Did you know FHA loans can finance manufactured homes, too? Whether you are buying an existing or new manufactured home, the Federal Housing Administration can help you out. Borrowers can purchase the land where the manufactured home will be placed. But every private lender is yet to give out the mortgage! Many lenders have unique requirements; some of them require a permanent foundation. During the research process, inform your lenders of the type of property you have in mind. This eases the mortgage application process for the FHA manufactured home loan in Houston, Texas. But leaving everything to the lender will not assure you of a hassle-free experience.
So, begin the process by learning about FHA manufactured home loans. First of all, they are an attractive financing option and widely affordable for many people. The built-in homes are packed with modern amenities so that the requirements of today’s households are met. FHA manufactured home loans have the same property requirements as the FHA loans. Especially, those who have rocky credit history can apply for an FHA manufactured home loan with ease.
As you are about to buy a manufactured home with this financing option, you must keep in mind certain things. In this article, we present a brief guide about the FHA manufactured home loan in Houston, Texas.
FHA Manufactured Mortgages in Houston, TX
The Federal Housing Administration backs the loan in order to help people buy factory-built homes. Manufactured homes are often called mobile homes; however, you need to make sure the standards set by the U.S. Department of Housing and Urban Development are fulfilled. In earlier days, the HUD standards did not apply to manufactured homes.
Now, FHA loans are the best option for competitive rates. You can access the Title II FHA loan program that demands the home must be placed on the land you possess.
Requirements to Keep in Mind
Having a permanent foundation is an essential requirement, as you know. So, you need to prove that you have papers and actually own the property. The loan is only accessible when you pay taxes as it is real land. Follow the rules of your state in order to figure out how the manufactured home is made into real land. Also, fulfill the specific standards set by the lender.
In the end, the FHA manufactured home loan in Houston is attainable if you follow the requirements. So, keep looking for the perfect lender for affordable rates!
