FHA Mobile Home Loan

What Are FHA Mobile Home Loans?

Think of FHA mobile home loans as regular mortgages with a safety net. The Federal Housing Administration provides insurance on these loans, which helps lenders feel more comfortable offering better terms. It’s like having a co-signer, but instead of a family member, it’s the government backing you up.

Low Down Payment Mobile Home Loan

To qualify for financing, you will need just 3.5% down. On a $100,000 manufactured home, that’s $3,500 – much easier to save than the $20,000 you might need for a regular loan. One of our recent clients used their tax refund to cover the down payment, moving in just two months after starting their home search. With a low down payment buying a home can be easy

Credit Score Requirements That Make Sense

While traditional lenders might turn you away for a credit score under 700, FHA loans work differently. A score of 580 or higher gets you the lowest down payment. Compare this to conventional loans that typically want 620 or higher. If you have 10% or more than you can apply towards your down payment we can even to under a 580 credit score!

FHA Loans with Fixed Rates

Your rate stays the same throughout the loan, unlike some manufactured home loans that start low but jump up later. Clients can lock in a 30-year fixed rate to kept their monthly payments low over the term of their mortgage.

What are the Requirements for an FHA Mobile Home Loan?

The Home Requirements Include:

• Built after June 15, 1976 (you can check the date on the HUD tag)
• Sitting on a proper foundation (no temporary blocks)
• Where you’ll actually live (not a vacation home or investment property)
• Must be in move in ready condition (no fixer uppers)

Your Requirements Include:

• Regular income from a job or business
• Documented down payment source (a gift from family should work)
• Enough income to cover your bills (lenders typically want your total monthly debts under 50% of your income)
• A Social Security number and legal residency
• No unpaid federal loans or taxes

What are the steps to getting an FHA Mobile Home Loan?

To get an FHA Mobile home loan you will need to go through the mortgage process for approval. No worries, our manufactured home loan experts will walk you through each step and make the process easy.

The Home Home Loan Process:

1. Save up for your down payment
2. Fill out our application for an FHA manufactured home loan
3. Send us your required documents like pay stubs, W-2s, bank statements, and ID
4. Work with us to answer any underwriting questions (usually 15 to 30 days)
5. Sign the final papers and get your keys!

Is an FHA Mobile Home Loan right for me?

FHA mobile home loans open doors for many buyers who thought they couldn’t afford a home. While the process takes some paperwork and patience, the end result – affordable monthly payments and your own home – makes it worthwhile.

Looking at real numbers: A $100,000 manufactured home with 3.5% down ($3,500) and a 30-year FHA loan might cost about $700-800 monthly, including insurance and taxes. Compare this to average rent for a three-bedroom apartment in many areas running $1,200 or more.

Ready to explore your options? Start by talking with an FHA-approved lender who can look at your specific situation and help you understand exactly what’s possible for your budget and circumstances.