FHA Manufactured Home Loan – The Best Way to Finance Manufactured Homes!

There are many types of FHA Home Loans and you can get many types of homes with them Getting a home loan can come about for many reasons

Most of the reasons to get a home loan, or even a FHA Home Loan include one or more of the following Often if you are a first time home-buyer you may need a mortgage loan But if you are looking to buy a manufactured home you will have a hard time finding a loan program to finance it There is a good loan program for financing the purchase of manufactured homes and it is the FHA Manufactured Home Loan If you do not have a lot of money to put down on a manufactured home, you can often qualify for a FHA Manufactured Home Loan

The current FHA down payment amount is just 35% of the purchase price While down payment for mortgage loans is 20% or more It is very difficult to find a lender that will do a traditional conventional loan on a manufactured home One of the reasons is that it much easier to move a manufactured home

This type of home will have a steel beam down the middle of the home making it easier to relocate This increases the risk for the lender If you are a new home buyer and you are looking at a manufactured home, you will want to keep your monthly payments as low as possible This is the reason manufactured homes are popular, they are less expensive to buy Now you have to find a loan program to finance the purchase

You may want to apply for a FHA Manufactured Mortgage Loan If you do not have the best or perfect credit, or are worried about even qualifying for a mortgage, chances are now you can qualify for a FHA Manufactured Home Loan now With the economy as it is now, although it is improving, some new home owners and buyers may often worry about what will happen to them or their homes if they fall behind on their payments on their homes With a FHA Manufactured Home Loan many of the worries about falling behind on their payments, qualifying for a loan if they do not have the best credit, or any of the usual concerns for first time home buyers are gone More and more people qualify for FHA Home Loans each day

Getting a mortgage for home is much easier, faster, and often you qualify much easier and faster with more protection than with other home loans You will find that with FHA Home Loans there are lower rates If you have less than perfect credit you can also still get a FHA loan There are much more protections for your home with an FHA Manufactured Home Loan than you will find with other home loans There are also many types of FHA Home Loans as well

You can get a fixed rate loan, adjustable rate home loans, and you can even get a FHA Loan to purchase a rehab home This means that you have found a house you like, but it needs fixing up or repairs There are even special FHA Loans for these types of homes as well With lower down payment and lower credit requirements, the FHA Manufactured Loan is not only the best loan program but it may be your only choice to finance your home purchase It is great loan program and you should contact a FHA lender now to get more information

Source: Youtube

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