FHA manufactured home purchase or refinance?
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:
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 the foundation.
New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA 3.5% down payment. New borrowers with less than a 580 credit score will be required to put at least 10% down payment.
FHA has taken the following step:
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On January 20, 2010 FHA changed the minimum credit scores for new borrowers:
FHA minimum credit score is 500
Bankruptcy - At least two years must have elapsed since the discharge date
Foreclosure - Foreclosure must have been resolved for at least 3 years
Short Sale - FHA requires three year past from the date of sale of the property
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