FHA Mobile Home Mortgage Loans - What to Expect When Applying For FHA ...
Are you looking to buy a mobile home? Are you a little strapped when it comes to the down payment and need a little help? If so, you might want to consider FHA mobile home mortgage loans. FHA stands for the Federal Housing Administration. This is a government organization that is responsible for Housing and Urban Development or HUD. FHA is the group that insures mortgage loans so that the lender will give you a better deal and will help you out without requiring a large amount of money down.
They now have something called the FHA mobile home umbrella and there are two different programs under this. The first one is for those that already own land for their mobile home and the second is for those that want to put their mobile home in mobile home park of some sort.
There are certain eligibility requirements when it comes to an FHA-backed mobile home loan. The lender and the FHA will look at your credit history, income, and how much ability you have to repay the loan. This is very important because the FHA does not want to set you up to fail.
You can use what is called a Title One loan in order to purchase both the land and the mobile home itself or just one or the other. This must be your primary residence for an FHA loan. There will also be requirements as to the maximum amount that you are allowed to borrow and there will be certain loan terms that you will have to adhere to. Right now the maximum loan amount for just the mobile home itself is just under $50,000 and the amount for the land is just over $16,000. The maximum for both together is right around $65,000. These loans will either be for 25, 20, or 15 years depending on what type of mobile home it is and whether it is in a mobile home park or your own land.
You will need to sit down with the local branch of the FHA that is closest to you to see what other requirements you will have to me in order to get FHA mobile home mortgage loans. This is a great option for anybody that is purchasing a mobile home, land, or both.
Do you need a loan for your new mobile home, but you have bad credit? There is a way to get easy FHA Mobile Home Mortgage Loans. Find out how here:
FHA Mobile Home Mortgage Loans
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