{"id":11791,"date":"2023-05-23T13:46:43","date_gmt":"2023-05-23T13:46:43","guid":{"rendered":"https:\/\/www.projectsmallhouse.com\/blog\/?p=11791"},"modified":"2023-05-28T13:32:14","modified_gmt":"2023-05-28T13:32:14","slug":"how-can-i-get-a-loan-to-buy-a-manufactured-home-part-1-hud-fha-insured-loans","status":"publish","type":"post","link":"https:\/\/www.projectsmallhouse.com\/blog\/2023\/05\/how-can-i-get-a-loan-to-buy-a-manufactured-home-part-1-hud-fha-insured-loans\/","title":{"rendered":"How can I get a loan to buy a manufactured home?  Part 1: HUD FHA Insured Loans and First-time Homebuyer Programs"},"content":{"rendered":"<p>If you are purchasing a manufactured home from a lot or using a real estate agent, they can help you arrange financing. If you are buying a trailer, with or without land or land to put a manufactured home on directly from the owner, you have to find a way to finance it.<\/p>\n<p>There are a lot of reasons to consider a HUD FHA Insured Loan. There are often first-time homebuyer programs and other programs to make it easier to buy your own home.<\/p>\n<p><strong>HUD\u2019s special homebuying programs<\/strong><\/p>\n<ul>\n<li>Good Neighbor Next Door (formerly known as Teacher\/Officer\/Firefighter Next Door)<\/li>\n<li>Homeownership for public housing residents<\/li>\n<li>Indian Home Loan Guarantee Program (Section 184)<\/li>\n<\/ul>\n<h2>Who is HUD?<\/h2>\n<p>HUD, the Department of Housing and Urban Development is the Federal agency that works with housing. FHA, Federal Housing Administration is part of HUD. FHA provides mortgage insurance on home loans. Mortgage insurance protects the lender from default mortgages. <strong>FHA does not lend money.<\/strong> FHA insures the loans that are made by a lending institute (bank or mortgage company). If you qualify, sometimes these loans have lower interest and a lower down-payment.<\/p>\n<p>There are two ways HUD\u2019s FHA program can help you get a loan to buy a manufactured home. For <strong>Title I<\/strong> insured loans, you don\u2019t have to buy land. The manufactured home can be in a manufactured home community or mobile home park. <strong>Title II<\/strong> loans can only be used to purchase the home and the land it sits on jointly. The manufactured home cannot be in a manufactured home community or mobile home park.<\/p>\n<h2>Title I<\/h2>\n<p><strong>Title I <\/strong>insures mortgage loans made by private lending institutions to finance the purchase of a new or used manufactured home that will be your principal place of residence. You must meet credit requirements (have decent credit).<\/p>\n<p>A Title I loan may be used for the purchase or refinancing of a manufactured home, a developed lot on which to place a manufactured home, or a manufactured home and lot in combination. The home must be used as the principal residence of the borrower.<\/p>\n<p><a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/sfh\/title\/repair\" target=\"_blank\" rel=\"noopener\"> U.S. Department of Housing and Urban Development<br \/>\nSingle Family Title I Insured HUD Financing Manufactured (Mobile) Homes (Title I)<\/a><\/p>\n<p>The buyer must agree to make the required downpayment and meet credit guidelines. The interest rate is negotiated between the borrower and the lender. The borrower pays an upfront insurance premium, along with an annual premium based on the declining balance of the loan. The maximum loan term is 20 years and 32 days for a single unit manufactured housing loan.<\/p>\n<p><a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/sfh\/title\/manuf14\" target=\"_blank\" rel=\"noopener\"> U.S. Department of Housing and Urban Development<br \/>\nSingle Family Title I Insured Manufactured Home Loan Program (Title I)<\/a><\/p>\n<p>As of 2023, this is the most HUD Title 1 will insure a lender to give you to purchase a manufactured home, a lot to put it on, or both.<\/p>\n<blockquote><p><strong>Maximum Loan Amount<\/strong><\/p>\n<ul>\n<li>Manufactured home only \u2013 $69,678<\/li>\n<li>Manufactured home lot \u2013 $23,226<\/li>\n<li>Manufactured home & lot \u2013 $92,904<\/li>\n<\/ul>\n<p><strong>Maximum Loan Term<\/strong><\/p>\n<ul>\n<li>20 years, plus 32 days\u00a0for a loan on a manufactured home or on a single-section manufactured home and lot<\/li>\n<li>15 years, plus 32 days for a manufactured home lot loan<\/li>\n<li>25 years, plus 32 days for a loan on a multi-section manufactured home and lot<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/sfh\/title\/repair\" target=\"_blank\" rel=\"noopener\"> U.S. Department of Housing and Urban Development<br \/>\nSingle Family Title I Insured HUD Financing Manufactured (Mobile) Homes (Title I)<\/a><\/p><\/blockquote>\n<h2>Title II<\/h2>\n<p><strong>Title II <\/strong>insures a mortgage for a manufactured home (with a HUD tag) sale that includes land.<\/p>\n<p>Title II insures mortgages on qualifying manufactured homes sold with land and meeting other requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are purchasing a manufactured home from a lot or using a real estate agent, they can help you arrange financing. If you are buying a trailer, with or without land or land to put a manufactured home on directly from the owner, you&nbsp;<a class=\"read-more\" href=\"https:\/\/www.projectsmallhouse.com\/blog\/2023\/05\/how-can-i-get-a-loan-to-buy-a-manufactured-home-part-1-hud-fha-insured-loans\/\">&hellip;<\/a><\/p>\n","protected":false},"author":1,"featured_media":11792,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[78],"class_list":["post-11791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","tag-mortgage"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/05\/featured-manufactured_home-b.jpg?fit=810%2C431&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":15347,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2024\/12\/do-i-have-to-have-a-20-down-payment-to-buy-a-home\/","url_meta":{"origin":11791,"position":0},"title":"Do I have to have a 20% down payment to buy a