What Are Fha Mobile Home Mortgage Loans And Can Anybody Get Them?
If you are considering FHA mobile home mortgage loans it is very important that you understand what these types of loans are all about. It is not always easy to get a loan for a mobile home because they are not stick built. Banks consider these loans to be a bit more high risk than a typical home mortgage and they have specific requirements you will need to meet to get approve for one of the FHA mobile home mortgage loans.
Are you looking to buy a mobile home? Are you a little strapped when it comes to the down payment and need a little help? If so, you might want to consider FHA mobile home mortgage loans. FHA stands for the Federal Housing Administration. This is a government organization that is responsible for Housing and Urban Development or HUD. FHA is the group that insures mortgage loans so that the lender will give you a better deal and will help you out without requiring a large amount of money down.
A Few Types of FHA Mobile Home Mortgage Loans you Might Be Able to Get
They now have something called the FHA mobile home umbrella and there are two different programs under this. The first one is for those that already own land for their mobile home and the second is for those that want to put their mobile home in mobile home park of some sort. These are both a bit different and you need to understand what they both include.
There are certain eligibility requirements when it comes to an FHA-backed mobile home loan. The lender and the FHA will look at your credit history, income, and how much ability you have to repay the loan. This is very important because the FHA does not want to set you up to fail.
You can use what is called a Title One loan in order to purchase both the land and the mobile home itself or just one or the other. This must be your primary residence for an FHA loan. There will also be requirements as to the maximum amount that you are allowed to borrow and there will be certain loan terms that you will have to adhere to. Right now the maximum loan amount for just the mobile home itself is just under $50,000 and the amount for the land is just over $16,000. The maximum for both together is right around $65,000. These loans will either be for 25, 20, or 15 years depending on what type of mobile home it is and whether it is in a mobile home park or your own land.
You will need to sit down with the local branch of the FHA that is closest to you to see what other requirements you will have to meet in order to get FHA mobile home mortgage loans. This is a great option for anybody that is purchasing a mobile home, land, or both. Even those that just need a refinance loan may be able to find one with these methods.
The Choice to Get FHA Mobile Home Mortgage Loans
Many people do not even look into this type of loan because they either do not think they will be approved or they do not know about them. These are some of the better choices in the mortgage world and if you are trying to get a mobile home you should make sure you check into the possible FHA mobile home mortgage loans that you may get approved for.
The worst thing that can happen is that you find out that you cannot get approved. This just means that you have to move onto a different option for your loan. If you are afraid to apply you should at least go talk to a lender that can provide you with one of the FHA mobile home mortgage loans to find out what your options really are.
by: Jones Harington