Answers to Mobile Home Questions
Manufactured Home Q&A That Mean Something
Can I finance a used mobile home?
When shopping for a mobile home,
what should I consider?
Should I buy a mobile home from a
dealer or use a real estate agent?
Can I finance a single wide manufactured
What is the difference between a
double wide and triple wide home?
What is the difference between a
mobile home and manufactured home?
Are modular homes the same thing
as mobile homes?
Can a modular home be built in a
Is it difficult to finance a manufactured
How do I get a loan for a mobile
Should I finance my mobile home
through a dealer?
Can I use my mobile home to consolidate
How difficult is it to refinance
a manufactured home?
Does my mobile home have to be permanently
affixed to the ground?
Does your company have experts that
specialize in MH financing?
How do you view credit when financing
a mobile home?
I need a fast turnaround time, can
your team get it done?
Can I get a pre-approval letter
for a mobile home loan?
What are the closing costs on a
mobile home loan?
What Interest rate can I expect
to get when financing a manufactured home?
Can I finance a used mobile home?
The short answer is absolutely. However, with many
finance companies, they may not have an interest in
financing older manufactured homes. We are a licensed lender who also works with
many other lender programs, so we're not just limited
to the loan programs we offer. Want to learn if we can
help you to? Just use our quick
application to find out more.
When shopping for a mobile home, what should I consider?
Beyond the condition of the home, when visiting dealers,
consider their reputation first. The BBB
maintains a database of records for many businesses
throughout the United States. You'll definitely want
to check their record before doing business with them.
A second consideration is the age of the home. If you're
shopping new, naturally this is not relevant. If looking
at used manufactured homes, age is an important factor.
Finally, calculate your cost per square foot. This a
normal factor that is consistent in determining the
actual value of the deal your getting, whether it's
a traditional stick built home of prefabricated home.
Your cost per square foot will give you a very good
indication of value.
When shopping with a real estate professional, consider
location, age of the property, and again, cost per square
foot. Interested in getting preapproved? Call today
at 1-954-667-9110 or use our quick
Should I buy a mobile home from a dealer or use a
real estate agent?
The benefit of buying from a mobile home dealer is
in the appreciable fact you can purchase a brand new
home that can be setup on a lot of your choosing. Like
any industry, there are good and bad dealers and you'll
really need to do your homework to ensure you're working
with a reputable company. When using a real estate agent
to purchase an existing mobile home with land, you have
the benefit of not having to contend with the time and
costs associated with setting up a new home, in addition
you have the ability to select a home in a desirable
location where land may not be readily available. The
difference really is nominal and a personal choice.
Can I finance a single wide manufactured home?
Yes. At fhamortgageprograms.com we offer several financing
options for single wide mobile homes.
What is the difference between a double wide and
triple wide home?
A double wide mobile home comes as two units and is
assembled on location. A triple wide manufactured home
is three individual units which are, again, assembled
on location. We have some great programs and rates for
financing both double wide and triple wide mobile homes.
Why not give us a call today at 1-954-667-9110 to learn
What is the difference between a mobile home and manufactured
Nothing. Both refer to the same type of home. Manufactured
homes come with an axle and tow bar option. An axle
and tow bar option means your home can be "mobile"
having both wheels and axles and a means to quickly
connect and tow the home to a new location. Hence the
popular term used for manufactured homes is "Mobile
Home". The industry itself prefers to refer to
it's products as "Manufactured Homes" as they
believe this better represents the quality of todays
mobile home products.
Are modular homes the same thing as mobile homes?
No. A modular home is manufactured in a production
facility and assembled on location. The assemble process
typically uses a traditional stick built home foundation
(Permanent). Unlike a mobile home, a modular home cannot
be moved once built. These homes are treated just like
a traditional home you'd buy in a neighborhood. They
offer outstanding features, a huge assortment of pre-designed
homes, and their price per square foot is almost always
lower than the traditional stick built home.
Can a modular home be built in a subdivision?
Yes and no. A modular home is very much like a traditional
stick built home. In almost every subdivision being
developed, a prospective home buyer has the opportunity
to purchase a lot for future use. The use of the lot
must adhere to the rules established within any association.
So, if a subdivision has no HOA, chances are, you can
build a very unique home on a lot you purchase. This
a fantastic way to get more for less with a very custom
look and feel.
Is it difficult to finance a manufactured home?
Financing a manufactured home, unfortunately, can be
a very painful process. The reality is, mobile homes
through the years have developed a very bad and deserved
reputation. The predominant reason for this is a result
of past issues related to manufacture quality.
Todays mobile homes are actually held to much higher
building code standards than traditional block homes.
These building code standards are designed specifically
to address Hurricane and Tornado safety concerns. The
result of these code improvement is a better built,
higher quality manufactured product.
Another issue related to manufactured homes is the
perceived quality of the home buyer. In the past, poor
lending decisions resulted in extraordinarily higher
default rates among mobile home financing. Default rates
much higher than seen in tradition markets. This drove
secondary market money (Buyers of mortgage backed securities)
away from investing in any mortgage securities that
were tied in part or full to manufactured homes.
