FHA Manufactured Home Loans
FHA is one of the best sources for Manufactured Home Loans. There are some additional restrictions added to the property and some inspections, but the LTV and pricing are much better than any alternative.
For a Manufactured Home to be eligible for an FHA loan, the foundation has to be inspected by an engineer licensed in the state. The engineer will inspect the foundation to make sure it meets FHA guidelines. Different areas, and different Home Ownership Centers have different requirements for manufactured homes, so speak with a local inspector.
When we are helping someone refinance a manufactured home that does not meet the engineers requirements, the repair cost is usually around $1,500 to get the foundation up to FHA Standards. Even with this extra cost financed into the loan the savings is worth it. We are able to help clients save 2 - 3% per year in interest in some cases.
Manufactured homes are even eligible for FHA reverse mortgages.