Best Way to Finance Manufactured Homes
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:
Foundation Systems
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 guidelines.
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.
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
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Best way to finance manufactured homes Florida
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FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:
Collection accounts
A collection is minor in nature usually does not need to be paid off as a condition for loan approval
Bankruptcy
Chapter 7 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 guidelines requires three year past from the date of sale of the property
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