Government Assisted Home Loans

If you are interested in purchasing a manufactured home, there is an FHA program available to help you get the funding you need. While some lenders are reluctant to loan money for manufactured homes or manufactured home lots, the Title I loan program available through the FHA can help you obtain approval for your loan.

Purchasing a Manufactured Home with the Help of the FHA

With a Title I loan, you can borrow money to help purchase a manufactured home only, a manufactured home lot, or a manufactured home and lot. While the maximum dollar amount can be increased by up to 85 percent in certain areas that have been designated as high-cost, the loan maximums that can be borrowed under the program are typically as follows:

  • Manufactured home only: $69, 678
  • Manufactured home lot only: $23, 226
  • Manufactured home and lot: $92, 904

When borrowing for a manufactured home only, you may obtain a loan for up to 20 years. For a manufactured home lot, the term can be as long as 15 years, while the maximum term for a manufactured home and lot is 25 years.

Furthermore, while you will have to negotiate the interest rate with the lender, obtaining an FHA-insured loan means the lender is required to keep the interest rate fixed throughout the entire term of the loan.

While the funds borrowed for a manufactured home may not be used to purchase furniture, you can finance the funds necessary to purchase wall-to-wall carpeting, equipment and built-in appliances for the home.

Determining Your Eligibility for a Title I Manufactured Home Loan

To be eligible for a Title I manufactured home loan, you and the home or property must meet certain eligibility requirements. As the borrower, you must have the necessary funds available to make the required down payment and you must demonstrate the ability to make payments on your loan while other paying toward your other expenses. Furthermore, you must live in the manufactured home as your principle residence.

For the property to be eligible for a Title I manufactured home loan, you must select a suitable site for the home to be located. The home may be placed on an individual homesite that you either own or lease, or it may be in a manufactured home park that meets the necessary FHA guidelines.

The home itself must meet the Model Manufactured Home Installation Standards that have been determined by the FHA and it must be covered by a one-year manufacturer’s warranty if it is a new unit. Furthermore, the home must have adequate water supply and sewage disposal facilities available.

Fitting the Pieces Together : Using Private and Public Financing Tools with HOME-Assisted Homebuyer Programs
Book (U.S. Dept. of Housing and Urban Development)

Wonder if Hannity and the other brain dead Cons

2009-05-06 09:57:46 by gimmabreak

Still blame the sub prime disaster on a) Fannie Mae 2) Barney Frank 3) ACORN?
....Findings from "The center for Public Integrity"
The top subprime lenders whose loans are largely blamed for triggering the global economic meltdown were owned or backed by giant banks now collecting billions of dollars in bailout money — including several that have paid huge fines to settle predatory lending charges. The banks that funded the subprime industry were not victims of an unforeseen financial collapse, as they have sometimes portrayed themselves, but enablers that bankrolled the type of lending threatening the financial system

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