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FHA home loans cover a wide range of needs--they aren't simply for the traditional home in the suburbs; there are FHA insured loans for condos and also FHA mortgages for manufactured housing.

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July 23, 2017
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FHA Loan Articles

News and Updates for Homeowners

Facts About FHA Manufactured Homes Loans

March 31, 2011 - FHA home loans cover a wide range of needs--they aren't simply for the traditional home in the suburbs; there are FHA insured loans for condos and also FHA mortgages for manufactured housing. In the same way the FHA guarantees loans for traditional homes, the FHA insures the loan for a manufactured home rather than providing the loan itself.

Some FHA loans for manufactured homes are known as Title I loans and can be applied for in several ways-to purchase the home all by itself, to buy a lot for a home already owned or to be purchased, or a Title I loan can be used to buy a manufactured home and lot in combination.

Depending on the nature of the Title I loan, there are different loan terms--maximums vary depending on whether you buy the home, the lot, or both.

Maximum loan amounts for the home only are just under $70 thousand at the time of this article. The maximum FHA Title I loan amount for a lot purchase is just over $23 thousand, a home and lot combination purchase has a maximum loan amount of nearly $93 thousand.

These maximums can be affected by the market the buyer wants to purchase in-according to the FHA, "The maximum dollar limits for lot loans and combination loans may be increased up to 85 percent in designated high-cost areas."

FHA Title I manufactured home loans also differ from traditional home loans when it comes to the length of the loan. A typical mortgage comes in a 15-year or 30-year maximum loan term, Title I loans for manufactured homes have shorter terms--20 years is the maximum for a loan on a manufactured home or on a single-section manufactured home and lot.

The maximum for a manufactured home lot loan is 15 years, and 25 years for a loan on a multi-section manufactured home and lot.

The FHA wants borrowers to know Title I loans are "not Federal Government loans or grants." These are loans negotiated through a lender which must be repaid with monthly mortgage installments.

Also, "...the interest rate, which is negotiated between the borrower and the lender, is required to be fixed for the entire term of the loan," which means variable rate financing is not available on these types of home purchases-unlike traditional homes where an Adjustable Rate Mortgage, Interest-Only FHA loan or other possibilities may be available to qualified borrowers.