fha requirements for mobile homes

[richard james]

We are trying to refinance our double wide mobile home and land. our home is on a basement, but one mortgage said we couldn't get fha if we had iron beams under our home, is this true? the others don't agree, because on a foundation it is considered real estate and not personal property in our state

[rmurray]

The lender is not the one who would know...The FHA process will require an inspection by a listed FHA inspector..He/she will be the one that determines if the home is properly set...Unfortunately..different inspectors see the rules differently..Bad results with one..does not mean bad results with all..

Why would you refi with FHA.???...Since you own your home..you can refi conventional and save many thousands in closing costs and fees..

If you need cash out..take a 2nd mortgage..then refi the whole thing..

[Gil Davis]

Murray is absolutely correct. We see many people who try to work through Internet lenders, the go to their local bank and it becomes a "breeze". We have seen a few "goof-ups" (one underwriter insisted on a ten year contractor warranty because "..they home had to be moved to install a permanent foundation.")

Talk to your own bank first, they have an interest in lending to you.

[Jennifer]

Or you could call me for a pre-approval. We could do a streamlined FHA refinance if your loan to value is over 80%. If under 80% I would agree with the above information in refinancing conventional as you would drop your mortgage insurance premium. 509-276-9015