Buying a new home is an exciting experience, especially if it's your first home. If you're considering a manufactured home, you need to recognize that not every lender offers to fund these types of housing. Luckily, Cascade Financial Services offers several lending options for manufactured homes, including options for refinancing. A Federal Housing Authority loan is a good option for those seeking a low down payment or first-time home buyers. If you're thinking about purchasing a manufactured home loan in Miami, Florida, Cascade Financial Services can help you get approved for an FHA loan.
What Is a Manufactured Home?
A manufactured home is a home that's built entirely inside of a factory. It's developed under a federal building code administered by the U.S. Department of Housing and Urban Development. These homes are transported to the home site and then installed. These homes require inspections for:
- Electrical safety.
- Strength and durability.
- Fire resistance.
- Energy efficiency.
- Performance standards in ventilation, heating, and air conditioning.
- Design and construction.
Manufactured homes offer a cost-effective design while maintaining quality. Before construction, you can choose exterior and interior colors, finishes such as cabinets and flooring, and even luxury items such as entertainment systems, fireplaces, and jetted bathtubs.
What Is an FHA Manufactured Home Loan?
An FHA manufactured home loan is a popular lending option for homebuyers who may have had some credit issues in the past but can currently make mortgage payments. FHA loans require lower down payments, offer lower interest rates, and have fewer sensitive requirements than traditional home loans. Higher debt-to-income ratios are also allowed, as well as lower credit scores. With an FHA loan, you may be able to achieve your dream of homeownership with a less-than-perfect financial history.
What Do You Need to Qualify for an FHA Manufactured Home Loan in Miami, Florida?
A few requirements must be met to qualify for an FHA manufactured home loan. Like with any loan, you'll need to prove that you have the necessary income to afford the payments. While the acceptable debt-to-income ratio may be higher, you'll need to prove you can make payments based on how much of your income will go towards your monthly housing payment as well as other factors. You can qualify with:
- A verifiable source of your down payment.
- A verifiable source of income sufficient for repayment.
- No foreclosures within the last three years.
You may also be required to make a down payment as low as 3.5% or prove land equity instead of a down payment. Additional criteria may also apply. Speak to a Cascade Financial Services expert today to learn more.
Do All Manufactured Homes Qualify for an FHA Loan?
Not every manufactured home qualifies for an FHA loan. In addition to HUD requirements, you must meet specific FHA standards, including the following:
- Your home first stood after current HUD standards took effect (June 1976).
- You must pay real estate taxes on your home.
- Your home must be permanently attached to an FHA standard approved foundation.
- Your home must be on an approved or designated lot.
- You must have access to one all-weather road from your home.
- Your manufactured home must have water and sewer facilities.
- Your home must meet Model Manufactured Home Installation Standards.
In addition, the home must be your primary residence.
Can You Get an FHA Loan for Construction of a Manufactured Home?
If you're interested in purchasing land and attaching a manufactured home to the land, this is considered a construction-to-permanent loan. This type of loan means combining the land price, home price, transportation, and permanent attachment to the loan. To obtain this type of funding, you need to prove that you own the land first. Then have an itemization of the cost of construction from a contractor.
As mentioned above, your home's foundation must meet specified standards, and the manufactured home will need to be attached to a durable foundation on the land. Once again, you will need to pay real estate taxes on the house.
What's the Loan Process Like in Miami, Florida?
Buying a manufactured home with an FHA loan in Miami doesn't have to be complicated. When working with Cascade Financial Services, you can purchase or refinance a manufactured home in three basic steps:
- Connect with one of our manufactured home loan experts. They'll help you find a loan program that fits your needs best. Options include FHA loans, construction loans, VA loans, and Chattel loans.
- After determining which loan type fits you best, Cascade will help you prequalify for your loan.
- After you get prequalified, you're ready to begin shopping for your new home or refinance the manufactured home you currently own.
We will be here to help every step of the way and make the process easier for you.
Why Choose Cascade Financial Services for Your Manufactured Home Financing?
At Cascade Financial Services, our mission is to provide affordable homeownership, and our passion is to serve the needs of those in our community. Our company started in 1999, and we've become one of the most trusted lenders in the industry. We offer various lending options, including FHA manufactured home loans, in the Miami area. We also offer competitive rates and refinancing options.
We have a team of experienced lending experts specializing in manufactured home loans to carry out our in-house underwriting. And our loans are tailored specifically for those who wish to own a manufactured home. We're dedicated to providing you with the financing option that best suits your needs, whether you purchase or refinance a manufactured home.
If you'd like to learn more about FHA loans for new purchases and refinances or any of our other services, please don't hesitate to contact Cascade Financial Services today. You can reach us by phone at 877-869-7082 or fill out our convenient online application. We're proud to offer our customers competitive rates, convenient financing options, and in-house underwriters. With over 20 years of experience, you can feel confident in the service you'll receive from the knowledgeable team at Cascade Financial Services.
Contact us at (877) 869-7082 to learn more about our FHA modular and manufactured home loan programs, or get started right away by filling out our online prequalification.