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Posts Tagged ‘Mobile’

 Florida FHA mobile home loans  FHA Mobile Home Lending Guidelines

The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a Florida mobile or manufactured home qualifies for an FHA mortgage loan in Florida:

The Florida mobile or Florida manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards. The Florida home must be taxed as real estate by the local tax assessor’s office. The Florida mobile or Florida manufactured home must have been built after June 15, 1976. The Florida mortgage must have a term of at least 30 years from when amortization begins. The mobile home or Florida manufactured home must be on a permanent foundation. The axles and tongue must be removed from the Florida mobile or Florida manufactured home. The Florida mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.

If you would like to determine if your Florida mobile or Florida manufactured home meets the guidelines for section 184 financing from FHA, call one of our Florida mortgage pros at 1-800-570-0448. We’ll be glad to help you determine if the property that you are interested in can be used as collateral for a  Florida FHA mobile home mortgage.

Florida Manufactured  Home Loans

http://www.FHAMortgagePrograms.com offers several options for Florida mortgage applicants looking for FHA financing for a Florida mobile or manufactured home with land. The truth is with Florida annual double digit appreciation on Florida homes and Florida payrolls lagging behind at 6% or less, traditional Florida homes are becoming far out of reach of the average Florida mortgage applicant. At http://www.FHAmortgageFHAloan.com we recognize the Florida housing trends and know that Florida manufactured homes offer great value with terrific per square foot pricing that today’s traditional Florida homes simply can’t compare. Refinancing a Florida Manufactured or Florida mobile home today is not nearly as difficult as you might think. visit www.FHAmortgagePrograms.com for more information.

Years ago, Florida mobile homes were considered substandard and were not held in high regard by those who owned one. Today’s Florida manufactured homes sure has gone a long way to changing that opinion. Many Florida Manufactured homes offer great amenities that would cost you tens of thousands of dollars more to achieve with a traditional Florida home. Better still, today’s Florida mobile homes are actually built to a higher standard than those required for traditional block homes. For instance, in Florida , it is not uncommon to see a 1900 square foot middle class home on the market for over 0,000.00 dollars. A savvy Florida home buyer can purchase a quarter acre lot outside of Florida , and put a 1800 square foot Florida manufactured home for a package price of around 5,000.00 with typically far more featured built into their home. Now that’s buying up and a perfect option for Florida First Time Buyers!

Historically, Florida manufactured and mobile homes were considered a poor investment for the mortgage market because of home depreciation concerns. After 30 years of data, this has simply been shown to be inaccurate. The typical Florida manufactured or mobile home loan secured by a Florida manufactured home tied to land appreciates using the same principles one applies to traditional stick built homes: Supply and demand. That’s why we believe a quality land and Florida mobile home mortgage package is really a good investment.

Our Florida manufactured home loan terms allow for:

Very Competitive low Fixed Rate Loans 1/1 Adjustable Rate Mortgage option to Qualified Applicants Up to 97% financing for Qualified Applicants Streamline Refinance Loan program for reduced costs to improve your rate and terms Single Wide mobile home financing Double Wide manufactured home financing Yes, we offer financing for Triple Wide mobile homes as well You can even do a Cash Out Refinance for Qualified Borrowers Down Payment Help programs are typically allowed Up to 6% seller concessions are allowed to qualified home buyers We can finance ANY Florida mobile homes built after June 1976 that bear the HUD required seal All Florida manufactured homes financed must be tied to land. We cannot finance only the Florida mobile home without the land.  Florida FHA Mobile Home Loan For Mobile home W/Land

 You can finance a Florida manufactured or mobile home with land  using the low rate FHA loan. Getting a low interest rate Florida mobile or manufactured home loan is easy using the FHA mortgage program. The reality is that in many Florida communities, manufactured homes that are a Florida homebuyers primary residence is one of the most difficult types of Florida mortgage loans to get a competitive low interest rate home loan on. Enter the FHA mortgage program. Learn more. Call 1-800-570-0448 or inquire using our quick quote form!

In many instances, the actual purchase price for of a Florida mobile or manufactured home with land is much lower than a conventional home and allows a wider range of prospective Florida home buyers to become home owners. The FHA mobile home loan allows for both Double Wide and Single Wide manufactured home financing under FHA underwriting terms and conditions (which can be reviewed here).

You’ll get a high quality Fixed low rate mortgage on a Florida manufactured home, and in all cases, you will get a much higher loan-to-value than you will ever find in the conventional or secondary loan market.

