Have you decided to purchase a manufactured home loan instead of a regular residential property? Nowadays, mobile or manufactured homes are an attractive solution when you are out looking for the perfect abode. The pre-built houses are modern and spacious, and most importantly, they are affordable. So, manufactured homes do not mean single trailers with two windows anymore. With time, mobile homes have undergone significant changes in respect to size and features. Sometimes you will not be able to tell the difference between manufactured and regular homes.
Looking at the stats, manufactured homes cost less than traditional homes. The purchase of a pre-manufactured home is an affordable alternative to homebuyers unable to afford a regular home. Moreover, the FHA manufactured home loan in Houston, Texas makes the home-buying process a lot more convenient and affordable. Of course, they are not super cheap but can be attainable with a cost-efficient mortgage program. So, here are a few things to remember.
Getting an FHA Manufactured Home Loan
Contrary to popular belief, FHA loans cater to manufactured homes. Whether you have a new or used manufactured home, the mortgage program is a popular choice. You will get the loan for the land where the home is going to be placed on.
Remember, every lender does not issue the manufactured home the same way. You need to go through the guideline to see whether you need to place the mobile home permanently on the land. If you want to purchase a manufactured home, inform lenders the type of property you have in mind. Then ask the lender about the requirements against the FHA loan program. In case the lender cannot issue a loan, keep looking out.
FHA Manufactured Home Loan Requirements
Your manufactured home needs to be built following HUD’s MHCSS requirements so that qualifying for FHA financing is not an issue. Each pre-built manufactured home does not fulfill MHCSS’s standards, and you cannot ask for an FHA loan without meeting the building requirements.
Similar to other FHA loans, you can put down 3.5% of the loan value. So, you need at least 580 to be eligible for the down payment. 10% down payment is available for credit scores ranging between 500 and 579. In addition, the 50% DTI ratio is available with no particular minimum income requirements.
Are you ready to get started? Contact Clear Lending and kick off the process as soon as possible.
