Facts about FHA Loan Every Modular Home Owners Need

Modular Home Financing thru FHA Loan in MichiganHere are some facts about FHA loan for modular homes.

An FHA home loan allows a low down payment

Conventional lenders usually require a 20% down payment; you can pay less but are then required to buy private mortgage insurance for the lender’s benefit. That can add to your monthly payment.

FHA loans are easier to qualify for

Lenders who work with the FHA are willing to give you a break because the government is standing behind your FHA home loan. That gives first-time modular home buyers a real opportunity, as well as residents of disadvantaged neighborhoods, who can find obtaining a mortgage a real challenge.

FHA loan for modular homes has lower interest rates

In addition to lower down payments, FHA-guaranteed loans generally have lower interest rates. Since the FHA does not actually provide the financing or determine the interest rates of the loans it backs, the rate you pay for an FHA home loan will be negotiated with an FHA-approved lender.

FHA Loan can help you make home repairs and upgrades

An FHA loan or refinance is possible. To start, the Energy Efficient Mortgage (EEM) program can help you lower your utility bills by financing the cost of adding energy efficient improvements to your home. But other home improvements can be financed through an FHA insured loan, as well.

FHA loan has lower closing costs

Anyone that has purchased a home knows there are a lot of fees due at closing. Appraisal fees, inspection, credit report and broker fees and commissions, origination charges – it can be a mighty long list. While the FHA doesn’t regulate or determine fees, the closing costs for an FHA loan are generally lower than with a conventional mortgage.

In case you still have questions about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile, you can check our modular home price sheets by signing up to our blog.

Topic: Modular Home Financing

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Todd was a pleasure to meet with...We've been looking for quite some time to purchase a home, but this seller market has been tough, so we decided to look into modular homes. Todd was able to get us into a consultation quickly, answered all the questions we had for beginners, broke down the pricing and potential unanticipated costs, and presented us with a great deal of material to go home with and review. Eventhough we were able to get an offer accepted on a home within a couple days of meeting with Todd, we will definitely be considering a modular home with Legendary Homes for our future purchase. Thanks Todd!

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