Articles in Category: Mobile Home Loans

June 27, 2024

What You Can Do With Your FHA Home Loan

Borrowers sometimes assume things about home loan programs that aren’t entirely accurate. In the same way some assume that FHA single-family home loans can be used to buy an investment property (they cannot) or that the FHA loan program requires you to be a first-time home buyer, there are flawed assumptions about the kinds of home you can buy with an FHA mortgage and the acceptable uses of these home loans. FHA Loans To Build A Home The FHA One-Time Close construction loan is what borrowers choose when they want to build a home from the ground up. These FHA mortgages also allow land purchase with the loan if you don’t already have it to build on. FHA Loans Can Be Used To Install A Home FHA loans can be | more...

June 17, 2024

FHA Manufactured Housing Rules You Should Know

By Joe Wallace

FHA announced changes to the FHA loan limit structure in early 2024. Those changes included updating FHA Title I manufactured loan limits which had not been changed in 15 years at press time. The FHA Title I Manufactured Home Loan program offers higher loan limits now, part of an effort to provide more affordable housing. “The increases better align with current market prices and are expected to encourage more lenders to offer the program to homebuyers seeking to purchase manufactured homes and the lots on which they sit” according to a press release at HUD.gov. Making Manufactured Housing More Available These changes are the first serious FHA manufactured home loan update since 2008. HUD Secretary Martha Fudge calls the move an option to alleviate an “affordable housing supply crisis” by | more...

March 7, 2024

Changes To FHA Manufactured Housing Loans

By Joe Wallace

Did you know that some 20 million Americans live in manufactured housing? Most government-backed mortgage programs offer loans to these borrowers. That includes FHA home loans for manufactured housing, modular houses, and mobile homes. There’s a separate FHA loan for these homes like there are separate FHA condo loans and construction mortgages. The FHA and HUD are working to expand manufactured housing options through the FHA Single-Family Home Loan Program and are offering new options to organizations responsible for multi-family housing. HUD To Increase Availability Of Affordable Manufactured Homes WhiteHouse.gov issued a press release on the federal government’s efforts in 2024, noting, “Manufactured housing is a critical source of affordable housing, especially for low-income, rural, and Native American households and offers a potentially lower-cost pathway to homeownership.” Manufactured housing, also | more...

November 7, 2023

FHA Announces Manufactured Housing Appraisal Updates

By Joe Wallace

If you need an FHA manufactured home loan, you may benefit from updated FHA and HUD appraisal policies announced in November 2023. The FHA published its revised manufactured housing guidelines, specifically for the appraisal of manufactured homes certified under Fannie Mae’s MH Advantage and Freddie Mac’s CHOICEHome programs. These homes and other manufactured housing now get added consideration in the appraisal process when there are less than the required amount of “certified manufactured homes available.” FHA Loan Appraisal Changes Explained When the FHA changed its policies, the new rules ordered FHA appraisers to use “the most appropriate” comparables “when there are less than two comparable sales of these certified manufactured homes available.” A “comparable” is a similar property type the FHA appraiser can review side-by-side with the property being appraised | more...

April 5, 2023

FHA Home Loans: A Variety Of Options

By Joe Wallace

There are many different types of real estate available to purchase or refinance with an FHA single family home loan. Did you know that FHA loans are not limited to traditional suburban-type housing? Your options are as diverse as the kinds of real estate you might consider purchasing. For example, while an existing construction suburban home is definitely an option with FHA loans, you can also consider a new construction home. The difference between new and existing construction can be technical; new construction properties have generally been completed for a year or less and have never had an owner. So while you may not be interested in a “build-to-suit” new construction loan, you may be able to get a new construction loan for a property that is already finished but | more...

February 23, 2022

FHA Manufactured Home Loans: Questions And Answers

By Joe Wallace

FHA home loan options include loans for manufactured housing, modular homes, and what some still refer to as “mobile homes”. FHA home loan rules for manufactured housing include age and foundation requirements as well as minimum sizes. If you aren’t sure how to proceed when trying to apply for a manufactured home loan, here are some common questions asked about these types of FHA mortgages. Are FHA Manufactured Home Loans The Same As FHA 203(b) Mortgages? Not exactly. The FHA loan program allows the purchase of a modular home or a manufactured home that is not on a permanent foundation at the time of creation. The manufactured home must be placed on a permanent foundation as a condition of loan approval and the timing of this must be agreeable to | more...

June 11, 2021

FHA Mobile Home Loans: What You Need To Know

By Joe Wallace

FHA home loans are available for a variety of things including mobile homes, manufactured homes, and modular housing. What do you need to know about mobile home loans offered under the FHA program? Mobile Home Loans Are Specific The home you purchase with any FHA mortgage must be classifiable as real property, which means it must be taxable as real estate regardless of whether or not it is actually taxed in your state. Real estate refers to properties that have a permanent foundation. FHA loans for mobile homes are under the Title 1 program. Mobile homes that will not be permanently affixed to a permanent foundation that meets FHA standards cannot be approved for an FHA home loan. FHA Mobile Home Loans For Lot And Home Yes, FHA mortgages can | more...

December 31, 2019

Apply For An FHA Loan

By Joe Wallace

If you are considering any type of home loan, be sure to explore your options with FHA mortgages, refinancing, or reverse mortgages. FHA loans offer a variety of advantages over conventional mortgages including lower interest rates (based on your financial qualifications), built-in protections for the buyer, and more. FHA New Purchase Loans There are many options with an FHA mortgage for single-family homes. New purchase loans include the option to add extra funds to the loan for energy-efficient upgrades or improvements. You can also consider purchasing a fixer-upper using an FHA rehab loan where funds are made available to repair/upgrade the property to FHA minimum standards. The loans mentioned above are intended for owner-occupied residences and would be not be available for investment properties. An FHA new purchase loan or | 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...

May 24, 2018

FHA Loan Rules For Property Types

By Joe Wallace

FHA loan rules in HUD 4000.1 spell out the rules for approved property types that can be purchased or built using an FHA mortgage. Some borrowers may not realize they can buy, build, or refinance properties aside from the typical suburban home. The list of property types you can choose from include mobile homes, manufactured housing, condos, town homes, row houses and more. Specifically, HUD 4000.1 lists the following: detached or semi-detached dwellings Manufactured Housing townhouses or row houses individual units within FHA-approved Condominium Projects Borrowers can use an FHA One-Time Close construction loan to build a home, but there are restrictions on the type of dwelling you can build. In general homes built using these loans must be single-family residences and not multi-unit properties; your lender will explain what | more...