FHA LOANS

[AUDRA]

My husband and I have been approved for a FHA loan for home/land. The house we want is priced at 64,900.00 but when all is complete, the total cost will be 104,350.00. The mobile home dealer is telling us that its going to cost around $5,000 for land preping and $5,500 for vinyl and footers. Is this the normal cost for this? By the way, we live in Enterprise, Alabama.

[Kraig]

As a new home owner myself I went threw the same prosess that you are experiancing, I went to several dealers of homes this last year and was given a rough estimate on those items a poured walls foundation would be 10,000 you may want to check into going a little bit more on what you are looking at for simply for resale value. I ended up getting a manufactured home that was 5 years old already set up on half an acre with a poured walls foundation FHA is real sticklers on how things are done so get ready that is who my home is with I had to have the house beams welded to the foundation beams before I could close. Good luck and enjoy. Kraig

[rmurray]

You have not mentioned what the other cost are...how much is the land..well..septic..power-hookup...Have they told you what they will do in the way of land prep..Actually $5K seems a little low....Does the loan include all cosing costs???...The other post here is correct..the FHA is very stickler about foundations...seldom is vinyl skirting allowed....Usually there will be s full masonry foundation with footers...This would cost many thousands more than you have been quoted...Be sure this dealer is familiar with all FHA requirements...They pay attention to the steps..driveway...footings...foundation...item after item...There will be an FHA engineer...FHA inspector and FHA appraiser involved who will determine exactly what is necessary.....I hope your dealer is familiar with all of them....

[David Oxhandler]

If you want to enjoy your home for years to come the site prep and installation must be handled properly. Even though you're not planning on doing the work yourself, it is critical that home buyers understand the entire process.


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[jennifer]

i am trying to get an FHA loan for a maufactured home and i was told that i can not because the previous owner added a small room (4' by 10') to one end of the home. i don't really understand why???????????

[rmurray]

The FHA is very particular with the condition of the home when financed..It is not likely added rooms would come close to meeting the rigorous standards they require...Even on a new home they will NOT allow any attached structures...