MANUFACTURED HOME LOANS IN FLORIDA-(W/Land Built after June 15, 1976)
No matter if you call it a mobile, manufactured, a modular, or a prefabricated home; smart Florida home buyers know that these factory built manufactured Florida homes offer them better quality and lower costs per square foot and drastically quicker build times than a traditional site built Florida homes. As a Florida mortgage company specializing in mobile, manufactured , modular home, or a prefabricated home loans we provide the best FHA financing options including:
FHA HOME LOAN ADVANTAGES:
- Down payment as low as 3.5% of Sales Price
- 100% Financing options available
- Seller can credit up to 6% of sales price towards buyers costs.
- No cash or bank reserves are required.
- FHA regulated closing costs.
FHA HOME LOANS HAVE EASIER CREDIT QUALIFYING ALLOWING:
- No credit score manufactured home loan approvals using alternate trade lines.
- FHA will allow a home purchase 2 year after a Bankruptcy.
- FHA will allow a home purchase 3 year after a Foreclosure.
ADVANTAGES TO USING FHA FOR FLORIDA MANUFACTURED HOMES INCLUDE:
- Better rates because FHA insures the manufactued lender against loss;
- FHA allows 15 and 30-year fixed loan terms.
- Up to 96.5% financing with 85% cashout option.
- Single wide, double wide, or triple wide FHA purchase or FHA refinance.
- FHA Streamline Refinance Loan program for reduced costs to improve your rate and term.
- FHA allowes Down payment assistance from grants, or gifts allowed for the FHA 3.5% down payment requirement;
- Sellers can credit you up to 6% of your closing costs and prepaid items;
- Purchase manufactured and mobile homes built after June 1976 with the HUD required seal;
- Florida manufactured home purchases must be financed permanently affixed to the land either strapped or tied to the land. We cannot finance mobile homes without land.
FLORIDA FHA MOBILE AND MANUFACTED HOME LOANS WITH HOMES WITH LAND- Under the FHA Title Florida FHA loan program, FHA approved Florida mortgage lenders make loans from their own funds to eligible borrowers to finance the purchase of or FHA refinance a manufactured/mobile home and or lot. The FHA mortgage loan insures the Florida mortgage 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. They are not government loans or grants, and they are not lower interest rate loans. FHA home loans are fixed and based current market rates in the area at the time the FHA home loan is made. FHA does not lend money; FHA insures Florida FHA-approved mortgage lenders against loss. An FHA home loan may be used for the purchase or refinancing of a Florida manufactured or mobile home on a developed lot on which to place a permanently affixed manufactured or mobile home and lot in combination. To qualify for FHA financing the home must be used as the principal residence.
ELIGABLE FLORIDA FHA LOAN APPLICANTS MUST:
- Have sufficient down payment 3.5% to make the minimum required down payment.
- FHA loan applicants must demonstrate that they have adequate income to make the mortgage payments.
- Must intent to use the mobile or manufactured home as their primary Florida 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 Florida home site that meets established local standards for site suitability and that has an adequate water supply and sewage disposal facilities available.
FLORIDA FHA MANUFACTUED HOME LOAN QUALIFING CHECKLIST
- The manufactured, mobile, pre fabricated home must have been built after June 15, 1976. Florida manufactured homes built before that date are not FHA insurable for Florida home loan financing.
- The manufactured home must be permanently attached to the foundation system. Existing manufactured home must be attached to the foundation system by either cable or re bar welded or anchored to the footingThe Florida manufactured home must Not have been moved from its originally location.
- The Florida home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed RED TAG certification label. This is the RED TAG that on the back section of the manufactured home. If the RED TAG is missing, the house is not eligible for FHA financing.
- The FHA mortgage must cover both the manufactured home and land, or the appropriate lease documents must be in place. The FHA mortgage must have a term of either 15 or 30 years from the date amortization. The finished grade elevation beneath the manufactured home must be at or above the 100-year return frequency flood elevation.
- All Florida manufactured home must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space.
- The axles and tongue must be removed from the manufactured home. The chassis must stay in place.
- To qualify for an FHA manufactured home loan the home must be classified and taxed as real estate, Land and Home Package Purchases Only.
Don’t wait! Get pre approved now for one of our Florida manufactured home loan programs today!