The consequence of both of these issues resulted in
many lenders pulling out of the Mobile
Home financing market. Less competition has meant
higher rates, higher qualifying standards and reduced
terms. Fortunately, at our mortgage company, we
work with a large assortment of lenders which enables
us to provide more borrowers with more financing options
at great rates versus that which many of our competitors
How do I get a loan for a mobile home?
The first step to getting a mobile home loan is to
apply with a qualified lender or broker who can review
your credit profile, income and employment. We feel
we are one of the most qualified Lenders you can work
with for financing a mobile home in any of the states
we lend. Why not apply now using or short quick
application. A qualified loan officer will contact
you promptly to gather the remaining confidential information
necessary to review your eligibility.
Should I finance my mobile home through a dealer?
Absolutely not. No matter where you purchase your manufactured
home, you should always seek out an independent lending
institution that has no relationship with the mobile
home dealer. In finance we call this checks and balances.
An example of why can be found in this very real scenario;
A client going through a Tampa, FL area mobile home
dealer contacted an experienced loan officer friend
to do a review of the financing documents presented
to them. The new home was already on their property
and they were in the final stages of financing when
they made this call. The client owned the land out right
and was using the property as their downpayment. After
reviewing the paperwork, the dealer price tag for the
home went from 99,500.00 to a financed amount (With
closing costs and setup fees) of over a $130,000.00.
The amount financed should have actually been right
at $112,000.00. Had this borrower not gone to their
friend, they would have lost $18,000.00 to the dealer
in mysterious "junk fees". While as a result
of this issue there were consequences to the dealers
finance department, many buyers just don't have the
knowledge or relationships to have an independent review
done. A third party reputable finance company can prevent
this type of fraud from ever occurring.
Can I use my mobile home to consolidate debt?
In some instances, we can utilize a Refinance
loan to get cash back to be paid to creditors and get
the debt monkey off your back. The process of qualifying
is really not so different than qualifying for a traditional
though there are more limitations and restrictions.
To learn more, just give us a call at 1-954-667-9110
or use our quick
application to learn more.
How difficult is it to refinance a manufactured home?
With sufficient equity and credit, refinancing a manufactured
home to improve your interest rate or repayment terms
is a relatively easy process. Our FHA loan program offer
substantial benefits for rate and term mobile home refinance
clients and we can also offer more traditional conventional
loan financing options. If you're interested in refinancing
a mobile home, we'd love the opportunity to review your
situation to see if the process make sense for you.
Call today at 1-954-667-9110 or use our easy quick
application for a no obligation consultation.
Does my mobile home have to be permanently affixed
to the ground?
For a traditional mortgage financing option your manufactured
home must be permanently affixed to the ground; have
the axles fully removed; have the tow tongue fully removed
and have the appropriate skirting in place. We offer
alternative financing solutions for those who a wanting
to financing the mobile home only, however, these programs
do require a substantial downpayment, great credit and
sufficient equity ratios.
Does your company have experts that specialize in
Yes, we like to think each of our trained loan officers
are experts in financing manufactured homes. However,
we recommend you have a very good conversation with
our loan officer to ensure you feel comfortable with
their knowledge and expertise. If you don't, simply
ask them for a referral to another Mortgage
loan officer who has the experience level you're looking
for. The way we look at it, our job is to best serve
your needs. We're a large company and have many loan
officers of varying degrees of experience, and one thing
that doesn't change, is the opportunities we offer each
loan officer to expand their expertise via comprehensive
training and mentoring.
How do you view credit when financing a mobile home?
With our FHA
loan financing for manufactured homes, we focus on credit
quality rather than credit score. We're most interested
in what you've done with your credit over the last 12
months. If you have elected not to use credit up to
now, that's OK. We may still be able to assist you with
financing. When working with our traditional conventional
mortgage programs, credit score is a very key component
to the qualifying process.
I need a fast turnaround time, can your team get
Absolutely! Many delays in the loan process are traditionally
caused by; inexperienced loan officers or the customer
not providing documentation and signed docs in a timely
fashion. If you're in a hurry, we'll tell you exactly
what we need to get the deal done fast. Provided you
work with us as a team player, getting a loan closed
in 5 to 10 days is more than possible!
Can I get a pre-approval letter for a mobile home
Absolutely. Complete our full
mortgage application and we can have a preapproval
to you within hours via Fax of Email. It's really as
simple as that! Not sure? Give us a call at 1-954-667-9110!
What are the closing costs on a mobile home loan?
Depending upon where the home is located, the closing
costs are very comparable to those experienced with
a traditional mortgage. Most Home
Buyers can expect to closing costs between 3% and
6% of the amount financed. Homeowners can expect a refinance
to cost between 2% and 6% dependent upon the type of
loan being done. Factors to consider when considering
closing costs are fees outside the control of the lender.
These fees range from appraisal, title, state and county
taxes, well inspections, sump inspections, etc.
What Interest rate can I expect to get when financing
a manufactured home?
The traditional financing of a mobile home loan can
result in rates ranging from 2% to 5% above those offered
for traditional stick built homes. Our FHA financing
can dramatically reduce the amount of interest you pay
on loan and save you tens of thousands of dollars cumulative!
If you're serious about the Interest rate you're going
to get, you want to complete our fast and easy quick
application or call us right now at 1-954-667-9110
for a serious review and rate proposal! When it comes
to financing mobile homes, we don't just want your business,
we want to do business!