Mobile Home Financing In Florida
No matter if you call it a factory built home, a manufactured home, a modular home, or a prefabricated home; smart Florida financing Mobile Home Buyers know that manufactured homes offer them comparable quality, lower costs per square foot and dramatically quicker build times than a traditional site built home.
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Visit our Official Site at Florida Mobile Home Loans
or use our quick application to learn more!
Mobile home Mortgage Specialist.
•· Low Down Payment of 3% and 100% financing options available.
•· 95% of Appraised Value Cash-Out Refinance
•· FHA Streamline Refinance
•· NO Income Maximum Limits
•· Gift Funds: 3% down payment can come from FRIEND, FAMILY MEMBER OR NON PROFIT
•· Seller CAN PAY UP TO 6% OF YOUR CLOSING COST!
•· NO Cash Reserves Required
•· Self Employed 1-2 Yrs OK
•· Permanent Alien OK
•· NO pre-payment penalty
•· FHA Secure
These new mobile homes in Florida are a world better in quality and Construction than the single and double wide trailer homes of a generation ago. Not only has the quality of manufactured and modular housing improved dramatically for Florida home buyers, but now there are also more Florida mobile home mortgage programs for manufactured homes and better home loan options for modular home buyers in Citrus County and the other Florida cities we serve.
Most industries in Florida switched to factories and assembly lines over one hundred years ago. Only Florida home builders were left behind. Many still cling to the outdated belief that the only way to build a home is by delivering materials and workers to the vacant lot and managing subcontractors for 6 months to a year.
Not true.
It should be no surprise that the fastest growing segments of the housing market today are Florida manufactured homes and modular homes.
As Mortgage Lenders, we at 1st Continental Mortgage have helped scores of Floridians from first time home buyers to vacation home buyers secure excellent FHA home loans to achieve mobile and modular home financing. If you need a loan for a mobile home on land, a modular home in a Florida subdivision or a manufactured home on acreage - please call 1-800-570-0448 or apply online today using our quick application.
Florida Modular homes or manufactured homes from top manufactures now compare in quality with homes built by better custom home builders No matter what name they go by, factory built homes cost between ten and thirty percent less than traditional site built homes. At 1st Continental Mortgage, we know why you want a fixed rate mortgage to buy a modular home in a subdivision, an FHA home loan for a manufactured home on an acre lot, or conventional home loan for a mobile home on a rural retreat. With our network of financing, we can help you get the manufactured home financing for your Florida dream home at interest rates and terms you deserve.
Some mortgage lenders do not know how to get these loans approved. Worse still, they don't welcome the business of manufactured home buyers. At 1st Continental Mortgage, we want your business. We will be glad to assist you in securing the best rate and terms for your Florida manufactured home mortgage. We have been helping with the purchase and Refinance of mobile, modular, and manufactured homes from Dade County to Leon County for over a decade.
Some Florida Mortgage lenders don't know the lenders who want to lend money for a manufactured home and land package. We do. If you are looking at a modular home in a subdivision, or one of many Florida manufactured housing developments, call 1st Continental Mortgage today at 1-800-570-0448. Our friendly staff can help you get a low fixed rate mortgage or refinance on your Florida modular home, manufactured home or Mobile Home.
FHA and the Mobile Home Loan
In some area's, manufactured homes, also known as Mobile Homes, are the primary residence of choice and one of the most difficult home to get a competitive low interest rate home loan. Enter the FHA Loan Program.
In many instances, the actual purchase price is much lower than conventional homes and allows a wider range of prospective home buyers to become home owners. Our FHA Programs allow for both Double Wide and Single Wide manufactured home financing under the same underwriting terms and conditions as conventional "Stick built" or Block homes.
You get the same quality low rate, and in most instances you will get a much higher loan to value (up to 97% financing) than you will find in the Conventional Loan market.
The seller may contribute up to 6% towards the payment of your closing costs and gifts from HUD qualified sources may be used to meet 100% of the minimum down payment requirements.
Mobile Home Lending Criteria
General Eligibility Criteria for Manufactured Housing By HUD.
- The home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the manufactured home. If the RED TAG is missing the house is not eligible for Section 184 financing.
- Only manufactured homes built after June 15, 1976 will bear that seal. Manufactured homes built before that date are ineligible for Section 184 financing.
- The home must be classified and taxed as real estate (as applicable).
- The mortgage must cover both the manufactured unit and its site or the appropriate lease documents must be in place. The mortgage must have a term of no more than 30 years from the date amortization begins.
- The manufactured home must not have been installed or occupied previously at any other site or location.
- The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation.
- The house must be permanently attached to the foundation system. Existing homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier).
- The axles and tongue must be removed from the unit. The chassis must stay in place.
- The house must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay.
The FHA Home Loan
"We like to think of our FHA Loan program as one of life's opportunities for our clients to succeed where they may have failed in the past. It's only one slice of the American Dream, but it's a very filling piece."
