fha loan on mobile home

FHA Loans: An Option for Manufactured Homes, Too. The maximum loan duration is 20 years for a mobile home or a single-section home and lot combination and 15 years when financing just a lot.

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. FHA does not lend money; FHA insures loans in order to encourage mortgagees to lend. Title I manufactured home loans are not Federal Government loans or grants.

FHA Mobile Home loans. financing manufactured (mobile) homes. Under the Title I Mobile Home Loan program, FHA approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a manufactured home and/or lot.FHA insures the lender against loss if the borrower defaults.

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Cascade’s primary business is the extension of credit in the form of home loans. This is not authorized by the New york state department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

who approves a mortgage loan

August 6, 2010 – The FHA has a program that lets FHA loan applicants get financing (or refinancing) for the purchase of mobile homes, a developed lot for the mobile home, or the combination of the home and the lot. Like other FHA loan products, the mobile home must be considered the primary residence of the FHA borrower.

What is an FHA loan? An fha (federal housing administration) loan is a government-backed home mortgage loan with more flexible lending requirements than conventional loans. Because of this, FHA mortgage interest rates may be somewhat higher. The buyer may also have to pay monthly mortgage insurance premiums, along with their monthly loan payments.

You can finance manufactured (previously known as mobile) and modular homes just as you can any other home. The six best manufactured home loan programs are discussed in this article. These are FHA Loans, VA Loans, Conventional Loans, USDA Rural Development Loans, Chattel Loans, and HUD Section 184 Loans for Indians Buying a Modular Home.