Mobile Home Loan
Getting a low interest rate mobile home loan is very possible using the FHA mortgage program. The reality is that in many areas, manufactured homes, also known as Mobile Homes, are the primary residence of choice and one of the most difficult types of homes to get a competitive low interest rate home loan on. Enter the FHA mortgage program. Learn more. Use our quick quote form!
In many instances, the actual purchase price for a mobile home with land is much lower than a conventional home and allows a wider range of prospective home buyers to become home owners. The FHA mobile home loan allows for both Double Wide and Single Wide manufactured home financing under FHA underwriting terms and conditions (which can be reviewed here).
You’ll get a high quality low fixed rate, and in most instances, you will get a much higher loan-to-value (up to 96.5% financing) than you will ever find in the conventional or secondary loan market.
Best of all, the seller may contribute up to 6% towards the payment of your closing costs. Also, gifts from HUD qualified sources may be used to meet 100% of the minimum down payment requirements. Get started today with a low rate mobile home loan by using our quick quote application!
Mobile Home Lending Criteria
General Eligibility Criteria For Manufactured Housing By HUD:
- 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.
- Only manufactured homes built after June 15, 1976 will bear that seal. Manufactured homes built before that date are ineligible for Section 184 financing.
- The home must be classified and taxed as real estate (as applicable).
- 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.
- The manufactured home must not have been installed or occupied previously at any other site or location.
- 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.
- 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).
- The axles and tongue must be removed from the unit. The chassis must stay in place.
- 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.