Florida-Mortgage-Lenders.com - Provider of Florida Modular Home Loan Financing For The Purchase Or Refinancing of Florida Modular Home Loans.

 Several times a month we get phones calls from Florida modular home loan buyers with questions regarding how to finance of a Florida modular home. While a Florida modular home loan process is complicated, the process of choosing a Florida modular home shouldn't be . Florida Modular home loan financing is really not any different than getting a new Florida home loan for a traditional stick-built Florida home. If you own a Florida modular home and are just looking to FHA refinance a Florida modular home, we can help you accomplish this task as well!

 FLORIDA MODULAR HOME LOANS - FHA MORTGAGE ADVANTAGES

MANUFACTURED HOME LENDERS CHARACTERISTICS
1-Unit Multi-wide dwelling
Built on or after June 15, 1976
At least 12-ft wide, with a minimum of 600 sq. ft. gross living area
Legible HUD Certification Label (metal plate) affixed to the exterior of each transportable
section and HUD Data Plate/Compliance Certificate (paper label) mounted inside the MH. If
either is not present or not legible, refer to the applicable Agency Guide.
Built on a permanent chassis in compliance with HUD regulations
Affixed to permanent foundation in a way that makes MH a permanent part of the real property.
The wheels, axel, and towing hitches must be removed
Anchoring system in compliance with HUD codes. If installed prior to October 20. 2008, the
anchoring system complies with manufacturer’s design or design of licensed engineer.
Foundation designed for site conditions, home design and loads in accordance with
manufacturer’s instructions or engineer design. Foundation must comply with local, State and
Federal codes, as applicable
Permanently connected to utilities
Legally classified as real property

How can I determine if a  Florida manufactured home is eligible for FHA financing?

Florida Manufactured Home lenders refer to structures that are transportable in one or more sections.  Florida Manufactured Housing may also be referred to as mobile housing, sectionals, multi-sectionals, single-wide double-wide, triple-wide.

To be eligible for Florida FHA mortgage lenders FHA insurance as a Single Family Title II Mortgage, all Manufactured Housing must comply with the following: 

•   have been directly transported from the manufacturer or the dealership to the site; Cannot be moved from the origonal location.
•   the finished grade elevation beneath the Manufactured Home or, if a basement is used, the grade beneath the basement floor is at or above the 100-year return frequency flood elevation; and
•   be designed for occupancy as a Principal Residence by single family or a lease that meets Valuation of Leasehold Interests requirements.  •   have a floor area of not less than 400 sq. feet;  
•   be constructed on or after June 15, 1976, in compliance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed HUD Certification Label;
•   the Manufactured Home and site exist together as a real estate entity in accordance with state law (but need not be treated as real estate for purposes of state taxation); 
•   be built and remain on a permanent chassis; 
•   be designed to be used as a dwelling with a permanent foundation built in accordance with the Permanent Foundations Guide for Manufactured Housing.

FHA MODULAR HOME LOANS HAVE MINIMAL DOWN PAYMENT AND CLOSING FEES: 

Down payment only 3.5% of the purchase price. 

• Gifts from family or Grants for down payment assistance and closing costsOK!
• Seller can credit buyers up to 6% of sales price towards buyers costs. 
• No reserves or future payments in account required.
• FHA regulated closing costs. 

FLORIDA MODULAR FHA HOME LOANS ARE EASIER TO QUALIFY FOR:

• Purchase a Florida Modular home 12 months after a chapter 13 Bankruptcy 
• Purchase a Florida Modular home 24 months after a chapter 7 Bankruptcy.
• FHA will allow a FHA mortgage 3 years after a Foreclosure.  
• Minimum FICO credit score of 580 required for 96.5% financing.
• Bad credit Florida FHA Modular Home Loan approvals minimum FICO credit score of 530 required for 90 FHA financing.
• No Credit Score Florida Modular mortgage loans & No Trade Line Florida FHA Modular home loans.

FLORIDA MODULAR FHA MORTGAGE LOANS ALLOW HIGHER DEBT RATIOS INCLUDING: 

• FHA allows higher debt ratio's than any other Florida home loan programs. 

• Less than two years on the same job is OK! 
• Self-employed buyers can also qualify for FHA. 

TYPICAL FUNDING SOURCES FOR FLORIDA MANUFACTURED HOME LOANS.

1.Private Florida modular home lenders fund these loans though personal savings, an equity loan on another Florida modular home, the sale of personal assets, or a family modular home loan.

2.The 2 second possibility is a Florida modular home lender, usually a bank, credit union, or Florida mortgage lenders.

3.Florida modular home loan buyers find a significant difference between paying for an existing Florida modular home and paying for a new Florida modular home loan. When you buy an existing Florida modular home loan you pay the seller in full before you take possession of the Florida home. If you use a Florida modular home loan to pay for the Florida home, you secure the funds with a Florida modular home loan mortgage. When you build a Florida modular home loan, you make periodic payments as the Florida modular home loan is completed. This process protects you and your Florida modular home loan lender should something prevent the Florida modular home builder, in this case the modular home loan dealer and the GC, from completing the modular home loan construction. You cannot wait until the Florida modular home loan is completely finished to pay the Florida modular home loan dealer and GC in full because they need funds to pay for materials and labor as the Florida modular home loan construction progresses. Receiving compensation as the Florida modular home loan progresses also protects the dealer and General contractor should something prevent you from paying for the finished Florida modular home loan.

