How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products - one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home parks.
Purpose of the Loan
A Title I 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 used as the principal residence of the borrower.
Maximum Loan Amount
â€¢ Manufactured home only - $69,678
â€¢ Manufactured home lot - $23,226
â€¢ Manufactured home & lot - $92,904
The maximum dollar limits for lot loans and combination loans may be increased up to 85 percent in designated high-cost areas. For further information on high-cost area limits, contact (800) CALL-FHA.
Maximum Loan Term
â€¢ 20 years for a loan on a manufactured home or on a single-section manufactured home and lot.
â€¢ 15 years for a manufactured home lot loan.
â€¢ 25 years for a loan on a multi-section manufactured home and lot.
I hope this helps. If you have more questions just call the number above.
Best wishes on your new home.
Mary Norris, Realtor, Washington, IN