Manufactured Home Loans for a Beautiful New Start
A manufactured home is a wonderful housing option for anyone who would benefit from a great rate with minimal loan qualifications. Manufactured home loans, also known as mobile home loans, are insured by the federal government. The Title I program is a Federal Housing Administration program in which private lenders offer manufactured home loans that the FHA insures in case of default. The team at North Star Mortgage Network Inc., coordinates manufactured home loans for clients in all types of financial situations. Contact us today to schedule a consultation and talk about your options.
Understanding Manufactured Home Loans
The federal government backs loans like manufactured home loans, VA loans and FHA loans so that borrowers have options to buy homes even without pristine credit and financial history. While the FHA does not provide the loans, they do provide some stability to lenders, like us, in the case that borrowers should fail to pay.
Manufactured home loans have lower limits than some other loan options. The maximum loan amount varies dependent upon if you are purchasing a manufactured home, lot for a home, or a combination of the two. The maximum loan for a lot is around $23,000, while a lot and home together max out around $92,000. If this sounds like a budget that can work for you, we can help provide pre-approval and put you in contact with Realtors in the area.
Mobile home loans typically have loan terms between 15 and 25 years, depending again on if you are purchasing a part of a manufactured home, a lot, or a combination of the two. Because they are backed by the federal government, one benefit to Title I loans is that they must have a fixed rate. This means your mortgage payment will stay the same every month.
Requirements for a Title I Manufactured Home Loan
There are a few requirements you and your manufactured home must meet before you can qualify for a manufactured home loans:
- First, you must have enough funds to pay for the down payment we have agreed upon.
- You must demonstrate ability to pay for your monthly payments and other living expenses, and you may have to provide proof of income.
- You must plan on living in your manufactured home as your primary residence.
- Your mobile home must also be situated on a lot that meets FHA requirements, which we can verify for you.
- You must not use your mobile home loan to purchase furniture, but you may use it to purchase certain installed appliances.
- If your mobile home is on leased property, your lease must provide for certain stipulations. We can help you establish these with the property owner.
Your Manufactured Home is Waiting
A manufactured home loan is a wonderful mortgage option for first-time home buyers and experienced buyers alike. Contact North Star Mortgage Network Inc., in Middleburg, FL, today to learn more about your options and apply for pre-approval today.