FHA Christian Mobile Home Loan
The process of attaining an FHA Christian mobile home loan need not be an intimidating one and can also offer the borrower many benefits. The requirements for such loans are, in general, easier to meet than those of a traditional property mortgage. The amount of money that can be borrowed will be considerably less than the amount entailed in traditional real estate loans. However, since manufactured homes are usually priced much lower than standard homes, the amount of debt that is acquired should be lower as well. In some cases, the mortgage will cover both the cost of the building and the lot or area of land on which the house will be placed. The Department of Urban Development, or HUD, oversees the Federal Housing Administration, or FHA. These loans are known for their economy and will generally require less money up front for things like down payments and closing costs. In addition, they are also insured by the Federal Housing Administration and this can often persuade lenders to offer more lenient terms to the borrower pursuing an FHA mobile home loan.
There are two varieties of the FHA mobile home loan. One type of mortgage involves financing both the manufactured house itself and the land beneath it. The other type is geared toward homes that will be located in a mobile home park or community. Because of the insurance that the Federal Housing Administration provides, lenders are taking less of a risk. These lenders understand that should a borrower default on the mortgage, the Federal Housing Administration insurance will cover the loss. As with traditional loans, a potential borrower's credit is evaluated based on issues such as credit history, income, and proof of the ability to meet the mortgage payments. It is important to note that the government agencies that are involved are not the lenders when a borrower obtains an FHA mobile home loan. Rather, specific lenders are approved by the Federal Housing Administration for these programs. The only thing that the Federal Housing Administration provides is the loan insurance. In any kind of real estate financing, potential borrowers should not hesitate to seek help from professionals in this area. The Bible talks about the way that God hears the cries of believers. "I cried unto God with my voice, even unto God with my voice; and he gave ear unto me." (Psalm 77:1)
The requirements that a borrower must meet in order to obtain an FHA mobile home loan could include a number of things. For example, a borrower should be able to make a down payment of anywhere from three to five percent of the amount of the loan. In addition, the potential borrower must show an ability to not only make the loan payment, but also be able to meet other living expenses as well. The house that the borrower wishes to purchase must serve as a primary residence for the buyer. Whether the house will be located on the borrower's own land or will be located on a rented site in a mobile home park or community, the buyer must have a proper location lined up. These manufactured homes must also meet certain requirements. They must adhere to the National Manufactured Home Construction and Safety standards. Homes that are brand new must carry a manufacturer's warranty of one year. The land site must also comply with local regulations, be of the appropriate size, and have access to water and sewage facilities.
Funds from these financing sources can only be used to purchase homes and land and cannot be used for such items as furniture or decorating accessories. Certain items such as appliances that are built in or flooring material could be purchased with these funds. An FHA mobile home loan can usually be paid off over anywhere from fifteen to twenty five years, depending on the type of building that is being purchased. A building lot alone can usually be financed for up to fifteen years, while a lot in combination with a multi-sectioned home can generally be financed for around twenty five years. As with financing for traditional homes, payments in this type of lending will be applied to both the principal and the interest. Any homes that are considered single section homes are usually given a twenty year FHA mobile home loan. Most retailers who specialize in manufactured homes can help potential buyers find lenders who are approved by the Federal Housing Administration and can aide the buyer in attaining this kind of financing.
Since government agencies are involved in these financing options, these agencies can provide help to the potential buyer in a number of ways, even after the transaction is complete. Before the sale is accomplished, a borrower must sign something called an HUD placement certificate before the loan can move forward. This certificate guarantees that installation has been accomplished in a safe and satisfactory manner. If a buyer has problems after they have purchased and moved into their manufactured home, they can contact the Department of Housing and Urban Development for assistance. In addition, whether or not a consumer is pursuing an FHA mobile home loan, there is protection offered under the Fair Housing Act. This act makes any kind of discrimination in regards to housing illegal, including in areas of mortgages or loans for home improvement. What this means for the buyer is that they cannot be denied financing because of issues such as sex, race, religion, national origin, disability, or even the number of children who will be living in the home.
