Home Buying in 94903>Question Details

John, Home Buyer in 94903

does fha do a land and modular house combo loan?

Asked by John, 94903 Wed Oct 20, 2010

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Let FHA Loans Help You
FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) � which is part of HUD � insures the loan, so your lender can offer you a better deal.
• Low down payments
• Low closing costs
• Easy credit qualifying
What does FHA have for you?
Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.
Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan.
Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
Want to make your home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
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.
Ask an FHA lender to tell you more about FHA loan products.
Find an FHA lender
Need advice? Contact a HUD-approved housing counselor or call
(800) 569-4287.
Need help with your downpayment? State and local governments offer programs that can help. Find a program near you.
http://www.hud.gov/buying/loans.cfm
1 vote Thank Flag Link Thu Oct 21, 2010
Hello John,

I have seen it done, but there are several things that need to happen in order for it to work. I know US Bank has been able to do this in the past, and Wells Fargo seems to be touch and go. I would contact a few lenders to see how it can be done. There may be a requirements regarding the purchase of the land 1st, but I know they've been able to tie both together.

Best Wishes,
Kevin
1 vote Thank Flag Link Wed Oct 20, 2010
By Combo, if you mean a piggy back 1st & 2nd, FHA is not the way to go. You cannot avoid FHA mortgage insurance, regardless of the LTV.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Thu Oct 21, 2010
Yes, FHA can do a loan like that. Let me know if you are interested in how to qualify so I can direct you to the lender.
0 votes Thank Flag Link Wed Oct 20, 2010
yes it does, let me know if i can be of help to direct you to the lender.
0 votes Thank Flag Link Wed Oct 20, 2010
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