FHA Guidelines for Mobile Home Loans

FHA manufactured home loans help make ownership more affordable.

The FHA manufactured home loan program offers assistance to home buyers through a federal insurance program on private loans. By securing an FHA home loan, mobile homeowners can secure lower financing costs.

Benefits

All FHA secured loans are fixed rate. They often offer lower interest rates compared to conventional mortgages, and they also offer low down payment options. Qualified borrowers will have opportunities to refinance their loans in the future if need be through the FHA.

Financial Requirements

To qualify, you must first have sufficient money available for a down payment. You must also show you have adequate income to make loan payments and meet other financial obligations. You must be intending to use the home as a principal residence, not a secondary property, and you must confirm a suitable location has already been determined for the home. The maximum loan amount is $69,678 for a home or $23,226 for a lot or $92,904 for a home and lot. Finally, you must be able to repay this loan within 25 years.

Home Requirements

The mobile home in question must meet Model Manufactured Home Installation Standards. You must be able to secure a one-year manufacturer's warranty for the home. Finally, the home must be installed on a suitable site.

References

• HUD: Financing Manufactured Homes