When you use a Florida modular home loan lender to build a Florida modular home, you obtain a "construction loan," which is a short-term Florida modular home loan usually of 3-12 months' in duration. The Florida FHA modular home loan provides for a series of payments as work is completed. Once the local Florida building inspector issues a certificate of occupancy and the Florida modular home lender agrees that the Florida modular home loan is essentially complete, the Florida modular home loan lender pays off the construction loan and issues you a Florida mortgage.

Although you will still need to obtain a Florida modular home lender, you will not need to secure a construction loan if the Florida modular home dealer or general contractor provide the construction loan. They are more likely to do this if the Florida modular home loan dealer is completing the construction work, but especially if the Florida modular home loan dealer or contractor owns the Florida land. Ownership of the land and responsibility for the construction gives them greater control of the Florida modular home loan project and reduces their risk should you decide not to purchase the finished Florida modular home. When you purchase a Florida modular home that is funded in full by the Florida dealer or general contractor, you are in a sense purchasing an already existing Florida modular home loan. As a result, you will not take ownership of the Florida modular home until you pay them when the work is complete. That is why they are likely to require you to provide evidence that you have secured a Florida modular home loan mortgage or have the personal funds to pay for the finished Florida modular home loan. Since paying for the Florida modular home loan after does not require you to make a series of Florida modular home loan payments, this eliminates the Florida modular home loan steps below.

FLORIDA MODULAR HOME LOAN LENDERS- As a result of the Internet, you have many Florida modular home loan lenders to choose from. You also have more Florida modular home loan programs to choose from. Ask the Florida mortgage lenders you are considering whether you have sufficient income, assets, liabilities, and credit history qualify you for a Florida manufactured home loan. Seek their opinion and perhaps the advice of a Florida manufactured home loan lender before deciding whether to select a fixed rate Florida manufactured home loan or variable rate, a term of 30 or 15 years, or a down payment of 3.5 or 10 percent. Many Florida manufactured home loan lenders have a wealth of helpful information available to help you though the process, but it is unlikely that any Florida modular home loan lender will teach you about financing the construction of a Florida modular home loan in this much detail.

Not all Florida mortgage lenders offer construction loans in addition to Florida modular home loans, and you will need an experienced Florida mortgage lender that does. Florida modular home loan applicants sometimes run into delays and misunderstandings when they begin looking for existing Florida homes and then decide to build a new Florida modular home loan. They assume that the Florida modular home loan lender who preapproved them for a traditional Florida home loan will automatically approve the homebuyers for a Florida modular home loan. But if the Florida modular home lender does not offer Florida modular construction loans, the Florida home loan applicant will have to repeat the Florida mortgage approval process from scratch. Florida modular home loan applicants can avoid this complication in the very beginning by informing the Florida mortgage lender you talk to that you are considering the purchase of a Florida modular home loan.

FLORIDA CONSTURCTION TO PERM MANUFACTURED HOME LOANS- Most Florida modular home loan lenders package their construction loans and Florida FHA mortgage loans as a single loan with one closing. This saves you money, time, and aggravation with a one time closing. These "construction-to-permanent" Florida manufactured home loans designate a period of time, almost always less than a year, for the construction time. Typically, you only pay interest on the money you borrow during Florida manufactured home loan construction. The Florida manufactured home loan mortgage kicks in as soon as your Florida home is complete, at which point you begin to pay principle and interest on the total Florida manufactured home loan amount. 

For additional information see Handbook 4000.1 II.A.1.b.iv.(B)(5) and II.D.5.a-b. available at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh  

Florida manufactured home questions and answers

FHA Loans For Buying a Modular Home or FHA Modular Home Refinance Options 

 Purchasing a new Florida modular home can offer Florida modular home loan applicants a wide range of pre-designed modular home floor plans to choose from. Many Florida modular home manufacturers have 50 to 150 or more pre-designed Florida modular homes with upgrades and options with many  diverse as many custom Florida home builders offer enough to fit the tastes, desires, and needs of virtually every Florida modular home loan applicant.

In fact, when you begin adding up the entire Florida modular home loan options available to customize your new Florida modular home, the choices are endless. From the Florida modular home loan carpeting type to color of hardwood floors, window types, the decisions a Florida modular home loan applicant faces are broad indeed,  this is the beauty of a Florida modular home loan!  Florida modular home loan buyers can really customize a  the perfect Florida modular home loan like a custome built home.

The best part about purchasing a Florida modular home loan is the fact they can cost from 25% to 45% less per square foot than what you would pay for a conventional Florida stick-built home! We do offer Florida modular home loans in every city and county in Florida!

As a Florida modular home loan lender that offers home loans on Florida modular homes, we'll gladly work with any Florida modular home manufacturer you choose to put you into the best Florida modular home loan at the best rate with great great Florida modular home loan terms. We dont just offer not just strong service, but the best value to our Florida modular home loan applicants. Financing with an independent Florida modular home loan mortgage company creates an arm's-length approach. Separating the building of the Florida modular home loan can help to minimize your exposure financially. Give us the opportunity to help you to provide you with the best Florida  your modular home loan options.