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Mobile homes continue to get more and more difficult to obtain financing on. FHA is one of the only sources for obtaining low fixed rate mortgages on mobile homes at this point. And there are only a hand full of lenders that will look at them. A good source is to find a broker that is set up with a lender that does not have a hit to your interest rate for the home being manufactured (mobile home). And one that knows the guidelines to easily walk you through the process.
You will need to own the land it sets on and it will need to be on permanent foundation, you will have to obtain a foundation inspection along with an appraisal. I have heard rumors that FHA will now insure a mobile home if you do not own the land, but yet to see a lender offering such. Also the age of the mobile home does matter it can not be manufactured before 1976.
And, even though FHA permits singlewides, I only have lenders which will do doublewides. And, it has to be a situation where the home was placed NEW on the land, cannot be one where the used home was brought to the land from say, a rental space.
All the lenders we use for FHA manufactured have an adjustment to the pricing for manufactured. ( means higher rate ) That said, the beginning cost of the home is much less. So even if you’re paying a higher rate, it may be the only affordable option.
In my town, the manufactured homes on a nice lot are going for about 200,000, whereas the least-expensive site-built home starts at 300,000
Good luck in your search.
Can I finance a mobile home?