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.
To be eligible for an FHA mortgage all manufactured homes must comply with the following:
Cash Out and Debt Consolidation
The FHA cash out loan program allows for a mortgage refinance of an owner occupied property. The maximum cash out refinance loan cannot exceed 85% of the appraised value of the manufactured home. The minimum credit score is 580 for 85% Loan-to-Value.
Home owner's with credit score below 580 the maximum cash out refinance loan cannot exceed 75% of the appraised value of the manufactured home. Minimum credit score is 500.
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FHA refinance requirements
To qualify for a streamline refinance your current mortgage must be a FHA mortgage
No Minimum Credit Score Required
There are no minimum credit scores required to qualify for a streamline refinance
No credit score required
No Appraisal Required
There is no appraisal required to qualify for a streamline refinance
No appraisal required
No employment verification
You don't even have to have a job they don't verify it
No employment required
No credit report required
You must have 12 months on time mortgage payments
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