What types of loans can we get to purchase this mobile home?

Asked by Lois Gadway, Saranac, NY Mon Dec 14, 2009

This question is about this property: http://www.trulia.com/property/1087407695-10321-E-Joy-Ln-Inv…

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Sherry Potts, Agent, Crystal River, FL
Mon Dec 14, 2009
FHA is still offering 5.5% fixed for 30 years on mobile homes. We also have a good conventional loan program with 20% down.

For more information you can contact me at 352 697 5500.

Sherry Potts
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Phil Myers, Home Buyer, Tampa, FL
Mon Dec 14, 2009
You can use and FHA Home loan to purchase a mobile or manufactured home with land, FHA Mobile Home Lending Guidelines
The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a mobile or manufactured home qualifies for an FHA mortgage loan in Florida:

•The mobile or manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards.
•The home must be taxed as real estate by the local tax assessor's office.
•The mobile or manufactured home must have been built after June 15, 1976.
•The mortgage must have a term of at least 30 years from when amortization begins.
•The mobile home or manufactured home must be on a permanent foundation.
•The axles and tongue must be removed from the mobile or manufactured home.
•The mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.
0 votes
Peggy Taylor…, , Inverness, FL
Mon Dec 14, 2009
Usually this is a cash transaction...Mobiles that are older bank will not carry a contract
If you had suffiencient down possible owner finance
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