FHA Manufactured and Modular home loans
A great loan for borrowers who may not qualify for traditional loans or who have less cash on hand or more challenged credit.
What are FHA Manufactured and Modular home loans?
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 loans for manufactured and modular homes are not that much different than FHA loans for traditional site-built homes. Below some of the differences are outlined:
FHA requirements for Manufactured Homes:
- Home must have been built after June 15th 1976, and built to the federal HUD building code
- Each section of the manufactured home must be affixed with a HUD certification label
- Minimum size is 400 square feet
- Home must be permanently affixed to a foundation that meets FHA standards
- The home must be used as a primary residence
- If the Appraiser observes additions or structural changes to the original Manufactured Home, the Appraiser must condition the appraisal upon inspection by the state or local jurisdiction administrative agency that inspects Manufactured Housing for compliance, or a licensed structural engineer may report on the structural integrity of the manufactured dwelling and the addition if the state does not employ inspectors
Requirements for FHA manufactured home construction loans – In addition to the requirements above FHA construction loans also offer the following features:
- Loan can include price/payoff of land, home purchase price, & all property improvements
- Land equity can be used to meet the 3.5% down payment requirement
- Land equity can be gifted
- One-time close, which saves closing costs and allows you to lock in your interest rate upfront
- Countryplace mortgage will administer all your construction draws to pay your contractors
Countryplace has experienced loan officers who are experts in the field of FHA manufactured and modular construction loans. We offer top shelf technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership.
Call us today or apply online to get started on your pre-qualification!
We Are CountryPlace Mortgage
CountryPlace Mortgage is the nation's premier lender for manufactured, modular, and mobile homes. We offer a one-time close construction loan for new homes. We make financing or refinancing your home simple and easy. If you own a manufactured or mobile home, or are thinking about purchasing a new or existing home, Countryplace Mortgage should be your lender of choice. We can finance your manufactured or mobile home whether it's tied to the land or in a mobile home park.
Founded in 1995, Countryplace Mortgage is a direct lender with both Fannie Mae and FHA. That means that we can offer you the most competitive rates, with down payments as low as 3.5%. When financing a manufactured, mobile, or modular home, it is important that you are working with a mortgage professional that understands these unique properties. Whether it's a chattel (home-only), land/home package, or construction loan we have the expertise to help you navigate today's challenging mortgage process. Many of our Loan Officers have several years experience originating manufactured and mobile home loans.