© Fhahomeloanmortgage.com 2003/2008
1st Continental Mortgage is a Licensed Mortgage Lender approved to originate the FHA Home Loan. We are not a government organization, but we are approved by HUD to originate one of the best home loan programs ever developed for the average American, the FHA mortgage. Beyond the FHA home loan program, we offer a wide selection of Conventional mortgage loan programs which help many First Time Buyers and existing homeowners achieve financial security. Our FHA loan programs includes the cost saving FHA streamline refinance program which can significantly reduce the amount of money and paperwork it takes to refinance any existing FHA loan into a lower rate. Best of all, the streamline FHA home loan does it without having to qualify for a new FHA loan. Call now at 1-888-427-5442 to learn how we can help you today!
You can get a FREE consultation from one of our FHA Home Loan Specialists by taking 30 Seconds or less to complete our Quick Inquiry Form regardless of whether you are a first time home buyer or a seasoned home owner. The FHA Loan program is an outstanding mortgage opportunity for any home buyer or home owner. Don't wait another moment! Call today at 1-888-427-5442 or you can get your FHA home loan application started by using our fast, easy, no obligation Quick Application.
Keep in mind that Federal Housing Authority (FHA Guidelines) does not originate the FHA home loans funded under the FHA loan program. They only insure the FHA mortgages underwritten and funded by approved Lenders and Brokers who then originate the FHA home loan for the benefit of their borrowers. Call today! 1-888-427-5442!
Our FHA Mortgage Opportunities
Via this site, we offer the full range of FHA Mortgage programs that provide each of our clients a valuable opportunity to not only qualify for a mortgage loan, but qualify for a low interest, fixed rate program that doesn't base your financing on a credit score! To apply for any of our mortgage programs, simply complete our easy Quick Application that comes with no surprises and no obligation!
- We offer very competitive FHA Interest Rates
- Very flexible FHA Loan Qualification guidelines
- Top notch quality controlled loan packaging that gets approvals
- Down Payment help allowed
- Creative Financing Solutions
- Simple Interest fixed mortgage rate programs and adjustable mortgage rate loans
- Low Rate Debt Consolidation Loans
- Cash Out FHA Refinance Loans
- The Streamline Refinance Mortgage Program
- HUD Approved Manufactured Home Loans
- The FHA 203k Loan for home rehabilitation and improvement
- The HUD endorsed FHA Reverse Mortgage Program
- Check out our Fantastic FHA Mortgage Calculator
- All FHA Home Loans are Fully Assumable
- Over 150 Investors with well over 500 conventional mortgage loan program variations beyond just the FHA programs you'll find here!
The fact is, we offer a broad range of loan programs that include an outstanding FHA Loan product range, the exclusive FHA Credit Flex program, all the way to our Custom Home Loan financing options, give 1st Continental Mortgage a call today at 1-888-427-5442! We're confident you won't be disappointed. We want to again invite you to apply for an FHA mortgage online using our Quick Application, or, you can just as easily request a specialty financing quote on a Luxury Home Loan. No matter what your lending needs, 1st Continental Mortgage is here to guide you home! Call today!
What Is a FHA Loan Program?
In 1937, congress created the Federal Housing Administration (FHA Loan) in order to provide a better and broader opportunity for the average American family to become home owners.
In the past, home ownership was achieved with excessively large down payments of 30% to 50% and required a loan through the local community bank under restrictive terms and conditions that the majority of Americans simply couldn't afford. Enter, the FHA Loan Program!
The act of congress which created the FHA loan has opened the door to home ownership to millions of Americans and launched a revolution in the mortgage lending industry. One of the few things in history, which many can agree, congress actually got right! We want to again invite you to apply online today using our Quick Application for an FHA loan or, any other mortgage program we offer. If you're more comfortable speaking over the phone, just give us a call today at 1-888-427-5442 for a confidential one on one conversation with a mortgage professional.
Florida FHA Loan
Florida is known as the sunshine state and a haven for buying and finding really good real estate property. The fact for most home buyers is, when you need a home, you will require a home loan and who best to work with than 1st Continental Mortgage and our many FHA loan programs. When we talk about a Florida FHA loan, there is a FHA loan limit applicable in different counties and these change to keep up with market conditions.
For example: Baker County in Jacksonville, FL has a one family loan limit of $294,500; a two family loan limit of $331,700; a three family loan limit of $403,000 and a four family loan limit of $465,000. Similarly the non metro county of Lafayette has a one family loan limit of $200,160; a two family loan limit of $256,248; a three family loan limit of $309,744 and a four family loan limit of $384,936. So basically the loan limit in Lafayette is less than that of Baker County.
FHA is a part of HUD and the first thing looked at before issuing a Florida FHA mortgage is that you as a borrower have demonstrated a good repayment history for all your debts within the last 12 months. The credit history basically outlines your willingness to pay back your Florida FHA loan, the same loan that you will hopefully be getting from 1st Continental Mortgage, a Florida mortgage company, and not directly from the FHA. FHA insures the loans underwritten and approved by various Florida mortgage companies. FHA also provides security to the mortgage lenders in case you default on a loan and hence the Florida lenders will be more than willing to offer you the best FHA loan at some of the lowest interest rates in the market.
