5,049,450
I have have closed several but none with FHA. But I have seen them on the MLS so I know it can happen. Not sure if the home must be on owned land or not, and they might require that it be permanently affixed to the foundation - here in CA it's a 433A certification. John Meussner is a great contact
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John Meussner
Fair Oaks, CA
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Nina Hollander, Broker
Charlotte, NC
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Lilas Moua
Roseville, CA
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Carol Williams
Wenatchee, WA
4,880
I found it! I looked up on the HUD.gov. Here it is everyone. Heres the link as well if anyone needs it. https://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/title/repair
Manufactured Homes Placed on a Leased Lot
For Title I insured loans, borrowers are not required to purchase or own the land on which their manufactured home is placed. Instead borrowers may lease a lot, such as a site lot within a manufactured home community or mobile home park. When the land/lot is leased, HUD requires the lessor to provide the manufactured homeowner with an initial lease term of 3 years. In addition, the lease must provide that the homeowner will receive advance written notice of at least 180 days, in the event the lease is to be terminated. These lease terms are designed to protect homeowners in case the lessors sell the land or close the park.
Maximum Loan Amount
- Manufactured home only - $69,678
- Manufactured home lot - $23,226
- Manufactured home & lot - $92,904
Maximum Loan Term
- 20 years for a loan on a manufactured home or on a single-section manufactured home and lot
- 15 years for a manufactured home lot loan
- 25 years for a loan on a multi-section manufactured home and lot
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John Meussner
Fair Oaks, CA
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Nina Hollander, Broker
Charlotte, NC
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Dennis Swartz
Columbus, OH
4,572,183
I have not, Lisa but you may want to contact John Meussner as he is a FHA-mortgage expert. Good luck.
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John Meussner
Fair Oaks, CA
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Nina Hollander, Broker
Charlotte, NC
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Lilas Moua
Roseville, CA
989,652
I have not but it seems you've found the answer - I seldom if ever do MH's anymore
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Jennifer Mackay
Panama City, FL
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Nina Hollander, Broker
Charlotte, NC
2,684,109
John Meussner has your answer. Salute to Jeff Dowler for mentioning John to you.
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John Meussner
Fair Oaks, CA
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Nina Hollander, Broker
Charlotte, NC
1,045,440
I've used FHA a fair number of times but manufactured and mobile homes never so I am not aware of it being possible or not sorry.
1,502,998
Sorry, we don't have many manufactured homes out here, so I don't work that area. Looks like Jeff Dowler has you covered. Best of luck to you.
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John Meussner
Fair Oaks, CA
1,725,996
Never under this scenario. Let us know if you have success!
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Nina Hollander, Broker
Charlotte, NC
4,434,127
213,263
I don't think that is real estate as it comes with a title and not a deed.
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Nina Hollander, Broker
Charlotte, NC
3,986,258
I think FhA will look upon this as a personal property loan
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Nina Hollander, Broker
Charlotte, NC
4,800,082
I'm sorry, I don't know about this one.
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Nina Hollander, Broker
Charlotte, NC
864,658
John Meussner is the pro. Glad you got your answer.
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John Meussner
Fair Oaks, CA
1,955,212
You got the right answers for Jeff and Michael! Good luck and Happy New Year!
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Nina Hollander, Broker
Charlotte, NC
815,253
55,673
In New Jersey FHA will not close on a Mobile Home. The reason is the word Mobile. In NJ you do not receive a DEED on a Mobile home, you receive a Title exactly like a car title. Also the Lease land is an issue. How long is the lease? Can't do a 30 year mortgage an a property with a 10 year lease. You will have many issues with this deal...I would pass on IT.
3,345,091
You really need to connect with a lender who KNOWS FHA and can close those types of loans. Some will offer to help and say they can close ... but in the end they don't. Beware.
5,583,278
3,727,873
I've never seen this type of transaction. There are not too many mobile home parks in my market area.
5,104,931
1,157,785
5,216,409
3,071,489
4,272,548
7,836,139
Your trusted mortgage loan officer should be able to give you the correct advice.
6,393,609
3,988,007
I am fairly certain that the land must be owned and the home is permanently attached to the land for FHA.
5,230,113
WOW! Don't you just love how helpful AR peeps are?! Jeff Dowler - you ROCK! Lilas Moua - glad you found your answer!