MOBILE HOME LOANS   

 FHA Loan Requirements:

• The home must be built after June 15, 1976.
• The red HUD label must be affixed to each section.
• The minimum size to be financed is 400 square feet.
• The home must be permanently affixed to a foundation that meets FHA standards.
• The home must meet the Model Manufactured Home Installation Standards.
• The lot where the manufactured home will be set must be designated or approved.
• The home must be used as a primary residence.
• Manufactured homes require a foundation certificate for an FHA loan. This certificate is transferable.
• The inspection is performed by a certified engineer and can be upwards of $650.
• FHA mobile home loans may require the borrower to come up with a minimum down payment.
• Many lenders require as little as 3.5% down or land equity in lieu of this amount.
• An FHA loan for mobile homes includes a fixed interest rate for the entire 20-year term
  • The term can be extended up to 25 years for a loan for a multi-section mobile home and lot.
  • The maximum term is 15 years for a lot-only purchase.
    There are FHA loan maximums for mobile home loans, up to just under $93 thousand for a manufactured home and lot combination.
• The borrower must supply proof of income and have a debt-to-income ratio that allows them to make FHA mortgage payments without going over the maximum 41% allowed under FHA rules.
• FHA loan applicants aren't required to purchase land to put the mobile home on.
• FHA borrowers who wish to rent a mobile home lot are required to use lots that meet FHA guidelines

Here are some lenders that you may want to investigate for your mobile home loan.

The Mortgage Firm, Lakeland (Loan on Land-owned, 1976 or newer, Double Wide)

Ken Watson, Mortgage Loan Officer

Ken@TheMortgageFirm.com            

https://homeloankeys.com/

Cell:  863-581-6607       Office:  863-937-8024

VANDERBILT MORTGAGE

www.VMF.com

P:  800-970-7250   P:  866-701-0467

Loans are for a fee simple (land-owned) mobile home purchase (not a condo or co-op ownership). The loan is a conventional type of mortgage with a length of a loan at 25 years.  They will loan on both single-wide and double-wide mobile homes.  In July 2022, the interest rate is about 8.5%.  Down payments can range between 0 and 25% down.  They can loan on the home alone, but that will be a much lower amount.  A home-only loan interest rate is about 9.9%. 

South State Bank (Loan on Land Owned.  May loan on Condo)

2811 Manatee Ave W, Bradenton, FL 34205

https://southstatebank.com/mortgage

941-526-1906

Requirements:  Credit score:  680 or better.  Must be 4 years post-bankruptcy.

Debt to income ratio under 43% monthly.  This includes loans for the home, insurance, taxes for the home, and any outstanding loans (e.g. auto, credit cards, etc) monthly association fees versus the monthly income.

Loan Amount:  75% of purchase or appraisal (whichever is less)

Loan term:  Most are 10 or 15-year terms.  Newer homes, 9 yrs old or newer, can go up to 20 years.