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Buy a Mobile Home with Bad Credit Mobile Homes that May Not Qualify for Real Estate Loans Since many mobile and manufactured homes will not qualify for real property loans unless they are permanently installed, other means of financing will need to be considered.
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FHA loans for manufactured homes (title 1 programs) If you own the land or plan to buy the land on which you want to place your manufactured home, you might qualify for financing under the Title 1 program from an FHA-approved lender. Although the FHA does not provide the actual loan, the agency insures your loan in the event you default.
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For example, the maximum loan amount for a manufactured home only is $69,678, while the maximum amount on a loan for a home including the lot it sits on is $92,904.
A mobile or manufactured home not permanently affixed in some way to the land beneath it is considered personal property. Lenders don’t mind extending long-term mortgage loans on land and homes.
Manufactured homes account for 6% of all occupied housing, but a much smaller percentage of home loan originations, according to a report issued by the Consumer Financial Protection Bureau (CFPB.
Although it’s not impossible to get a conventional loan for a manufactured home, it can be tougher than getting financing with a federal housing administration insured loan. fannie Mae and Freddie Mac lenders do make conventional loans on manufactured homes, but the specific lender you want to use must meet specific requirements.