How to Get an HUD/FHA Manufactured Home Loan

What it is

An HUD/FHA manufactured home loan enables borrowers to obtain mortgage financing for a manufactured home through the United States Department of Housing and Urban Development and the Federal Housing Administration, or FHA. Approved lenders make loans from their own funds to eligible borrowers to finance the purchase of manufactured homes. The FHA insures the lender against any loss should the borrower default. Credit is granted based upon the applicant's credit history and ability to repay the loan in regular monthly installments.

With manufactured home loans, the interest rate is fixed and is based upon the prevailing market rate in the area during the time that the loan is made. The loan may be used for the purchase or refinancing of a manufactured home, a developed lot on which to place a manufactured home, or a manufactured home and lot in combination. The home must be the principal residence of the borrowers. The maximum loan amounts are $48,600 for a manufactured home, $16,200 for a manufactured home lot and $64,800 for a manufactured home and lot. Terms range from 15 to 25 years.

Who it's for

Housing costs are always rising and not everybody can afford to get a mortgage to buy the house of their dreams. A manufactured house is an affordable option. The HUD and FHA manufactured home loan mortgages provide people who may not be able to own a home otherwise obtain financing for a mortgage. Applicants must have a minimum of five percent down payment, be able to demonstrate that they have adequate income to make the payments, intend to use the manufactured home as the primary residence, and have a suitable site for the manufactured home.

What you need to do to apply

In order to obtain a manufactured home loan mortgage, a borrower must contact several lenders or mortgage brokers and ask determine which ones originate FHA loans. Each lender sets its own rates and terms. Also, you will need to determine your debt to income ratio in order to determine how much you can spend on a home. Then you will need to get pre-approved for the FHA loan.

Apply for an HUD/FHA Manufactured Home Loan

Apply online for any type of housing loan at LoanWeb:

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