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| BENEFITS OF AN FHA MORTGAGE FHA insures loans that might not ordinarily be possible for owners of manufactured (mobile) homes on land tied by deed and mortgage. Given the current climate of lowered home values, the benefits of an FHA loan are numerous. FHA is more forgiving of credit issues than conventional financing. Though many buyers and homeowners may have great credit, available home equity or down payment requirements are one of the key reasons many well qualified customers choose an FHA mortgage. Purchase mortgages require only a 3.5% down payment, and refinance mortgages can go up to 97.75% loan-to-value. If you presently have an existing FHA loan, a streamline refinance is for you. Low documentation and, most often, no appraisal requirement makes an straight rate and term refinance extremely easy. Of course, conventional financing is available and is typically value and FICO score driven. If you have a large down payment or adequate equity in your home, this is still a fine option. In any case, homes are required to have a permanent foundation versus a tied down and skirted home. Our lender priority is to help you get the best current interest rates to purchase or improve the terms of your existing mortgage. So, let one of our our loan specialists advise you of all your options when purchasing or refinancing your manufactured (mobile) home tied to land. |
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