July 17, 2012
A reader asks, “I have learned a great deal from just this information listed on this website. However one question remains, are FHA loans eligible for site built homes? I see a listing for HUD homes, and refinancing, but are ground up homes eligible for FHA backed loans?”
According to FHA loan rules, FHA mortgages are available from participating lenders for “proposed construction, under construction or existing construction less than one year old”. There are established FHA procedures and guidelines for these loans including:
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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