(FHA) MANUFACTURED HOME LOANS GEORGIA GUIDELINES
• Georgia FHA min 580 Fico 96.5% Purchase financing = 3.5% Down!
• Georgia VA Minimum credit score of 550 = 100% financing!
GEORGIA MODULAR HOME LENDERS
•Manufactured Home Loans On its Own Land Only!!! NO LEASED LAND LOANS!!
• Minimum Loan Size on Manufactured Housing is $100,000
• No Single wides
• Foundation must meet FHA/HUD’s Permanent Foundation Guides (1996)
• Must provide Engineer’s Cert on foundation. (stamped and signed)
• Home cannot have been previously installed at another location (this does not include model homes that were installed on the dealers lot)
• Maximum AGE of Manufactured Home – 20 years
— The Veteran Administration (VA) helps Georgia Service members, Veterans, and eligible surviving spouses become homeowners. VA Home Loans are provided by private lenders, such as mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
• SEE FULL LIST OF GEORGIA FHA/VA MANUFACTURED HOME GUIDELINES.
GEORGIA MODULAR HOME LENDERS
GEORGIA FHA/VA Manufactured Home Eligibility Checklist – This Georgia Manufactured Home loan checklist for Georgia FHA Manufactured home loans may not cover every issue. You can use this checklist as an easy reference.
Circle YES and your home purchase may qualify for VA or FHA Mortgage.
Yes or No ? Was the Georgia manufactured home built in 1977 or newer model year?
Yes or No ? Is the Georgia home on its original site? (Placed in current Georgia location by factory or dealer.)
Yes or No ? Will the sales price minus down payment result in a $70,000 or larger Georgia mortgage loan?
Yes or No ? Is the Georgia manufactured home a double wide or larger home? (2 or more sections)
Yes or No ? Does the home currently have FHA or VA financing?
Yes No Does the listing agent or owner specify whether the home is FHA eligible?
Yes or No ? Is the home currently financed by anyone?
Yes or No ? Are the red HUD labels and HUD data plate visible inside and outside the Georgia manufactured home?
Yes or No ? If set above ground level, is the home fully skirted?
Yes or No ? Does the home have a concrete or block stem wall?
Yes or No ? Is the Georgia manufactured home Affixed to the land for tax purposes? (One tax bill.)
Yes or No ? If not Affixed, are the original titles to the home available?
Yes No Has the borrower pre-qualified with Georgia-Mortgage-Lenders.com ?
If you answered “no” you may have a problem with Georgia manufactured home financing. Don’t assume anything. Please call ANY time you have a question about the property.
Good Luck House Hunting!
GEORGIA MANUFACTURED HOME LENDER HIGHLIGHTS
• Purchase – for as little as 3.5% down you can own a Georgia manufactured home. Credit quality, loan affordability and manufactured home type will ultimately determine the required down payment and reserve requirements.
• Cash out Refinance – Cash out refinance your land and manufactured home package up to 85% of the current appraised value.
• Rate and term Refinance- Change the rate or term of your Georgia manufactured home up to 97.75% of the manufactured homes FHA appraised value.
• Closing Costs – Sellers can contribute up to 6% of the Georgia homes sales price to cover your closing cost and pre-paids.
• No Application Fees – We provide no fee Georgia manufactured home loan pre approvals without application fees. We are sure that you will find our Georgia manufactured home loan application process and service top in the industry. We value your Georgia mortgage business and expedite the process.
• No Prepayment Penalties – We offer 15 and 30 year fixed rate Georgia manufactured home loans and you are free to pay off your Georgia mortgage or refinance at any time without penalty.
• Fixed Mortgage Rates –We offering fixed rate Georgia manufactured home loans so your mortgage payment will never fluctuate. No adjustable rates with variable payments or balloons mortgages to worry about.
• Interest Rates – Range from 3.5 to 5.5% fixed rate Georgia manufactured home loans depending on overall credit quality, debt to income ratios, age of manufactured home, collateral type, loan amount and loan-to-value.
• Double Wide’s – 96.5% financing on double wide Georgia manufactured homes.
• Loan Amount – Minimum loan amount required is $65,000 for Land and Home Georgia manufactured home loans.
• Age of Manufactured Home – Must be built minimum 1976 or newer
• Escrow – is required for insurance and taxes included in your Georgia mortgage payments.
• Terms – Georgia mortgage increments from 15 to 30 years.
• FHA Mortgage Insurance – Is required on all our Georgia manufactured home loans..
• Down Payments – 3.5% Down payment must be sourced from borrowers own funds or gift from family member.
How can I get pre-approved to purchase a Georgia manufactured home? Either fill out the Georgia mortgage application or call us directly at 954-667-9110
GEORGIA MANUFACTURED HOME LOAN INFORMATION