Best of all, motivated Florida sellers can contribute up to 6% towards the payment of your closing costs. Also, gifts from FHA/HUD qualified sources may be used to meet 100% of the minimum down payment requirements. Get started today with a low rate mobile home loan by calling 1-800-570-0448.

 Florida FHA manufactured home loans, Florida Mobile home loans

Florida Mobile home loan financing, up to 97% w 580 FICO

Florida mobile or Florida manufactured home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase Florida home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

For Florida mobile or Florida manufactured home buyers FHA guarantees “eligible” Florida loan applicants the ability to obtain Florida mortgages on manufactured homes with No money or Little money down .FHA loans feature low down payments and flexible guidelines to make it easier to for Florida homebuyers to qualify! FHA loans are popular with Florida first time home buyers but they can be equally attractive to Florida move-up buyers and Florida homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the Florida home. Please keep in mind that the FHA home loan will be based on the homes purchase price or the appraised value.

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

Apply Today for an FHA Home loan at

http://www.fhamortgagefhaloan.com/

 Florida FHA mobile home loans

 FHA Mobile Home Lending Guidelines

The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a Florida mobile or manufactured home qualifies for an FHA mortgage loan in Florida:

The Florida mobile or Florida manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards. The Florida home must be taxed as real estate by the local tax assessor’s office. The Florida mobile or Florida manufactured home must have been built after June 15, 1976. The Florida mortgage must have a term of at least 30 years from when amortization begins. The mobile home or Florida manufactured home must be on a permanent foundation. The axles and tongue must be removed from the Florida mobile or Florida manufactured home. The Florida mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.

If you would like to determine if your Florida mobile or Florida manufactured home meets the guidelines for section 184 financing from FHA, call one of our Florida mortgage pros at 1-800-570-0448. We’ll be glad to help you determine if the property that you are interested in can be used as collateral for a  Florida FHA mobile home mortgage.

Florida Manufactured  Home Loans

http://www.FHAMortgagePrograms.com offers several options for Florida mortgage applicants looking for FHA financing for a Florida mobile or manufactured home with land. The truth is with Florida annual double digit appreciation on Florida homes and Florida payrolls lagging behind at 6% or less, traditional Florida homes are becoming far out of reach of the average Florida mortgage applicant. At we recognize the Florida housing trends and know that Florida manufactured homes offer great value with terrific per square foot pricing that today’s traditional Florida homes simply can’t compare. Refinancing a Florida Manufactured or Florida mobile home today is not nearly as difficult as you might think. visit www.FHAmortgagePrograms.com for more information.

Years ago, Florida mobile homes were considered substandard and were not held in high regard by those who owned one. Today’s Florida manufactured homes sure has gone a long way to changing that opinion. Many Florida Manufactured homes offer great amenities that would cost you tens of thousands of dollars more to achieve with a traditional Florida home. Better still, today’s Florida mobile homes are actually built to a higher standard than those required for traditional block homes. For instance, in Florida , it is not uncommon to see a 1900 square foot middle class home on the market for over 0,000.00 dollars. A savvy Florida home buyer can purchase a quarter acre lot outside of Florida , and put a 1800 square foot Florida manufactured home for a package price of around 5,000.00 with typically far more featured built into their home. Now that’s buying up and a perfect option for Florida First Time Buyers!

Historically, Florida manufactured and mobile homes were considered a poor investment for the mortgage market because of home depreciation concerns. After 30 years of data, this has simply been shown to be inaccurate. The typical Florida manufactured or mobile home loan secured by a Florida manufactured home tied to land appreciates using the same principles one applies to traditional stick built homes: Supply and demand. That’s why we believe a quality land and Florida mobile home mortgage package is really a good investment.

Our Florida manufactured home loan terms allow for:

·         Very Competitive low Fixed Rate Loans ·         1/1 Adjustable Rate Mortgage option to Qualified Applicants ·         Up to 97% financing for Qualified Applicants ·         Streamline Refinance Loan program for reduced costs to improve your rate and terms ·         Single Wide mobile home financing ·         Double Wide manufactured home financing ·         Yes, we offer financing for Triple Wide mobile homes as well ·         You can even do a Cash Out Refinance for Qualified Borrowers ·         Down Payment Help programs are typically allowed ·         Up to 6% seller concessions are allowed to qualified home buyers ·         We can finance ANY Florida mobile homes built after June 1976 that bear the HUD required seal ·         All Florida manufactured homes financed must be tied to land. We cannot finance only the Florida mobile home without the land.  Florida FHA Mobile Home Loan For Mobile home W/Land

 You can finance a Florida manufactured or mobile home with land  using the low rate FHA loan. Getting a low interest rate Florida mobile or manufactured home loan is easy using the FHA mortgage program. The reality is that in many Florida communities, manufactured homes that are a Florida homebuyers primary residence is one of the most difficult types of Florida mortgage loans to get a competitive low interest rate home loan on. Enter the FHA mortgage program. Learn more. Call 1-800-570-0448 or inquire using our quick quote form!

