Posted on: 14th Dec, 2010 06:00 pm
Hi, my daugher and her husband are in the process of trying to purchase a mobile home on 8 acres near Springtown TX. They are applying for an FHA backed loan but the lender found out the mobile home had been moved a few hundred feet on the same property. The lender told them that FHA would not qualify them because it had been moved and if they used a non FHA backed loan they would have to put 20% down on the property. Is it true that FHA won't allow the home to have been moved and the only other mobile home loans require 20% down.
y experts.
y experts.
Hi dettmer,
If the mobile home does not have a permanent foundation, then FHA may not give you a mortgage. It is absolutely correct that if you go for a conventional mortgage, then you'll have to pay 20% down payment.
Thanks
If the mobile home does not have a permanent foundation, then FHA may not give you a mortgage. It is absolutely correct that if you go for a conventional mortgage, then you'll have to pay 20% down payment.
Thanks