Florida Manufactured Home Loans

As Florida housing prices continue to climb, many Floridians are now recognizing the true value purchasing a manufactured home with land represents to their monthly housing costs. Especially with such low rate financing now available through the FHA loan program.

Long gone are the days when living in a Florida mobile home was considered beneath a typical middle class family. Today, when many Florida residents are driving down the sprawling multi-lane interstate highways, it becomes quite clear that manufactured homes with land represent the opportunity many Home Buyers are seeking.

The fact is, owning a mobile home is viewed by many as the stepping stone to traditional stick built home ownership. For some, it is often compared with the economics of renting a home. For most Florida mobile home buyers, Hallmark Mortgage Services can utilize our FHA loan program to achieve up to 97% Financing of the purchase price for new homes and 97% of the appraised value for existing mobile homes with land.

Ready to learn more about our manufactured home and land financing? Give us a call right now at 1-866-358-2898 or use our fast and easy quick mortgage application!

Qualifying for an FHA Mobile Home Loan from Hallmark Mortgage Services

Eligibility standards for our Florida Mobile home loan program, also referred to as the HUD Loan Program for Manufactured Homes (Title I and II), are comparatively less stringent than those for conventional lenders. Manufactured homes are truly ideal for many Florida First Time Buyers who are more concerned with owning a home and affordability than they are about the type of home they buy.

Down Payment Requirements for an FHA Mobile Home Loan

You should be able to make a down payment of three percent of the total purchase price or the appraised value of the Florida mobile home and land. You can use personal savings for the down payment or you can also use a gift from a HUD approved charity, parents, a relative or a friend. These are all HUD acceptable sources for your down payment, provided the source of the down payment can be properly documented and verified.

Income Requirements for the FHA Manufactured Home Loan

In order to qualify for a Florida FHA mobile home loan, your principle, interest, taxes and insurance (PITI) should not exceed 28% of your monthly gross income. Your monthly income should be regular and from a stable source. It should be verifiable through pay stubs and your IRS returns. In some instances, where you total ratio's allow, we can increase your housing ratio, with underwriting approval.

Credit Requirements

Not everyone has a stellar credit history. At Hallmark Mortgage Services, we take this into consideration when we evaluate you for eligibility. If you are a credit challenged homeowner or home buyer with a marginally bruised credit history, there exists a good chance that you will still qualify for one of our Florida FHA mobile home loans. This is because the credit and income requirements are not as strict in this program when compared to traditional manufactured home lending programs.

Principal Residence Requirement

You can purchase a brand new mobile home or an existing mobile home through the our mobile home loan program as long as it is designated as your primary residence and meets all requirement as set by HUD for manufactured homes under the FHA loan program.

Compliance with the National Manufactured Home Construction and Safety Standards

In order to qualify for our Florida mobile home financing, the manufactured home you wish to purchase or Refinance should meet the National Manufactured Home Construction and Safety Standards. This eligibility requirement is fulfilled through a home inspection which your Loan Consultant at Hallmark Mortgage Services will arrange for you. If you purchase a brand new mobile home, it must carry a one year manufacturer's warranty.

Limitation of the FHA Mobile Home Loan

Although the approved loan amount for your mobile home may not be used to purchase furniture, lamps and other home accessories, an FHA mobile home mortgage does allow you to finance home appliances such as a washer, dryer and kitchen appliances along with wall-to-wall carpeting.

Financing the Mobile Home Lot

In all instances, the manufactured home must be tied to land (the lot) and designated as residential real estate by your county appraiser. We cannot provide financing for mobile homes only. The FHA loan program only allows Fixed Rate financing options for manufactured homes. Please call our offices at 1-866-358-2898 and ask to speak to an experienced loan consultant to learn more about the maximum purchase price (Loan Limits) that we can finance.

Refinancing an Existing Mobile Home Loan through the FHA

As a qualified Home Owner, you can refinance your existing mobile home loan as long as you are living in your manufactured home as your primary residence, and the home meets all guidelines as established by HUD. FHA loan refinancing from Hallmark Mortgage Services involves the same processes as a new loan and uses the same eligibility criteria as a new FHA mobile home loan. Please call us at 1-866-358-2898 to speak with one of our loan consultants. Don't have time to call? Just use our quick mortgage application and a representative will be more than happy to answer your questions on your schedule.

Shopping for a New Mobile Home

As is the case with practically every product or service, there are many players in the manufactured home and modular home marketplace. When purchasing a mobile home, be sure to shop around and check the dealer's credentials with the Better Business Bureau. Visit as many dealerships as time permits and ask for printed documentation which you can read at your convenience. Always view marketing material with caution and skepticism. You can call our offices to find out if a mobile home manufacturer is approved by the FHA for loan purposes. You can also read reviews in Consumer Reports in your local library.

The cost of housing rarely spirals downward and not everyone can afford a ranch style home in an up-scale neighborhood. Since renting a home creates no equity, investing in a mobile home and land is a worthwhile proposition. Mobile homes always have a resale value and the equity can be used toward future home purchases. 22 million families live in manufactured homes today thus making it a very viable housing proposition.

If you are planning to purchase or refinance a mobile home, we would love the opportunity to hear from you. To speak with a qualified loan consultant that can explain the various options you have and make a professional recommendation based on your specific circumstance, just give us a call. 1-866-358-2898 or complete our quick mortgage application today!