Mobile home financing Florida 2016

Mobile home financing Florida 2016

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

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.

Mobile home financing Florida 2016

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.

• 203(b) FHA purchase program provides mortgages for home buyers  to purchase a principal residence with a low down payment and with lower credit standards.
  
• 203(k) FHA purchase program is for the rehabilitation and repair of single family properties. Providing both the financing to purchase a property and the financing to make repair. The program offers an important tool for expanding home ownership opportunities.

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.

Refinance

New FHA Policy changes require minimum credit score to be 580 for 97.75% loan-to-value and anyone refinancing with a score lower than 580 will require 90% loan-to-value.

Cash out refinance cash out amount up to 85% of the value of the property.

Mobile home financing Florida 2016

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