FHA and manufactured home question...?
Should I talk with FHA first, then look for a manufactured house, or look for a manufactured house and if I want it, should I talk with FHA after?
- Anonymous9 years agoBest Answer
FHA is not a lender. FHA is an insurer of the lender. You need to find a lender that specializes in FHA financing for mobile homes. You definitely want to get pre-approved prior to making the any offers or looking around. Here are the steps I would take.
1. Call your local mobile home dealers and ask them for a referral to get pre-approved for FHA mobile home financing. The dealers will know who is the best at it in your area.
2. After you talk to the dealers, choose 3 of the lenders they recommend. Make sure one of them is a community bank or credit union.
3. After you interview the three different lenders, choose one based on who you thought had the most knowledge and your best interest at heart.
4. With the lender's advice start shopping and find the home you are looking for.
- RossLv 69 years ago
I would talk to FHA first as well as other banks. Get all the education you can. I would even go so far as getting pre-qualified if you are ready to buy. People usually will negotiate the price of a home but few try to negotiate on their loan. Find out what one bank will do for you then go to another bank and see if they will beat it, then give the dealer a shot at beating it.
Some banks may require it on a foundation some may allow to be set on blocks. If it is put on solid foundation it will be considered real property, but only to the tax man, not most others. I say keep it on blocks, you will probably pay less in taxes this way and you probably won't gain as much on the resale value as you pay for the foundation. You will probably pay tax as if the land is undeveloped and a registration like a vehicle if on blocks. I can't give you any advice on this matter if you will be putting in a park and renting the spot.
DO NOT BUY A NEW ONE! Many manufactured homes are very good quality and but they still depreciate instantly. Buying a home that is even 5 years old should save you thousands. Take advantage of others loss!
I own rentals, one is a manufactured home and I plan to buy others. My manufactured home has cost me no more in maintenance and takes no more energy to heat and cool then my sight built or modular homes but cost a fraction of what other types of homes cost.