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Home Home Loan Products

What is a FHA-Insured Manufactured Home Purchase Loan?

An FHA Loan is a mortgage loan insured by the Federal Housing Administration (FHA). The FHA does not provide the loan; rather, it insures the loan for the lender. If the borrower defaults, the lender can seek recourse from the FHA. This lowers the lender's risk and makes them more likely to issue a loan. We can connect you with the mortgage broker that can originate your FHA loan with the best rate and term for your needs. The broker will assess your risk by analyzing your debt to income ratio. Evaluating your monthly income and expenses is one risk metric considered by the lender. Other factors, e.g. payment history on other debts, are considered and used to make decisions regarding eligibility and terms for a loan.

1. First Time Homebuyer Tax Credit Loan Programs

The American Recovery and Reinvestment Act of 2009 (Recovery Act) provides for as much as an $8000 tax credit to qualified first-time homebuyers for a new or existing homes. The federal tax credit is actually ten percent of the sales price and is available to qualified homebuyers who purchase a home, now just extended through June 30, 2010.   The extension measure also opens up opportunities for others who are not buying a home for the first time.

Call today to take advantage of this important program!

2. FHA Streamline

A Streamline refinance is the fast-track to a loan refinance because it means you already have an existing FHA-insured manufactured home loan, therefore you've already been approved by HUD previously. As long as your mortgage payments have been on time for the prior 12 months, you can take advantage of enhanced mortgage interest rates in an efficient and cost effective manner. Generally the FHA Streamline Manufactured Home loan is pain free because it requires less documentation, although you will have to have your manufactured home re-appraised. Even if you have had a minor payment issue, some circumstances may still allow you to qualify for a Streamline.

FHA Streamline Requirements

Conditions include:

  • Your manufactured home loan must already be an FHA HUD insured Loan
  • The FHA loan must be at least 6 months old
  • The refinance must lower the principle and interest payments by more at least $50.00 per month or be converting from an ARM to a Fixed Rate mortgage.
  • The manufactured home mortgage must have been on time for the most current 12 consecutive months and no present lates/defaults on any government loan
  • You cannot receive cash back
  • An appraisal is required
  • Any existing new liens, must subordinate to the new mortgage

3. A VA Mortgage Loan

The VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs and is designed to offer long-term financing to American veterans or their surving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.

4. Reverse Mortgage or Home Equity Conversion Mortgage

A reverse mortgage is a special type of manufactured home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA's HECM provides these benefits. You can also use a HECM to purchase a primary manufactured home residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.