In many instances, the actual purchase price for of a Florida mobile or manufactured home with land is much lower than a conventional home and allows a wider range of prospective Florida home buyers to become home owners. The FHA mobile home loan allows for both Double Wide and Single Wide manufactured home financing under FHA underwriting terms and conditions (which can be reviewed here).

You’ll get a high quality Fixed low rate mortgage on a Florida manufactured home, and in all cases, you will get a much higher loan-to-value than you will ever find in the conventional or secondary loan market.

Best of all, motivated Florida sellers can contribute up to 6% towards the payment of your closing costs. Also, gifts from FHA/HUD qualified sources may be used to meet 100% of the minimum down payment requirements. Get started today with a low rate mobile home loan by calling 1-800-570-0448.

 To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

When analyzing a Florida mortgage applicant credit report, it is important to focus upon the general pattern of credit behavior rather than isolated occurrences of late payments.  Often times, Florida mortgage applicants will experience a period of financial difficulty in the past and does not necessarily translate into an unacceptable risk.  Reasonable explanations of the credit derogatory and evidence of offsetting factors (such as a new job or promotion with greater stability and pay, for example) will be necessary.  All derogatory credit information must be explained, in writing, by the borrower.

The following is a brief synopsis of the credit underwriting guidelines for FHA mortgage loans:

Lack of credit history:  If a Florida mortgage applicant does not have a minimum of 3 trade lines on their credit report, alternative forms of credit may be used.  This would include items such as auto insurance payment history, utility bills, etc. 

Included credit obligations:  Any installment loan (e.g. student loans, car loans, etc.) with less than 10 months remaining does not need to be included when qualifying for a FHA home loan.  However, consideration is given to a large debt of over 0 a month, regardless of the number of months remaining.  Furthermore, payments on auto leases with less than 10 months must be included in the qualifying ratios.  The minimum payment on all revolving accounts (i.e. credit cards) is also factored in.  If the borrower has an open revolving account without a balance, per open account should be included when qualifying. Any loan where the borrower has co-signed for another party is included with their debts unless the borrower can prove that the the other party has made the payments on their own for a minimum of 12 months.

Chapter 7 Bankruptcy:  FHA requires a minimum of 2 years since the discharge of the bankruptcy.  An explanation of the bankruptcy will be required.  Furthermore, the borrower should have re-established credit (i.e. secured credit card) with no late payments.  

Chapter 13 Bankruptcy:  FHA will consider a borrower still paying on a Chapter 13 bankruptcy if the payments to the court have been made for a minimum of 1 year in a satisfactory manner (as verified with the courts) and with the approval of the court trustee.

Federal Debts:  A Florida mortgage applicant is not eligible for a FHA loan if he/she is delinquent or in default on any federal debt (such as a HUD or VA mortgage, student loans, SBA loans or a tax lien against his/her property).  Borrowers can become eligible by bringing any delinquent accounts current, making satisfactory repayment arrangements with the creditor (generally a 3 month history will be required), or paying the account in full.

Judgments:  Judgments must be paid or have 12 months of arranged payment history

Collection Accounts:  Collections do not need to be paid  (LOX) needed

Foreclosure:  A borrower who has had a property foreclosed upon, or who has given a deed-in-lieu of foreclosure within the previous 3 years, is generally not eligible for a FHA home loan.  However, if it was the result of extenuating circumstances beyond the borrower’s control (such as the death of a spouse, loss of employment, or serious long-term illness, etc.) and the borrower has since re-established good credit, an exception may be granted.  However, extenuating circumstances do not include the inability to sell a house when transferring from one area to another.

Non-purchasing Spouse:  If a married borrower is purchasing a property by himself/herself, the credit obligations of the spouse must be included with the application and will be factored in with the borrower’s credit obligations and used to determine the financial capacity of the borrower.  Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property.    

