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How Ready Are You to Buy a Home? Determining Your Dream Home and Finding It! Factory Built Homes Are Worth a Look Purchase Manufactured Homes with FHA Loan How to Buy a Foreclosed Home Pros and Cons of Corner Lots Know the Neighborhood Before You Buy Tune in to an Open House on the Radio Finding a Qualified Broker or Agent Shopping for a Loan and Choosing a Lender How to Improve Your Credit How to Survive the Loan Application Process Making an Offer and Signing Contracts Cancel Your Contract in 3 Days Understanding the Closing/Settlement Process Choosing Home Inpection Professionals Double Check Your New Home - The Walkthrough Know Your Consumer Rights Seniors Have Many Housing Opportunities Preparing for the Big Day -- Relocating Moving Cost-Effective Redecorating Ideas | Purchase Manufactured Home with FHA Loan
Under the Title I program, approved lenders (banks, savings and loans, thrift and loans, credit unions, etc.) make loans to eligible borrowers to finance property improvements or purchase of a manufactured home, and HUD insures the lender against loss if the borrower defaults. Credit is granted based on the applicant's credit history and ability to repay the loan in regular monthly payments. These are not low interest rate loans, the rate is based on the prevailing interest rate in your area at the time loan is made. The maximum home improvement loan for a single family home is $25,000. The maximum home purchase loan for a manufactured home is $48,600 for a manufactured home only, $16,200 for a developed lot on which to place a manufactured home, and 64,800 for a manufactured home and lot in combination. The maximum term for a property improvement loan on a single family home is 20 years. The home purchase loan term may not exceed 20 years for a manufactured home only. Manufactured home lot loans are limited to 15 years. A loan on a single-module home and lot is limited to 20 years, while a loan on a multi-module home and lot can extend to 25 years. A loan on a new manufactured home requires a minimum cash down payment of five percent of the first $5,000 of the purchase price and 10 percent of the balance. The same down payment is required on all combination loans, whether the home is new or existing. The minimum down payment on an existing manufactured home loan or a manufactured home lot loan is 10 percent of the purchased price. Click here to see how much house you can afford. Manufactured homes are usually purchased through dealers that sell
the homes. The names of lenders in your area that specialize in financing manufactured
homes can be obtained from local manufactured home dealers. These dealers are
listed in the yellow pages of your telephone directory. Property owners can apply
for a Title I property improvement loan at a HUD-approved lender. For information
on how to find a HUD-approved lender in your area, see www.hud.gov
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