Advantages of using FHA mortgage to purchase a Florida modular or manufactured home land combonation incude:

·       Better rates because FHA insures the lender.

·       FHA allows 30 year loan terms

·       Up to 97% financing with 100% options

·       Single Wide, doublewide,  triple wide  financing

·       Streamline Refinance Loan program for reduced costs to improve your rate and terms

·       Cash Out REFINANCE up to 95% of the appraised value.

·       Down payment Assistance, Grants, gifts allowed.

·       Seller can pay up to 6% of your closing cost and prepaid items.

·       Finance Mobile homes built after June 1976 with the HUD required seal

·       All manufactured homes financed permanently affixed to the land either strapped or tied to the land. We cannot finance only the mobile home.

FHA Mobile and Manufactured Home Loan

Under FHA Title I loan program, FHA approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a manufactured/mobile home and or lot. The FHA insured loan insures the lender against loss if the borrower defaults on the home loan.. FHA home loans are granted based upon the applicant's credit history and ability to repay the loan FHA manufactured home loans are not Government loans or grants, and are not lower interest rate loans. FHA home loans are fixed and based prevailing market rates in the area at the time the loan is made. FHA does not lend money; FHA insures FHA approved lenders against loss. A Title I loan may be used for the purchase or refinancing of a manufactured or mobile home on a developed lot on which to place a permanently affixed  a manufactured or mobile home and lot in combination. And, the home must be used as the principal residence of the borrowers.

Eligible Borrowers Must:

·       Have sufficient funds on hand to make the minimum required down payment of 3 percent.

·       Be able to demonstrate that they have adequate income to make the payments and meet other financial obligations.

·       Intend to use the mobile or manufactured home as their primary residence.

·       Have a suitable site on which to place the manufactured home. The home may be placed on a rental site in manufactured home park, or on an individual home site owned or leased by the borrowers.

An Eligible Manufactured Home Must:

·       Meet the National Manufactured Home Construction and Safety Standards.

·       Carry a one-year manufacturer's warranty if it is a new manufactured home.

·       Be installed on a home site that meets established local standards for site suitability and has adequate water supply and sewage disposal facilities available.

FHA Financing summary

No matter if you call it, a modular home,  mobile home or manufactured home; smart Florida Home Buyers know that manufactured homes offer better quality, lower costs per square foot and dramatically quicker build times than a traditional Florida homes.  These new manufactured and mobile homes are a world better in quality and Construction than the single and double wide trailer Florida homes built before June of 1976. Since June 1976 standards were established by (HUD) Department of Housing and Urban Development. Manufactured homes built after June 1976 present a red label certifying conformation that the home is up to the new standard. A manufactured or mobile home is most likely the single most significant purchase you will make in your life span. In recent years, almost 1/3 of all new single-family homes purchased have been manufactured homes. The term manufactured home was acquired in 1980 by the United States Congress to identify a form of house that is manufactured in a factory to comply with a building code formulated by the HUD. Years ago, manufactured homes were known as mobile homes, a term that many people still use. On the other hand, mobile is no longer an exact name, because fewer than ten percent of all mobile homes are ever moved off the owner's original site. Not only has the quality of manufactured and modular housing improved dramatically for manufactured home buyers, but now there are also better FHA mobile home loan programs for manufactured homebuyers and homeowners.

FHA mortgage loans for mobile or modular homes offer several options that no other loan program offers for mobile homes with land. The truth is, with annual double digit appreciation on housing and payroll lagging behind at 5% or more, traditional stick built homes are more and more becoming far out of reach of the average homebuyer, we recognize this trend and know that manufactured homes offer great value with terrific per square foot pricing that today's traditional homes simply can't match. Purchasing or refinancing a mobile or modular home today with FHA financing is not as difficult as you might think. Here you will find all the information you need to purchase a mobile or modular home with 97% financing or cash out up to 95% of the home and land appraised value.