To Learn more about FHA financing visit the links below   

If you are looking to buy a used mobile home, you are not alone. With the cost of living rising and home prices dropping, it might not be a bad time to save on the real estate end of your budget and think about buying a used mobile home.

Today’s mobile homes can be just as spacious and attractive as a regular home. There are new and used mobile homes that feature amenities like wall-to-wall carpeting, central heating and air conditioning, whirlpool tubs and much more. The cost of a used mobile home can range from affordable to extravagant. Factors that will affect the price are location, size, quality and age of the home.

When shopping for a used mobile home, there are many factors to consider. The first thing is the size of the home. Always take an in-depth tour of the homes you are considering and make sure they are large enough to accommodate your family. Find out as much as you can about the energy efficiency of the home, the materials used to construct the home, and the various features and benefits the home offers. Any reputable mobile home dealer will happily provide you with all the information you will need to make an informed choice. Make sure that the home you are considering bears a certificate of compliance which states it is in line with HUD standards.

If you don’t already own a piece of land on which to put your mobile home, you may either want to purchase one, or buy a mobile home that is already established in a mobile home park. Just like mobile home parks range in quality, mobile home parks do as well. There are parks that are not very appealing, with the homes very close together. These parks usually offer the cheapest options for mobile home seekers, but cheaper is not always better. Then there are high quality mobile home parks with spacious lots, attractive homes, and rules that govern the conduct of individuals and families residing in the parks. A nice mobile home park can make all the difference in your satisfaction with your home and your quality of living.

There are many places to look for a used manufactured home. You can start with the classified ads, both ads in your local newspaper and online at sites such as Craigslist. If you are searching online, you can also check out eBay as well as sites specializing in mobile homes. You can also check your local yellow pages as many mobile home sales companies sell used as well as new homes.

Searching for a used manufactured home is only part of the process. You also want to make sure you buy a good one.

You need to determine the actual value of the mobile home. Since manufactured homes depreciate and lose value more quickly, you may find that the home is not worth the asking price. You can find the standard value of a particular brand, style and year of manufactured home by checking the Blue Book at your local public library. (You may have to ask a librarian help you obtain this information from another library.) You can also ask your local bank or manufactured home dealership for this information.

Value is also determined by such add-ons as decks, garages, additional rooms and the like that can increase the value. Check with the local county appraisers offer to find out how the manufactured home property has been appraised for tax purposes.

You also need to thoroughly evaluate the condition of the home. As manufactured homes age, they suffer from the same ills as traditional homes…wiring or plumbing problems, aging furnaces, and the like.

The best way to do determine the value and condition of the manufactured home you are considering buying is by hiring an appraiser with experience in appraising manufactured homes. Check the yellow pages or ask your local bank for recommendations.

By the way, if you are planning on keeping the manufactured home where it sits, you need to be approved by the mobile home park where the home is located. Make sure you do that before buying the home or you may find you need to move when you were not planning on it. Not only that, but check out the park itself as you may find that you actually do not want to stay that after all.

If you are looking to buy a used mobile home you should come check out our deals at http://lowcostmanufacturedhomes.com

 Florida FHA manufactured home loans, Florida Mobile home loans

Florida Mobile home loan financing, up to 97% w 580 FICO

Florida mobile or Florida manufactured home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase Florida home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

For Florida mobile or Florida manufactured home buyers FHA guarantees “eligible” Florida loan applicants the ability to obtain Florida mortgages on manufactured homes with No money or Little money down .FHA loans feature low down payments and flexible guidelines to make it easier to for Florida homebuyers to qualify! FHA loans are popular with Florida first time home buyers but they can be equally attractive to Florida move-up buyers and Florida homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the Florida home. Please keep in mind that the FHA home loan will be based on the homes purchase price or the appraised value.

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

Apply Today for an FHA Home loan at

http://www.fhamortgagefhaloan.com/

 Florida FHA mobile home loans

 FHA Mobile Home Lending Guidelines

The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a Florida mobile or manufactured home qualifies for an FHA mortgage loan in Florida:

The Florida mobile or Florida manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards. The Florida home must be taxed as real estate by the local tax assessor’s office. The Florida mobile or Florida manufactured home must have been built after June 15, 1976. The Florida mortgage must have a term of at least 30 years from when amortization begins. The mobile home or Florida manufactured home must be on a permanent foundation. The axles and tongue must be removed from the Florida mobile or Florida manufactured home. The Florida mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.

