Under the Title I Manufactured home loan program, FHA approved Florida mortgage lenders make loans from their own funds to eligible Florida mortgage applicants to finance the purchase or refinance of a Florida manufactured home and/or lot. FHA insures the mortgage lender against loss if the home owner defaults. Florida manufactured home loans are granted based upon the applicant’s credit history and ability to repay the loan in regular monthly payments.
FHA does not lend money; FHA insures Florida home loans in order to encourage Florida mortgage lenders to lend. Title I Florida manufactured home loans are not Federal Government loans or grants. The interest rate is determined by the Florida manufactured home lender, is required to be fixed for the entire 15 or 30 year term of the loan.
Purpose of the Florida FHA Manufactured Home Loan
A Title I loan may be used for the purchase or refinancing of a manufactured home, a developed lot on which to place a Florida manufactured home, or a manufactured home and lot in combination. The home must be used as the primary home of the loan applicant.
Florida Home Loan Terms Include
- 30 years for a loan on a manufactured Florida home
- 15 years for a manufactured home lot loan
Locating a Florida Manufactured home with land.
Florida Manufactured homes are usually purchased through owners that have previosly installed the home on the land. The names of the Florida mortgage lenders in your area which specialize in financing manufactured homes can be obtained from local retailers. . They have the required application forms.
Manufactured homes must comply with the Model Manufactured Home Installation Standards, and all applicable state and local requirements governing the installation and construction of the manufactured home foundation system.
Eligible Florida Mortgage Applicants Must
- Have sufficient funds to make the minimum required downpayment.
- Be able to demonstrate that they have adequate income to make the payments on the loan and meet their other expenses.
- Intend to occupy the manufactured home as their principal residence.
- Have a suitable site on which to place the manufactured home. The home may be placed on a rental site in manufactured home park, provided the park and lease agreement meet FHA guidelines. The home may be situated on an individual homesite owned or leased by the borrower.
An Eligible Florida Manufactured Home Must
- Meet the Model Manufactured Home Installation Standards.
- Carry a one-year manufacturer’s warranty if the unit is new.
- Be installed on a homesite that meets established local standards for site suitability and has adequate water supply and sewage disposal facilities available.
The proceeds of a Title I manufactured home loan may not be used to finance furniture (for example, beds, chairs, sofas, lamps, rugs, etc.). However, built-in appliances and equipment and wall-to-wall carpeting are eligible for financing.
Equal Opportunity in Housing
The Fair Housing Act prohibits discrimination in housing and related transactions, including mortgages and home improvement loans. Lenders may not deny funds or offer less favorable terms and conditions in lending on the basis of the borrower’s race, color, religion, sex, national origin, familial status (i.e., the presence or number of children in a household) or disability. In addition, lending decisions may not be based on the race, color, sex, religion, national origin, familial status or disabilities of persons associated with the borrower or with the area surrounding the property.