VA Christian Loan Mobile HomePurchasing a VA loan mobile home can make the hope of becoming a homeowner a reality for many veterans. The main difference between traditional homes and manufactured ones is that the manufactured house is constructed in a factory and then transported to the land on which the unit will be placed. Because these homes are constructed on permanent chassis but can also be moved, they are also refereed to as mobile homes. A VA loan mobile home is purchased using financing that is guaranteed by the United States Veterans Administration. This guarantee will provide security to lenders in case the borrower defaults. There are specific characteristics set out by the Department of Veterans Affairs that define a home as manufactured. Among these characteristics are that the unit must be constructed on a permanent frame. It must have four hundred square feet of floor space and it also must be at least ten feet wide. Larger models must have seven hundred feet of floor space and be at least twenty feet wide. Under these guidelines, modular homes are not in the same category as other manufactured models, but there may be real estate funding that is available for veterans for this type of property as well.
The financing that is used to purchase a VA loan mobile home can be provided by a local lender. The lender has the added security of knowing that they are protected against loss by the VA itself. This guarantee will cover up to forty percent of the loan amount. There are generally caps established on the amount of money that a veteran can borrow to purchase a manufactured housing unit. To qualify for this kind of financing a borrower must have spent a certain amount of time in active service in the United States Military and be either currently serving or have received an honorable discharge. Every honorably discharged veteran can claim a home loan entitlement that can be used to purchase property that will serve as the borrower's primary residence. Of course, as with all mortgages, the potential borrower must be able to proof that their credit is good and that they are able to make the monthly payments on these loans while still being able to meet other life expenses. Once this criterion has been met, a veteran can move forward with the purchase of a VA loan mobile home.
Borrowers can use these guaranteed loans to do more that just purchase manufactured homes. This financing can also be used to purchase and improve an area of land that will be used as a site for the mobile housing unit. A VA loan mobile home can also be refinanced to obtain a lower interest rate. The site on which these homes are located must be approved by the Veterans Administration as well. Some things to consider when looking for land that will act as a site for a VA loan mobile home might be the availability of easy access to utilities such as water and sewage disposal. When locating to a rural area where city water and sewer systems are not available, a borrower should look into the land's potential for supplying ground water and for establishing a private well and sewage disposal system. Mobile home parks will also have varying rental rates and requirements that the homeowner should understand before locating there.
In general, VA loans are assumable should the homeowner wish to sell the property and this includes financing for the VA loan mobile home. Of course, lenders will generally have various qualification requirements for any buyer who wishes to assume these loans. As with any kind of real estate financing, a potential borrower who wishes to attempt to assume financing on a VA loan must show through their credit history, income and work history that they can be trusted to meet the monthly payments on the property. If the borrower has sufficient credit and a solid work history, the fact that the existing loan can be assumed is generally seen as a major selling point. Trust is a very important factor in any kind of real estate transaction. The Bible talks about the importance of trusting God. "Trust in the Lord with all thine heart; and lean not unto thine own understanding." (Proverbs 3:5)
Before purchasing a VA Christian loan mobile home, a borrower should take many things into consideration. Today's manufactured housing can boast a number of amenities from whirlpool tubs to fireplaces to deluxe kitchens. No longer seen as the cramped, metal units of days past, these houses can rival any traditional construction in terms of beauty and luxury. Anyone who is looking into purchasing one of these models could find a quality living situation at a very reasonable price. When planning for the expenses that will be involved in this type of housing solution, a hopeful homeowner would be wise to consider that, unless they are planning to lease a lot in an existing manufactured housing community, they will actually be making two major real estate purchases. They will need to buy a house and the land to place the house on. Any pre purchase budgeting that takes place will need to factor in both expenditures. Another additional cost that will need to be factored in will be the expense of transporting the manufactured unit to the site that it will occupy. This expense can vary depending on the distance that the unit will need to be transported, but will generally be a costly undertaking.