FHA and the Mobile Home Loan

In some area's, manufactured homes, also known as Mobile Homes, are the primary residence of choice and one of the most difficult home to get a competitive low interest rate home loan. Enter the FHA Loan Program.

In many instances, the actual purchase price is much lower than conventional homes and allows a wider range of prospective home buyers to become home owners. Our FHA Programs allow for both Double Wide and Single Wide manufactured home financing under the same underwriting terms and conditions as conventional "Stick built" or Block homes.

You get the same quality low rate, and in most instances you will get a much higher loan to value (up to 97% financing) than you will find in the Conventional Loan market.

The seller may contribute up to 6% towards the payment of your closing costs and gifts from HUD qualified sources may be used to meet 100% of the minimum down payment requirements.

Mobile Home Lending Criteria

General Eligibility Criteria for Manufactured Housing By HUD.

1. The 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.
2. Only manufactured homes built after June 15, 1976 will bear that seal. Manufactured homes built before that date are ineligible for Section 184 financing.
3. The home must be classified and taxed as real estate (as applicable).
4. 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.
5. The manufactured home must not have been installed or occupied previously at any other site or location.
6. 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.
7. 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).
8. The axles and tongue must be removed from the unit. The chassis must stay in place.
9. 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.