Buyer Check List for Manufactured Homes

There are three basic types of loans available for purchasing a mobile home. We have assembled some comparison charts and information to help make your mobile home purchase a little easier.

General Comparison of Mobile Home Loans

FHA Loan*
(203b, 203b with repair escrow)
VA Loan Conventional Loan
Type Singlewide and Doublewide Doublewide only
Foundation Permanent (retrofit) to meet FHA Guidelines Permanent to meet VA Guidelines as identified by Appraiser Must meet county/local requirements as identified by appraiser
Location History Moved once from the originating Dealer to its present location
Age Built after June 15, 1976
TDHCA Status Listed as Real Property Perfected (prior to closing)
Check TDCHA Status here

Required Reports and Inspections

FHA Loan*
(203b, 203b with repair escrow)
VA Loan Conventional Loan
Structural Engineer Report $350 if paid at close
$250 if not
not required
Septic Inspection $75-150, only required if vacant
Well Certification fee varies by county
Repair Escrow Required on HUD 203b with repair n/a n/a
Termite Inspection not required $125 not required
Final Inspection $150 paid at close
only required if HUD is seller or appraiser requires
$150 paid at close
only required if appraiser requires

Credit/Asset Requirements

FHA Loan*
(203b, 203b with repair escrow)
VA Loan Conventional Loan
Credit Score 580 and higher 620 and higher
Down Payment 4% on HUD homes when list price bid 100% financing available (no down payment) 20% of purchase price
Occupancy owner primary residence owner primary residence or second/vacation home

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TEN COMMANDMENTS WHEN APPLYING FOR A MORTGAGE

 

#1) Thou shalt NOT change jobs, become self-employed or quit your job.

#2) Thou shalt NOT co-sign a loan for anyone.

#3) Thou shalt NOT buy a Vehicle (or you may be living in it)!

#4) Thou shall NOT use charge cards excessively or make late payments on ANY of your accounts.

#5) Thou shalt NOT spend money you have set aside for closing.

#6) Thou shalt NOT omit debts or liabilities from loan application.

#7) Thou shalt NOT buy furniture, appliances, or household items before closing.

#8) Thou shalt NOT originate any inquiries into your credit.

#9) Thou shalt NOT make large deposits without first checking with your mortgage consultant.

#10) Thou shalt NOT change bank statements.

 

It is ALWAYS best to ask for permission first than ask for forgiveness of an underwriter later!!