Posted: Wed Nov 28, 2007 3:29 am Post subject: 203k loan on manufactured homes
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?
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! _________________ A slightly irritable loan officer in the trenches offering advice on all types of mortgage issues.
Posts: 332 Location: Charlotte, North Carolina 1.41 Dollars($)
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. _________________ Mortgage Refinance Loan Modification North Carolina Mortgage Rates
Leah Guest
Posted: Sun Oct 12, 2008 8:04 pm Post subject: Mobile Homes; Low/No Money Down
Is there a loan available for the purchase of a manufactured/mobile home with or without land and little or no money down?
Yes, there are many lenders who offer mobile or manufactured home loans. It is not easy to get no-down payment mobile home loans but you can definitely get mobile home loans on low down payment.
uptightmortgageguy
