Want to Purchase or Refinance a Manufactured or Mobile Home Loan?
You purchased a mobile (manufactured) home several years ago when the interest rates were high; now the market has somewhat normalized and you are considering refinancing? Or just maybe you are now interested in purchasing a mobile home to put on your lot in Rosharon, Needville, or the like. Well rest assured I can get it done. If you have previously considered this purchase you may have discovered that it can be difficult, very difficult to find lenders who will extend a mortgage on mobile homes. This can be a rather large headache even though a mobile home is probably the most affordable manner to become a homeowner.
Before the new FHA Mobile Home Mortgages a workaround to a traditional mortgage was usually a high interest personal property loan. When I say high interest I really mean high interest and if your credit scores are less than stellar a personal property loan will guarantee a higher interest rate of up to 12% when the average rate for a forward mortgage is at or below 4%. If this was the only option available to purchase your home due to credit issues or an inability to find FHA financing, well you can now exhale because I have a lender who will finance a mobile using a FHA program.
If you haven’t heard, the Federal Housing Administration (FHA) has the Title 1 program, which was developed to assist mobile home owners with securing lower-interest rate mortgages. Qualifications for the Title 1 program are as easy as 1, 2, 3 and 4.
1.) Your mobile home must be your primary residence.
2.) The home must be on a permanent foundation which must meet the Department of Housing and Urban Development standards and
3.) The property must be titled as real estate and not as personal property. (By chance the your mobile home was not titled as real estate, you can apply to have it retitled through a title conversion so that it meets Title 1 guidelines.)
4.) Lastly the homeowner must own the land where the mobile home is located. The only exceptions to this requirement is that the home may be located on a rental site in a mobile home park that conforms to FHA guidelines
If purchasing or refinancing a mobile home is an attractive option, call me when you have a moment to discuss my money, time and headache saving options; Brian @ 832.767.9375. Let’s make your Dream Home a less expensive Reality.