FHA Manufactured / Mobile Home Programs
Mobile home loans, also known as manufactured home loans, are financing options designed specifically for the purchase or refinancing of mobile or manufactured homes.
These loans differ from traditional mortgage loans in several ways because mobile homes are often considered personal property rather than real estate, depending on how they are affixed to the land. Here’s a breakdown of mobile home loans.
Types of Mobile, Manufactured & Modular Home Loans:
Chattel Home Loans
- These are personal property loans used to finance the home itself but not the land it sits on.
- Common for mobile homes located in parks or leased land.
- Typically have shorter terms than traditional mortgages.
FHA Loans (Federal Housing Administration) Mobile Home Loans
- These are personal property loans used to finance the home itself but not the land it sits on.
- Insured by the FHA, these loans are available for mobile homes with or without land.
- FHA Title I Loans: For purchasing a mobile home without land.
- FHA Title II Loans: For homes permanently affixed to land and considered real property.
- Lower down payment requirements and flexible credit standards
FHA Loans (Federal Housing Administration) Manufactured & Modular Home Loans
- FHA Title II Loans: For homes permanently affixed to land and considered real property.
- Lower down payment requirements and flexible credit standards.
Conventional Loans
- Offered by private lenders for homes that qualify as real property.
- Often requires higher credit scores and down payments.
- Usually used when the home is permanently attached to owned land.
“The FHA has programs for Manufactured, Modular & Mobile Homes placed on Leased Land, Private Land or Mobile Home Parks”
The important step in Purchasing or refinancing a Mobile or Manufactured home is to get an FHA Pre-Approval Letter for your home loan. The peace of mind that comes with knowing that your loan has been approved will allow you to shop for your new home with confidence, or to know that your refinance application has been pre-approved.