Posted on: 15th Jun, 2009 02:23 pm
i have a 1997 Fleetwood manufactured home and 1.3 acres and i have clear titles to both and was wondering if i can get a loan against them!
Hi There,
I think I've read that FHA offers home equity loans for mobile homes permanently attached to property, of which both the mobile home and the property must be owned by the borrower. As with any loan, there will be other criteria that must be met but I hope you'll check out the FHA website to further investigate.
Hope this helps
I think I've read that FHA offers home equity loans for mobile homes permanently attached to property, of which both the mobile home and the property must be owned by the borrower. As with any loan, there will be other criteria that must be met but I hope you'll check out the FHA website to further investigate.
Hope this helps
Hi Guest,
If you have clear title to both the mobile home and the land, you will find it easier to qualify for a loan. However, there are other qualifying factors which need to be satisfied before you can get a loan. How good is your credit? Do you have any negative items on your credit report? How much can you put in as down payment?
FHA does have a mobile home loan program known as Title I program. You need to use the property as a primary residence to qualify for the loan. You need to have enough funds to make a minimum of 5% down payment. A credit score of at least 620 is required to qualify for the FHA loan.
If you have clear title to both the mobile home and the land, you will find it easier to qualify for a loan. However, there are other qualifying factors which need to be satisfied before you can get a loan. How good is your credit? Do you have any negative items on your credit report? How much can you put in as down payment?
FHA does have a mobile home loan program known as Title I program. You need to use the property as a primary residence to qualify for the loan. You need to have enough funds to make a minimum of 5% down payment. A credit score of at least 620 is required to qualify for the FHA loan.
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the houses must be built as one, two or three section homes in a protected building center and then transported on a frame to be installed on the site. the wheels and axles must be removed and the mobile home should be fixed to the ground to give it a permanent foundation. as per hcd rules, you need to record form 433(a) which implies that the home is changed from personal to real property due to it's permanent foundation.
the homes should comply with the hud code restrictions for construction, design, durability and strength, fire resistance, energy efficiency, transportability and quality.
the property should maintain high standards for heating, plumbing, air conditioning, thermal and thermal systems.
the property must pass through strict inspections conducted by third party.
the borrower must have absolute ownership (free of liens) rights except if the loan is required for a lot which consists of a share in a co-operative association owning and operating the mobile home park.
purpose of the loan:
o the loan must be taken in order to purchase or refinance only a manufactured home with the lot/land being owned by the borrower, the home and the lot on which it is situated, only the lot on which the mobile home (already owned by the borrower) will be installed.
o the home must be the principal residence of the borrower.
o for a lot loan, the mobile home must be placed on the lot and must be the principal residence within 6 months after the date of the loan.
o if the loan is meant for a home in a mobile home park, then the lease on the home should extend for at least 5 years beyond the loan term.
* credit score:
borrowers must have a minimum credit score of 620 in order to get an affordable rate of interest. however, you may get manufactured home loans in spite of having poor score but you'll be charged higher interest rates. so, you can try for loans that are not score driven but even such loans require you to have a moderate credit score of 550 and above.
* down payment:
lenders expect you to put down 5-10% of the purchase price for newly built homes for a loan term of 15 to 30 years depending upon your credit profile, size of the home and type of loan. for a pre-owned home, the down payment is the same but loans are available for 20 years depending upon the factors stated above.
the homes should comply with the hud code restrictions for construction, design, durability and strength, fire resistance, energy efficiency, transportability and quality.
the property should maintain high standards for heating, plumbing, air conditioning, thermal and thermal systems.
the property must pass through strict inspections conducted by third party.
the borrower must have absolute ownership (free of liens) rights except if the loan is required for a lot which consists of a share in a co-operative association owning and operating the mobile home park.
purpose of the loan:
o the loan must be taken in order to purchase or refinance only a manufactured home with the lot/land being owned by the borrower, the home and the lot on which it is situated, only the lot on which the mobile home (already owned by the borrower) will be installed.
o the home must be the principal residence of the borrower.
o for a lot loan, the mobile home must be placed on the lot and must be the principal residence within 6 months after the date of the loan.
o if the loan is meant for a home in a mobile home park, then the lease on the home should extend for at least 5 years beyond the loan term.
* credit score:
borrowers must have a minimum credit score of 620 in order to get an affordable rate of interest. however, you may get manufactured home loans in spite of having poor score but you'll be charged higher interest rates. so, you can try for loans that are not score driven but even such loans require you to have a moderate credit score of 550 and above.
* down payment:
lenders expect you to put down 5-10% of the purchase price for newly built homes for a loan term of 15 to 30 years depending upon your credit profile, size of the home and type of loan. for a pre-owned home, the down payment is the same but loans are available for 20 years depending upon the factors stated above.