{"id":3535,"date":"2015-04-08T14:00:58","date_gmt":"2015-04-08T18:00:58","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=3535"},"modified":"2015-04-06T12:32:41","modified_gmt":"2015-04-06T16:32:41","slug":"requirements-of-fha-loan-for-modular-home-buyers","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/blog\/requirements-of-fha-loan-for-modular-home-buyers.html","title":{"rendered":"Requirements of FHA Loan for Modular Home Buyers"},"content":{"rendered":"

\"Modular<\/a>FHA defines a modular home as “a structure that is transportable in one or more sections.\u00a0And they set a number of requirements to successfully have a FHA loan.<\/p>\n

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. The following are the requirements on how to apply for FHA loan<\/strong><\/a>.<\/p>\n

Residency Requirements<\/h3>\n

The person applying for FHA loan for his modular home<\/strong><\/a> should have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state. Remember that it new\u00a0loans are only available for primary residence occupancy.<\/p>\n

FHA Loan Down- payment<\/h3>\n

Must make a minimum down payment of 3.5 percent. The money can be gifted by a family member.<\/p>\n

Good Credit Score<\/h3>\n

Minimum credit score of 580 for maximum financing<\/a> with a minimum down payment of 3.5 percent.\u00a0Typically you must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you’ve managed your money in a responsible manner.<\/p>\n

Modular Home Complies with Standards<\/h3>\n

Also, an FHA loan requires that a property meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing.<\/p>\n

In case you still have questions about modular homes, you may contact\u00a0Legendary Homes Inc<\/a>\u00a0in Jackson, Michigan. A representative will be happy to assist you. Meanwhile, you can check our\u00a0modular home price sheets<\/a>\u00a0by signing up to our\u00a0blog<\/a>.<\/p>\n

Topic: Modular Home Financing<\/h2>\n