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There are some things condo loans and mobile home loans have in common; one is that FHA loan rules allow the borrower to apply for a 30-year mortgage or a 15-year loan. Another is that you can apply for a fixed-rate mortgage or an adjustable rate FHA loan.

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FHA Mortgages for Condo Units and Mobile Homes

FHA Mortgages for Condo Units and Mobile Homes
September 7, 2018 - When you think about house hunting and buying a home with an FHA mortgage, it’s easy to forget that options to buy a new home include more than a typical suburban property.

There are FHA mortgage loans for condo units and mobile homes alike; the key is to find the right participating FHA lender who can offer you a loan for the home you want.

There are some things condo loans and mobile home loans have in common; one is that FHA loan rules allow the borrower to apply for a 30-year mortgage or a 15-year loan. Another is that you can apply for a fixed-rate mortgage or an adjustable rate FHA loan.

FHA Condo loan borrowers and those who need an FHA mortgage for mobile homes also have the same options when it comes to financing the Up Front Mortgage Insurance Premium (it’s possible to roll this expense into the loan amount) and the same down payment requirements apply for both.

There are many other similarities; many of the minimum property requirements of the FHA appraisal are the same for both (health and safety issues, etc.) but mobile homes have minimum square footage requirements condo loans do not feature.

There are also issues related to the transport of the mobile home to the site where the home will be installed on the permanent foundation.

A mobile home must be classified and taxable as real estate or “real property” according to FHA mortgage loan rules; this is required of all FHA loans in general but with mobile/manufactured homes in particular due to the nature of their construction and transport.

Where FHA loans differ where it comes to condos versus mobile homes involves particulars unique to each type of property.

For example, a mobile home must be fixed to a permanent, FHA-approved foundation as a condition of loan approval; with condo loans this would rarely be an issue to consider but for mobile homes it’s a major concern.

An FHA condo loan requires the condo to be on an FHA approved list of condo projects; those not on that list must be added to it as a condition of loan approval.

FHA mobile home loans are not approved for mobile homes older than June 15, 1976. Condo loans have no such age requirement.

Condo unit purchases may require the borrower to sign legally binding documents for a condo owner’s association. In such cases if these agreements restrict the borrower from freely selling or transferring the property to another (a clause sometimes known as the right of first refusal) the property would not be acceptable for an FHA mortgage. Such restrictions may not be a concern for mobile home loans.

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