{"id":3545,"date":"2015-04-10T14:00:36","date_gmt":"2015-04-10T18:00:36","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=3545"},"modified":"2015-04-06T12:52:34","modified_gmt":"2015-04-06T16:52:34","slug":"facts-about-fha-loan-every-modular-home-owners-need","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/blog\/facts-about-fha-loan-every-modular-home-owners-need.html","title":{"rendered":"Facts about FHA Loan Every Modular Home Owners Need"},"content":{"rendered":"

\"Modular<\/a>Here are some facts about FHA loan for modular homes.<\/p>\n

An FHA home loan allows a low down payment<\/h3>\n

Conventional lenders usually require a 20% down payment; you can pay less but are then required to buy private mortgage insurance for the lender\u2019s benefit. That can add to your monthly payment.<\/p>\n

FHA loans are easier to qualify for<\/h3>\n

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

FHA loan for modular homes has lower interest rates<\/h3>\n

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<\/a>.<\/p>\n

FHA Loan can help you make home repairs and upgrades<\/h3>\n

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

FHA loan has lower closing costs<\/h3>\n

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 \u2013 it can be a mighty long list. While the FHA doesn\u2019t regulate or determine fees, the closing costs for an FHA loan<\/strong> are generally lower than with a conventional mortgage.<\/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