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YES We offer 203K Loans on Manufactured Homes

Friday, November 9, 2012 - Article by: Lender411 Member

Are you living in or looking to purchase a manufactured home; however, it needs "work". Currently, FHA offers a 203K streamline loan that allows homeowners and homebuyers to finance up to an additional $30,000.00 to their mortgage to improve and or repair a manufactured home.

We offer 203K streamline loans on manufactured homes NATIONWIDE. Call us at 800 315 8803 to discuss your loan scenario. In the meantime, below is some helpful information regarding the loan program.

It is important before moving forward to understand the difference between a manufactured and modular home.

Manufactured Homes:
oSometimes referred to as mobile homes or trailers.
oManufactured houses are built in a factory.
oThey conform to the HUD code, rather than to building codes at their locations.
oManufactured homes are built on a non-removable steel chassis.
oSections are transported to the building site on their own wheels and then the wheels are removed. The quickest way to determine if a home is manufactured is to ask whether it had wheels at one time or another.
oMulti-part manufactured units are joined at their destination.
oSegments are not always placed on a permanent foundation, making them more difficult to re-finance. In order for us to do a 203K loan, you must own the land underneath the home. The home must be attached to a permanent foundation or have the ability to be attached to a permanent foundation.
oManufactured homes sometimes decrease in value over time.

In order to finance a manufactured home with the 203K loan program it is imperative to understand that in addition to credit, income, employment, and debts being verified, that other information will be required, in order to underwrite the loan i.e. documentation of when the home was delivered to the site, proof of how long the property has been located on the site (as a side note the home cannot have moved more than 1 time), and an understanding that any improvements and or repairs will not interfere with the manufactured housing codes. Borrowers will also need to locate a contractor or handyman that is licensed and insured to provide an estimate for the work that needs to be completed. During the loan process an appraisal and engineering certification will need to be completed. Pricing for these services depends on the property's location. If this is a purchase, the purchase contract will need to reflect the purchase price plus the costs of the improvements/repairs.

If you have any questions regarding the 203K loan program or any home loan scenario, please feel free to contact me at 800 315 8803.

Bart Gabe

800 315 8803

NMLS# 20743 - my licensing information - link to look up my license number

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