Fidelity Home Group is an expert in FHA Manufactured Home Loans for manufactured, modular, and mobile homes. We offer a one-time close construction loan for new homes.
FHA has been helping people become homeowners since 1934. The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), insures your loan so your lender can offer more flexible loan terms. FHA loans only require a 3.5% down payment, and offer more flexible underwriting guideline. They allow the seller to contribute all or part of the closing costs. For these reasons, FHA loans are usually the best option for first time homebuyers. Additionally, all or part of the down payment can be gifted from a relative. FHA does limit the loan size by County. To find out the maximum loan size in your area, go to: https://entp.hud.gov/idapp/html/hicostlook.cfm
FHA mortgages for manufactured and modular homes are not that much different than FHA mortgages for traditional site-built homes. Below some of the differences are outlined.
FHA defines a “manufactured home” as a structure that is transportable in one or more sections, and is designed and constructed to the Federal Manufactured Construction and Safety Standards and is so labeled. To be eligible for FHA mortgage insurance, all manufactured homes must comply with the following:
Measurement is based on the overall length, including living areas and other projections that are at least seven feet in height. Length and width should not include bay windows, roof overhangs, drawbars, couplings or hitches. Each manufactured home must have a data plate with the name of the manufacturer and the construction date.
Requirements for FHA manufactured home construction loans – In addition to the requirements above FHA construction loans also offer the following features:
Fidelity Home Group has experienced mortgage experts who are experts in the field of FHA Manufactured and Modular Construction Loans. We offer top tier technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership. We can be contacted several ways to help answer any questions you may have: