FHA manufactured home refinance Florida

FHA manufactured home refinance Florida

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:

1. have a floor area of not less than 400 square feet
2. be constructed after June 15, 1976, in conformance with the Federal Manufactured Home Construction and Safety Standards, as evidenced by an affixed certification label in accordance with 24 CFR 3280.11(manufactured homes produced prior to that date are ineligible for insured financing)
3. be classified as real estate (but need not be treated as real estate for purposes of state taxation)
4. the mortgage must cover both the manufactured unit and its site and shall have a term of not more than 30 years from the date amortization begins
5. built and remains on a permanent chassis
6. designed to be used as a dwelling with a permanent foundation built to FHA criteria
7. the finished grade elevation beneath the manufactured home or, if a basement is used, the grade beneath the basement floor shall be at or above the 100-year return frequency flood elevation

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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