) than you will ever find on a conventional manufactured home loan..
Best of all, the seller may contribute up to 6% towards the payment of your closing costs of your next manufactured home loan. Also, gifts and grants from FHA qualified sources may be used to meet 100% of the minimum down payment requirements. Get started today with a low rate mobile home loan by calling 954-667-9110
You can finance a Florida manufactured or mobile home with land using the low rate FHA mortgage loan. FHA Mobile Home Lending Criteria
FHA loan Criteria For Manufactured Housing By HUD:
Only manufactured homes built after June 15, 1976 will bear that seal. Manufactured homes built before that date are ineligible for Section 184 financing. The home must be classified and taxed as real estate (as applicable). The mortgage must cover both the manufactured unit and its site, or the appropriate lease documents must be in place. The mortgage must have a term of no more than 30 years from the date amortization begins. The manufactured home must not have been installed or occupied previously at any other site or location. The house must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay. The Florida home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the manufactured home. If the RED TAG is missing, the house is not eligible for Section 184 financing. The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation. The house must be permanently attached to the foundation system. Existing homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier). The axles and tongue must be removed from the unit. The chassis must stay in place.