203k loan on manufactured homes

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I am a first time home buyer and would like to buy a manufactured home. the land isn't a rented one though. the manufactured home that i'm likely to buy has been one ok my friends' and now i am into improving it too. i've heard of 203k mobile home loans. Is it the right choice? can anyone out there help me with the criteria for eligibility of such land and what else do i need to keep in mind?

uptightmortgageguy · Posted: Wed Nov 28, 2007 5:41 am Post subject: A good loan

Mobile home loans are available and a little more tricky. Here is a number for you (800) 927-2891. It is for FHA and you can get a lot of your questions answered there. There are restrictions on the type of work done on mobile homes and possible restrictions on mobile homes vs. modular. I'm sure other forum members can assist you further. Hope that helps!

banker0679 · Posted: Wed Nov 28, 2007 1:03 pm Post subject:

i think you're looking for the 203b FHA loan.
203k is for rehabbing the property.

Find a good broker that does FHA loans for manufactured homes....there a SOME lenders that dont give you a high rate JUST because it's a mobile home. You will need to buy the land/home together.

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