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Under the Title I program, approved lenders make loans from their
own funds to eligible borrowers to finance the purchase of a
manufactured home and/or lot, and FHA insures the lender against
loss if the borrower defaults. Credit is granted based upon the
applicant's credit history and ability to repay the loan in regular
monthly installments.
Title I manufactured home loans are not Government loans or grants,
and are not low interest rate loans. The interest rate is fixed and is
generally based upon the prevailing market rate in the area at the time
the loan is made. FHA does not lend money.
Purpose of the Loan
A Title I loan may be used for the purchase or refinancing of a
manufactured home, a developed lot on which to place a
manufactured home, or a manufactured home and lot in combination.
The home must be used as the principal residence of the borrowers.
Maximum Loan Amount
manufactured home only - $48,600
manufactured home lot - $16,200
manufactured home & lot - $64,800
The dollar limits for lot loans and combination loans may be increased
up to 85 percent in designated high-cost areas. For further information
on high-cost area limits, contact the local HUD field office.
Maximum Loan Term
20 years for a loan on a manufactured home or on a single-section
manufactured home and lot.
15 years for a manufactured home lot loan.
25 years for a loan on a multi-section manufactured home and lot.
Manufactured homes are usually purchased through dealers or
retailers that sell the homes. The names of lenders in your area which
specialize in financing manufactured homes can be obtained from
local retailers. These retailers are listed in the yellow pages of your
telephone directory. They have the required application forms. FHA
neither loans money nor gives grants to purchase homes. Also,
manufactured homes must comply with the National Manufactured
Home Construction and Safety Standards. The approved FHA lender
can explain the mortgage credit and income eligibility requirements to
qualify for a loan.
Consumer Protection
HUD provides two types of consumer protection. The borrower must
sign a HUD Placement Certificate agreeing that the home has been
installed and set-up to their satisfaction by the retailer before the
lender can give the loan proceeds to the retailer. After moving in, the
borrower can call HUD at (800) 927-2891 to get assistance about the
problems with construction of the home.
Eligible Borrowers Must:
Have sufficient funds on hand to make the minimum required
downpayment of 5 percent.
Be able to demonstrate that they have adequate income to make the
payments on the loan and meet their other expenses.
Intend to use the manufactured home as their principal residence.
Have a suitable site on which to place the manufactured home. The
home may be placed on a rental site in manufactured home park, or
on an individual homesite owned or leased by the borrowers.
An Eligible Manufactured Home Must:
Meet the National Manufactured Home Construction and Safety
Standards.
Carry a one-year manufacturer's warranty if it is a new manufactured
home.
Be installed on a homesite that meets established local standards for
site suitability and has adequate water supply and sewage disposal
facilities available.
The proceeds of a Title I manufactured home loan may not be used to
finance furniture (for example, beds, chairs, sofas, lamps, rugs, etc.).
However, built-in appliances and equipment and wall-to-wall carpeting
are eligible for financing.
own funds to eligible borrowers to finance the purchase of a
manufactured home and/or lot, and FHA insures the lender against
loss if the borrower defaults. Credit is granted based upon the
applicant's credit history and ability to repay the loan in regular
monthly installments.
Title I manufactured home loans are not Government loans or grants,
and are not low interest rate loans. The interest rate is fixed and is
generally based upon the prevailing market rate in the area at the time
the loan is made. FHA does not lend money.
Purpose of the Loan
A Title I loan may be used for the purchase or refinancing of a
manufactured home, a developed lot on which to place a
manufactured home, or a manufactured home and lot in combination.
The home must be used as the principal residence of the borrowers.
Maximum Loan Amount
manufactured home only - $48,600
manufactured home lot - $16,200
manufactured home & lot - $64,800
The dollar limits for lot loans and combination loans may be increased
up to 85 percent in designated high-cost areas. For further information
on high-cost area limits, contact the local HUD field office.
Maximum Loan Term
20 years for a loan on a manufactured home or on a single-section
manufactured home and lot.
15 years for a manufactured home lot loan.
25 years for a loan on a multi-section manufactured home and lot.
Manufactured homes are usually purchased through dealers or
retailers that sell the homes. The names of lenders in your area which
specialize in financing manufactured homes can be obtained from
local retailers. These retailers are listed in the yellow pages of your
telephone directory. They have the required application forms. FHA
neither loans money nor gives grants to purchase homes. Also,
manufactured homes must comply with the National Manufactured
Home Construction and Safety Standards. The approved FHA lender
can explain the mortgage credit and income eligibility requirements to
qualify for a loan.
Consumer Protection
HUD provides two types of consumer protection. The borrower must
sign a HUD Placement Certificate agreeing that the home has been
installed and set-up to their satisfaction by the retailer before the
lender can give the loan proceeds to the retailer. After moving in, the
borrower can call HUD at (800) 927-2891 to get assistance about the
problems with construction of the home.
Eligible Borrowers Must:
Have sufficient funds on hand to make the minimum required
downpayment of 5 percent.
Be able to demonstrate that they have adequate income to make the
payments on the loan and meet their other expenses.
Intend to use the manufactured home as their principal residence.
Have a suitable site on which to place the manufactured home. The
home may be placed on a rental site in manufactured home park, or
on an individual homesite owned or leased by the borrowers.
An Eligible Manufactured Home Must:
Meet the National Manufactured Home Construction and Safety
Standards.
Carry a one-year manufacturer's warranty if it is a new manufactured
home.
Be installed on a homesite that meets established local standards for
site suitability and has adequate water supply and sewage disposal
facilities available.
The proceeds of a Title I manufactured home loan may not be used to
finance furniture (for example, beds, chairs, sofas, lamps, rugs, etc.).
However, built-in appliances and equipment and wall-to-wall carpeting
are eligible for financing.
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determined by our lenders. FHAbankdirect.com is NOT affiliated with any government agencies, including the VA or HUD. FHAbankdirect.com is brought to you by Zapper
Direct.
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Manufactured (Mobile) Homese Quick Facts
- LOW CREDIT SCORES- NO PROBLEM
- REFINANCE YOUR DEBT TO 95% OF YOUR HOMES VALUE
- ONLY 3% DOWN REQUIRED ON NEW HOME PURCHASES
- REFINANCE WITH LITTLE OR NO EQUITY
- PRIOR LATE PAYMENTS - NO PROBLEM
- LOW FIXED RATES
- QUALIFY FOR THE FHA STREAMLINE RATE REDUCTION
PROGRAM - WHEN RATES GO DOWN, WE LOWER YOUR RATE!!
ASK US HOW - PRIOR BANKRUPTCY - NO PROBLEM