If you would like to determine if your Florida mobile or Florida manufactured home meets the guidelines for section 184 financing from FHA, call one of our Florida mortgage pros at 1-800-570-0448. We’ll be glad to help you determine if the property that you are interested in can be used as collateral for a  Florida FHA mobile home mortgage.

Florida Manufactured  Home Loans

http://www.FHAMortgagePrograms.com offers several options for Florida mortgage applicants looking for FHA financing for a Florida mobile or manufactured home with land. The truth is with Florida annual double digit appreciation on Florida homes and Florida payrolls lagging behind at 6% or less, traditional Florida homes are becoming far out of reach of the average Florida mortgage applicant. At we recognize the Florida housing trends and know that Florida manufactured homes offer great value with terrific per square foot pricing that today’s traditional Florida homes simply can’t compare. Refinancing a Florida Manufactured or Florida mobile home today is not nearly as difficult as you might think. visit www.FHAmortgagePrograms.com for more information.

Years ago, Florida mobile homes were considered substandard and were not held in high regard by those who owned one. Today’s Florida manufactured homes sure has gone a long way to changing that opinion. Many Florida Manufactured homes offer great amenities that would cost you tens of thousands of dollars more to achieve with a traditional Florida home. Better still, today’s Florida mobile homes are actually built to a higher standard than those required for traditional block homes. For instance, in Florida , it is not uncommon to see a 1900 square foot middle class home on the market for over $300,000.00 dollars. A savvy Florida home buyer can purchase a quarter acre lot outside of Florida , and put a 1800 square foot Florida manufactured home for a package price of around $135,000.00 with typically far more featured built into their home. Now that’s buying up and a perfect option for Florida First Time Buyers!

Historically, Florida manufactured and mobile homes were considered a poor investment for the mortgage market because of home depreciation concerns. After 30 years of data, this has simply been shown to be inaccurate. The typical Florida manufactured or mobile home loan secured by a Florida manufactured home tied to land appreciates using the same principles one applies to traditional stick built homes: Supply and demand. That’s why we believe a quality land and Florida mobile home mortgage package is really a good investment.

Our Florida manufactured home loan terms allow for:

·         Very Competitive low Fixed Rate Loans ·         1/1 Adjustable Rate Mortgage option to Qualified Applicants ·         Up to 97% financing for Qualified Applicants ·         Streamline Refinance Loan program for reduced costs to improve your rate and terms ·         Single Wide mobile home financing ·         Double Wide manufactured home financing ·         Yes, we offer financing for Triple Wide mobile homes as well ·         You can even do a Cash Out Refinance for Qualified Borrowers ·         Down Payment Help programs are typically allowed ·         Up to 6% seller concessions are allowed to qualified home buyers ·         We can finance ANY Florida mobile homes built after June 1976 that bear the HUD required seal ·         All Florida manufactured homes financed must be tied to land. We cannot finance only the Florida mobile home without the land.  Florida FHA Mobile Home Loan For Mobile home W/Land

 You can finance a Florida manufactured or mobile home with land  using the low rate FHA loan. Getting a low interest rate Florida mobile or manufactured home loan is easy using the FHA mortgage program. The reality is that in many Florida communities, manufactured homes that are a Florida homebuyers primary residence is one of the most difficult types of Florida mortgage loans to get a competitive low interest rate home loan on. Enter the FHA mortgage program. Learn more. Call 1-800-570-0448 or inquire using our quick quote form!

In many instances, the actual purchase price for of a Florida mobile or manufactured home with land is much lower than a conventional home and allows a wider range of prospective Florida home buyers to become home owners. The FHA mobile home loan allows for both Double Wide and Single Wide manufactured home financing under FHA underwriting terms and conditions (which can be reviewed here).

You’ll get a high quality Fixed low rate mortgage on a Florida manufactured home, and in all cases, you will get a much higher loan-to-value than you will ever find in the conventional or secondary loan market.

Best of all, motivated Florida sellers can contribute up to 6% towards the payment of your closing costs. Also, gifts from FHA/HUD qualified sources may be used to meet 100% of the minimum down payment requirements. Get started today with a low rate mobile home loan by calling 1-800-570-0448.

 To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

When analyzing a Florida mortgage applicant credit report, it is important to focus upon the general pattern of credit behavior rather than isolated occurrences of late payments.  Often times, Florida mortgage applicants will experience a period of financial difficulty in the past and does not necessarily translate into an unacceptable risk.  Reasonable explanations of the credit derogatory and evidence of offsetting factors (such as a new job or promotion with greater stability and pay, for example) will be necessary.  All derogatory credit information must be explained, in writing, by the borrower.

