OK, you need to speak to a good lender. many lenders do not have a lot of experience with modulars and mobile homes and have a tendency to rule them out, but FHA guidelines do allow them. NOW - important things to know. Modular and mobile homes typically come out of the same factory. if they have or had wheels they are a mobile home and they will depreciate immediately like a car. You will end up, upside down on your loan faster than you can say "mobile home". Trust me, I have a young couple who would LOVE to sell theirs and buy a "regular" home, but can't because they owe more than it's worth. because of how fast it depreciated. NOW, if it has a frame that is WELDED to the foundation of the home and it never had wheels, then it's a modular home (there's a few other details in there as well ) - ie it's a little bit more than just being parked on a slab and the wheels taken off. then it will still depreciate faster than a regular home, but not like a mobile home will. Yes, FHA will finance septic tanks (even on regular homes), BUT , if the ground is income producing that might be a problem for you (we have one right now where they have had corn on it in the past, and corn is an income producing crop so... we are waiting to see. We have gone through I think 8 lenders to find one who wasn't put out by the corn. check with the "rural" lenders. They do more modular and mobile homes than the lenders in the metro areas do.

If you're confused by FHA Guidelines, you should definitely speak with a couple of EXPERIENCED lenders.

Or if you'd like to do the homework yourself and know for sure, click the following link:

http://portal.hud.gov/portal/page?_pageid=73,1&_dad=port…

If you'd like references to some great lenders, feel free to contact me at http://www.HernandoLuxuryHomes.com - I'd be happy to help!

Thanks,

-Josh