Fha Mobile Home Loan

Cascade s fha modular and manufactured home loans require as little as 3 5 down or land equity in lieu of this amount.

Fha mobile home loan. Fha insures mortgages on residential properties including manufactured homes an fha loan is a loan that is funded by an approved lender and meets fha s requirements to be insured. That term can be extended up to 25 years for a loan for a multi section mobile home and lot. Yes fha has financing for mobile homes and factory built housing.

Several criteria must be met be eligible for an fha loan. As with any loan you must prove you have enough income to afford the payments. The home must have been built after june 15 1976.

To qualify for an fha mobile home loan the initial lease term for the land must be at least three years and the lease must specify that the homeowner will receive at least 180 days notice if the lease will be terminated for any reason. Fha insures the lender against loss if the borrower defaults. The maximum term is 15 years for a lot only purchase.

These loans are especially popular because they feature low down payments fixed interest rates and consumer friendly rules. The fha distinguishes mobile or manufactured homes based on its assembly. Fha loan terms for mobile homes the terms of an fha loan for mobile homes include a fixed interest rate for the entire 20 year term of the loan in most cases.

The lender will be covered by fha if the loan defaults which means the lender has less risk. Although the fha does not provide the actual loan the agency insures your loan in the event you default. Fha loans can also be used to purchase manufactured homes and or modular homes.

Fha loans are insured by the federal housing administration. To qualify for a fha modular or manufactured home loan you must make a small down payment. Manufactured homes are often sold and transported in sections to be assembled on site.