I’m interested in the FHA loan for a manufactured home, but I don’t know whether I am allowed to buy for a unit on my own land or in a mobile home park.
The good news is, according to current FHA loan guidelines, you can get FHA-insured financing for either mobile homes or factory built houses. The loans for mobile homes located in mobile home parks are separate from the FHA loans for people who own the land where the mobile home would be located. Many people don’t realize that FHA loan guidelines do permit a retailer to make modifications to a manufactured or mobile home, but such alterations must comply with HUD code. According to FHA loan guidelines, the definition of “alteration” is the replacement, modification, addition or removal of any equipment or installation before the sale to the homebuyer. Your FHA loan officer has more information on FHA loan guidelines for buying mobile homes, but be sure to read “The Manufactured Home Consumer Guide”
for up-to-date information on issues, which pertain to your FHA loan.
(While the FHA has these programs, most FHA lenders either choose not to participate in them or have additional qualifying overlays which are more stringent than the FHA). It is not mandatory for an FHA lender to offer certain products and you should contact each lender to see if they offer the product you need.