Mobile home purchase or refinance?
Mobile home - A mobile 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 mobile homes must comply with the following:
All mobile 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
mobile 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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