FHA Financing on manufactured home/land

[rmurray]

All FHA mortgages forbid mortgages on manufactured homes that have been moved from their original location..You might try for the waiver...but lies to the FHA are NOT very smart since it is a federal felony..You will have to sign an affidavit (Which will warn of a 5 year prison sentence and/or a $5000.00 fine) that states to your knowledge the home has NEVER been moved.. Most appraisers and FHA inspectors are very thorough on researching this point..

[budonson]

We are looking to buy a manufactured home and currently own a home. Since the housing market is slow we thought we would turn our present home into a rental when we move into this new home. My question is - Is it possible to get a mortgage for this new home although we already have our first home we have morgaged? We would not be able to pay a new mortgage with our income unless the proceeds from the rental of our first home is considered as income. This seems to possibly be a problem with the local lender. We really didn't think it would present a problem as we are sure many others have most likely been in the same situation. Also our credit is very good with scores of 792 and 691. Do you have any suggestions as to how best to handle this situation? We appreciate input. Thanks

[rmurray]

You will HAVE to have a lease prior to the closing on your new home...This often presents a problem since most renters need the home NOW not weeks from now when the new loan is ready to close...FHA maybe a problem since they usually do not count income until you have had it for at least a year and reported it on a tax return..May others here can comment on the new tighter mortgage qualifying of today...

[David Oxhandler]

Your credit score is very good. While there has been a tightening of lender money all lenders that expect to have any future still are looking for good credit risk applicants. You may be presently surprised at what you can find out there. Try www.ManufacturedHousingLoan.com. You can submit one short form (at no cost) and get competing quotes from several mortgage lenders with a wide variety of programs.

[JOHNNYB]

I'm new here. I have a 96 Oakwood, 2100 sq. ft. the land that it sits on "1.58 acres" that was just titled to us. Have spoken to attorny about deed and will cost around 150.00. Had engineer verify it was on poured foundation, all passed. Would like to get loan for the house and land to consolidate unsecured depts. Had numerous replys from companies. Do not understand all the morgtage jumbo. Any advice out there would be greatly apprecated. Thanks jb

[David Oxhandler]

Tell us exactly what it is that you don't understand so we can give you a comprehensive answer. You might want to also see the Glossary of Mortgage Terms which may help clear up some of your questions.

[arachal]

I completed the short form on this site weeks ago to get quotes from lenders. I did, however, request the information via regular mail. (I do not have email at home and use a work email.) I have not had one reply. Incidently, I have a FICO of 803 and have no debt at all.

[rmurray]

Come on lenders..this is the find of the day..