The following is a brief synopsis of the credit underwriting guidelines for FHA mortgage loans:

Lack of credit history:  If a Florida mortgage applicant does not have a minimum of 3 trade lines on their credit report, alternative forms of credit may be used.  This would include items such as auto insurance payment history, utility bills, etc. 

Included credit obligations:  Any installment loan (e.g. student loans, car loans, etc.) with less than 10 months remaining does not need to be included when qualifying for a FHA home loan.  However, consideration is given to a large debt of over $100 a month, regardless of the number of months remaining.  Furthermore, payments on auto leases with less than 10 months must be included in the qualifying ratios.  The minimum payment on all revolving accounts (i.e. credit cards) is also factored in.  If the borrower has an open revolving account without a balance, $10 per open account should be included when qualifying. Any loan where the borrower has co-signed for another party is included with their debts unless the borrower can prove that the the other party has made the payments on their own for a minimum of 12 months.

Chapter 7 Bankruptcy:  FHA requires a minimum of 2 years since the discharge of the bankruptcy.  An explanation of the bankruptcy will be required.  Furthermore, the borrower should have re-established credit (i.e. secured credit card) with no late payments.  

Chapter 13 Bankruptcy:  FHA will consider a borrower still paying on a Chapter 13 bankruptcy if the payments to the court have been made for a minimum of 1 year in a satisfactory manner (as verified with the courts) and with the approval of the court trustee.

Federal Debts:  A Florida mortgage applicant is not eligible for a FHA loan if he/she is delinquent or in default on any federal debt (such as a HUD or VA mortgage, student loans, SBA loans or a tax lien against his/her property).  Borrowers can become eligible by bringing any delinquent accounts current, making satisfactory repayment arrangements with the creditor (generally a 3 month history will be required), or paying the account in full.

Judgments:  Judgments must be paid or have 12 months of arranged payment history

Collection Accounts:  Collections do not need to be paid  (LOX) needed

Foreclosure:  A borrower who has had a property foreclosed upon, or who has given a deed-in-lieu of foreclosure within the previous 3 years, is generally not eligible for a FHA home loan.  However, if it was the result of extenuating circumstances beyond the borrower’s control (such as the death of a spouse, loss of employment, or serious long-term illness, etc.) and the borrower has since re-established good credit, an exception may be granted.  However, extenuating circumstances do not include the inability to sell a house when transferring from one area to another.

Non-purchasing Spouse:  If a married borrower is purchasing a property by himself/herself, the credit obligations of the spouse must be included with the application and will be factored in with the borrower’s credit obligations and used to determine the financial capacity of the borrower.  Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property.    

To Learn more about FHA financing visit the links below   

Florida Manufactured Home Loan

FHA mortgage loans offer Florida manufactured home seekers several options for for manufactured home loan financing for a mobile home with land. The stark reality is, with annual double digit appreciation on housing and payroll lagging behind at 3% or less, traditional stick built homes are more and more becoming far out of reach of the Florida Home Buyer. FHA home loans provide an opportunity for Florida homebuyers to get into a great manufactured home and land package with as little as 3.5% down payment. FHA Recognizing the trends and knowing that manufactured homes offer great value with terrific per square foot pricing that today’s traditional Florida homes simply can’t match. Purchasing a Florida manufactured home and land package is not as hard as you think. Because the Federal housing administration, FHA insures private Florida mortgage lenders against loss, you get a better deal.

Years ago, mobile homes were considered substandard and were not held in high regard by those who owned one. Today’s manufactured home sure has gone a long way to changing that opinion. Many offer great amenities that would cost you tens of thousands of dollars more to achieve with a traditional block home. Better still, today’s mobile homes are actually built to a higher standard than those required for traditional block homes. For instance, on the Florida coast including Key West, FL  it is not uncommon to see a 1800 square foot middle class home on the market for over $300,000.00 dollars. A savvy Florida buyer can purchase a quarter acre lot outside of Tampa, FL and put a 2000 square foot manufactured home for a package price of around $100,000.00 with typically far more featured built into their home. Now that’s buying up and a perfect option for Florida First Time Buyers!

Historically, mobile homes were considered a poor investment for the mortgage market because of home depreciation concerns. After 40 years of data, this has simply been shown to be inaccurate. The typical mobile home loan secured by a manufactured home tied to land appreciates using the same principles one applies to traditional stick built homes: Supply and demand. That’s why we believe a quality land and mobile home mortgage package is really a good investment.