home?","author":"Carla","date":"December 20, 2024","format":false,"excerpt":"No. You may not even have to have a down payment at all! You can borrow more than 80% of the price of the house you are buying. You can actually borrow a lot more. \u00a0If you are buying your first home, or haven\u2019t owned a home in three years,\u2026","rel":"","context":"In &quot;Research&quot;","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"Newly-completed homes in the Lincoln Park neighborhood of West Greenville, North Carolina Greenville Housing Division offers numerous programs to help low- to moderate-income buyers and homeowners.","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11403,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2023\/02\/why-cant-i-get-a-mortgage-for-a-pre-1976-trailer\/","url_meta":{"origin":11791,"position":1},"title":"Why Can&#8217;t I get a Mortgage or even move a Pre-1976 Trailer?","author":"Carla","date":"February 27, 2023","format":false,"excerpt":"Since June 15, 1976, manufactured homes (mobile homes or trailers) were constructed to meet Manufactured Home Construction and Safety Standards and issued a red HUD tag, a certification label. You cannot retrofit an older trailer and get a HUD tag. Technically, trailers constructed prior to these standards are mobile homes,\u2026","rel":"","context":"In &quot;Research&quot;","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/02\/featured-Pre-1976_Trailers.jpg?fit=810%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/02\/featured-Pre-1976_Trailers.jpg?fit=810%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/02\/featured-Pre-1976_Trailers.jpg?fit=810%2C431&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/02\/featured-Pre-1976_Trailers.jpg?fit=810%2C431&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11817,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2023\/06\/can-i-change-my-park-model-into-a-regular-house\/","url_meta":{"origin":11791,"position":2},"title":"Can I change my Park Model into a Regular House?","author":"Carla","date":"June 28, 2023","format":false,"excerpt":"I have a park model home and have made upgrades to my home. I was told I need a HUD label now. How do I get one? A HUD label means your home was built to HUD's residential standards. You have to have permits and inspections during the original construction,\u2026","rel":"","context":"In &quot;Research&quot;","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"Can I change my Park Model into a Regular House?","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/12\/featured-addition-parkmodel.jpg?fit=646%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/12\/featured-addition-parkmodel.jpg?fit=646%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/12\/featured-addition-parkmodel.jpg?fit=646%2C431&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12755,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2023\/10\/how-do-i-get-a-mortgage-on-a-trailer\/","url_meta":{"origin":11791,"position":3},"title":"How Do I Get a Mortgage on a Trailer?","author":"Carla","date":"October 18, 2023","format":false,"excerpt":"I qualify for a FHA First Time Home Buyers loan. I found a trailer I can afford. What repairs need be made so that it will pass the appraisal? It is a single-wide trailer with an addition permanently set up on land that comes with it. The first step is\u2026","rel":"","context":"In &quot;Research&quot;","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/10\/featured-appraisal.jpg?fit=810%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/10\/featured-appraisal.jpg?fit=810%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/10\/featured-appraisal.jpg?fit=810%2C431&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/10\/featured-appraisal.jpg?fit=810%2C431&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13301,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2024\/01\/airbnb-shipping-container-and-student-shipping-container-housing\/","url_meta":{"origin":11791,"position":4},"title":"Airbnb Shipping Container and Student Shipping Container Housing","author":"Carla","date":"January 13, 2024","format":false,"excerpt":"BBC Unexpected Elements podcast this week concluded with a brief piece about staying in an Airbnb Shipping Container and Student Shipping Container Housing. Chhavi Sachdev: I\u2019ve experienced firsthand what a container feels like because I went to stay in an Airbnb which was a tiny house and it was basically\u2026","rel":"","context":"In &quot;Container Homes&quot;","block_context":{"text":"Container Homes","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/container-homes\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/01\/featured-shipping_container_home.jpg?fit=810%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/01\/featured-shipping_container_home.jpg?fit=810%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/01\/featured-shipping_container_home.jpg?fit=810%2C431&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/01\/featured-shipping_container_home.jpg?fit=810%2C431&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11420,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2023\/05\/how-can-i-get-a-loan-to-buy-a-manufactured-home-part-2-va-loans-freddie-mac-or-fannie-mae-and-other-options\/","url_meta":{"origin":11791,"position":5},"title":"How can I get a loan to buy a manufactured home?  Part 2: Owner Financing, VA Loans, Freddie Mac or Fannie Mae","author":"Carla","date":"May 27, 2023","format":false,"excerpt":"If you are buying a manufactured home, your financing options are limited. Not every lender wants to extend credit to buy a trailer or mobile home. The same thing applies to any other non-conventional home. If you are working with a real estate agent, they can help. If you found\u2026","rel":"","context":"In &quot;Research&quot;","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"A manufactured house under construction in Grass Valley, California. 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