A manufactured home is a factory-built home, constructed to the Federal Manufactured Construction and Safety Standards implemented June 15, 1976. The structure is transportable in one or multiple sections to the permanent site and is permanently affixed to the foundation and taxed as real estate.
Minimum credit score
FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:
All manufactured home permanent
foundation systems must follow the FHA guidelines in effect at the time
of the certification. The guidelines include submission of a
certification from a licensed professional engineer, or registered
architect, who is licensed/registered in the state where the
manufactured home is located, attesting to compliance with the current
A copy of the foundation certification, showing
that the foundation meets the guidelines published in the PFGMH that
were in effect at the time of certification, is acceptable for future
FHA loans, provided there are no alterations and/or observable damage to
Credit score - FHA announced a new policy to address risk. FHA has changed the minimum credit score for new borrowers:
FHA requires a minimum credit score of 500. There are no income limits like you may find with first time home buyer programs. However, there are limits on how much you can borrow.
New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program.
New borrowers with less than a 580 credit score will be required to put down at least 10%. The minimum credit score for an FHA loan is 500.
FHA loan requirements 2016 double wide
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FHA loan for manufactured homes
FHA loans require a minimum 500 credit score to buy or refinance a double wide
To be eligible for an FHA mortgage all manufactured homes must comply with the following:
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