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Being able to own a home is something most people in America dream of. When you own your own home you will not have to worry about the rent fluctuating, and you will not have worry about having to move every few years for various reasons. Even those who do not have great credit or a lot of money to put down may still be able to purchase a home. There are FHA loans for mobile homes for ex-felons, making it easier to secure housing for everyone.
Many people opt to purchase a mobile home, especially if you live in warmer climates, because they are affordable. Mobile homes give people an opportunity to purchase a home, and keep the expenses lower at the same time. Typically speaking, they cost a lot less than purchasing a house in the same area, and they offer many options. People can choose from single or double wide options, with them offering everything needed to live comfortably.
Those looking to save money may want to consider looking a mobile home purchase. This is a better route than renting, because at least in the end there will be something you can sell to get some money back. With a rental there are never any options to recoup any of the money spent each month on housing expenses.
FHA Loans Explained
FHA stands for Federal Housing Administration, which is a program offered through the federal government. The program itself does not provide loans to people to purchase mobile homes, or any type of home. What they do is back the loans that are given to you through traditional banks and other lending institutions. Essentially, the government provides the bank with reassurance that if you don’t pay for your loan that they will do it.
The government provides this program to help more people be able to purchase home in the country. It is an option that will help ex-felons be able to purchase a mobile home or house, as well as others. Those who have a lower income or credit that is not so great may be able to qualify for a FAH loan so that they can still purchase a home.
What the FHA Loan Does
If you do not have a high income and great credit score it would be difficult for you to get a mortgage loan to purchase a mobile home or house. That’s because banks would not want to take a chance on lending you the money to make the purchase. They may be worried that they will not get their money back, so they refrain from giving out the loans. That is until the government came along with the FHA program.
When you get a FHA loan the bank knows that if you do not pay it that the federal government will take care of it. The bank is not going to be left unable to get their money back on the deal. The federal government is providing them with a guarantee, which makes you more likely to be able to get the loan in the first place.
Getting a FHA loan will also make it to where you do not have to put down the traditional 20% in order to get a loan to purchase a mobile home. The amount you will need to put down is determined according to your credit score. If you have a credit score of 580 you may only have to put down 3.5%, or you may only have to put down 10% if you have a credit score of around 500. The better your credit score, the less money you will have to put down to get the loan and purchase the mobile home.
FHA Loans for Mobile Homes for Ex-Felons
Now that you have a good idea of what a FHA loan is and what to expect, check out the places below to find loan options. These places will provide FHA loans for mobile homes for ex-felons, as well as others. Not all lending institutions will provide FHA loans. You have to go with a bank or lender that is willing to provide FHA loans.
Consider the options being offered to find the best deal that fits your goals and financial status. You want to make sure that the loan you take out is one that you will be able to comfortably pay on each month. Keep in mind that with purchasing a mobile home you will also most likely have a monthly lot rent to account for. To get more information about FHA loans, click here.
Rocket Mortgage – This lender does offer FHA loans for mobile homes. They help make it easier for people to get a loan to purchase a mobile home. Their program helps keep the costs associated with obtaining the loan lower, so that it is open to more people. They will accept lower down payments and will add your closing costs into the loan amount. To get more information about the program, click here.
Space Coast Credit Union – This lending institution will provide FHA loans to those who meet the requirements. They have numerous locations that you can visit or you can get loan application information online. You can get pre-qualified for a loan so that you are ready to put in an offer if you find a mobile home you want to buy. To get more information about their mortgage lending opportunities, click here.
Bank of America – This is one of the larger banks in the country and they do offer FHA loans for mobile homes for ex-felons. You can use their website to pre-qualify, which is needed for you to be able to put in any offers to purchase a mobile home. The FHA loans require a low down payment and have a fix interest rate, which is a great feature to have with any mortgage loan. They have a tool online that you can use to ask questions, too. To get more information, click here.
