Now that my credit is improving a bit, thanks to all of you, I'm looking for the American Dream of homeownership. Do any of you mortgage experts know where I can get specifics on an FHA loan? I specifically want to know whether a single wide manufactured home is accepted for an FHA insured mortgage or whether there are specific requirements that disallow this. I've called several lenders and few if any are interested in financing a single-wide, or if they do it's at conventional (not FHA) which my credit doesn't yet qualify for. Any hints? Thanks in advance!
My daughter tried.. this winter .. no deal.. no mortgage on a mobile home period. It would be different if the home was on a permanent foundation and on a lot. Other than that .. its considered just like a car loan. SAVE your money and buy a house, town house or something of real property. Mobile homes will only depreciate anyway.. just like a car.
A mobile home is personal property, not real property. I don't think a mortgage can be had on personal property.
I've looked into this myself since rent here is astronomical. I hate giving all the money to the landlord and not my bank account. You might look into a 'modular' home, like a double-wide that is set up on site, on a foundation. The laws as to what is 'modular' or 'mobile' vary by state but in lots of places these are considered normal homes. In some states, anything brought on-site by a truck (wheels) is considered mobile, even a modular-type home. If you don't mind a car-type loan and can pay it off quickly, the mobile home might still be an option.