If your credit history, in spite of sufficient income, keeps on reflecting late payments, and delinquent credit accounts, then approving your loan may be impossible without sufficient documentation and explanation. Here's a brief synopsis of various credit underwriting guidelines for a FHA home loan:
- Credit history: You as a borrower will need to have a minimum of 4 trade lines. If they are not reflected on your credit report, we can use alternative credit such as phone bills, utilities and rent.
- Credit obligations: An installment loan like a student loan or a car loan, which has less than 10 months remaining does not have to be included for a FL FHA home loan qualification. The things that can be considered will include large debts, and this is independent of the number of months. If you have an open revolving account that doesn't show any balance then a $10 fee per open account may be included for qualification.
- Bankruptcy, Chapter 7: Florida FHA requires a minimum time of 2 years since the time of discharge of the bankruptcy. You will have to attach an explanation of the bankruptcy along with your bankruptcy discharge documentation. You will also have to show a reestablished credit without any late payments. In some instances, under our FHA credit flex program we can consider a bankruptcy discharged as little as 12 months ago.
- Bankruptcy, Chapter 13: FL FHA will consider you for a FHA loan if you are still paying on a Chapter 13 bankruptcy provided all your payments have been made to the court satisfactorily within the previous 1 year.
- Foreclosures: You need to make sure than when you are applying for the Florida FHA loan, you do not have any pending foreclosure on your property or a foreclosure in the last three years.
- Federal debt: Before you apply for a FL FHA mortgage, make sure that you don't have any defaults on other federal debts. A federal debt can include a past; FHA Loan, VA mortgages, SBA loans and student loans.
Qualifying for Florida FHA loans
In a nut shell, it's typically easier to qualify for FHA home loans in Florida as compared to conventional loans with like kind terms and conditions. The FHA loans are underwritten and funded by a FL mortgage lender like 1st Continental Mortgage Some of the benefits of a Florida Federal Housing Administration home loan are:
- FHA loans offer tax deductible interest
- You can acquire equity over a certain period of time
- The closing costs on the FHA loans are regulated
- There are no set income limits
- The credit criteria for qualification is lenient as compared to other loans
- They are fully assumable
- Absolutely never a prepayment penalty
- And Much More
Florida FHA Limits
|
MSA Name |
County Name |
One - Family |
Two - Family |
Three - Family |
|
GAINESVILLE, FL (MSA) |
ALACHUA |
$204,440 |
$256,248 |
$309,744 |
|
JACKSONVILLE, FL (MSA) |
BAKER |
$294,500 |
$331,700 |
$403,000 |
|
PANAMA CITY - LYNN HAVEN, FL (MSA) |
BAY |
$300,960 |
$338,976 |
$411,840 |
|
NON-METRO |
BRADFORD |
$200,160 |
$256,248 |
$309,744 |
|
PALM BAY - MELBOURNE - TITUSVILLE, FL (MSA) |
BREVARD |
$221,350 |
$256,248 |
$309,744 |
|
BROWARD |
$362,790 |
$413,695 |
$502,621 |
|
|
NON-METRO |
CALHOUN |
$200,160 |
$256,248 |
$309,744 |
|
PUNTA GORDA, FL (MSA) |
CHARLOTTE |
$224,209 |
$256,248 |
$309,744 |
|
HOMOSASSA SPRINGS, FL (MICRO) |
CITRUS |
$200,160 |
$256,248 |
$309,744 |
|
JACKSONVILLE, FL (MSA) |
CLAY |
$294,500 |
$331,700 |
$403,000 |
|
NAPLES - MARCO ISLAND, FL (MSA) |
COLLIER |
$362,790 |
$427,893 |
$519,870 |
|
LAKE CITY, FL (MICRO) |
COLUMBIA |
$200,160 |
$256,248 |
$309,744 |
|
ARCADIA, FL (MICRO) |
DE SOTO |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
DIXIE |
$200,160 |
$256,248 |
$309,744 |
|
JACKSONVILLE, FL (MSA) |
DUVAL |
$294,500 |
$331,700 |
$403,000 |
|
PENSACOLA - FERRY PASS - BRENT, FL (MSA) |
ESCAMBIA |
$200,160 |
$256,248 |
$309,744 |
|
PALM COAST, FL (MICRO) |
FLAGLER |
$218,500 |
$256,248 |
$309,744 |
|
NON-METRO |
FRANKLIN |
$200,160 |
$256,248 |
$309,744 |
|
TALLAHASSEE, FL (MSA) |
GADSDEN |
$200,160 |
$256,248 |
$309,744 |
|
GAINESVILLE, FL (MSA) |
GILCHRIST |
$204,440 |
$256,248 |
$309,744 |
|
NON-METRO |
GLADES |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
GULF |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
HAMILTON |
$200,160 |
$256,248 |
$309,744 |
|
WAUCHULA, FL (MICRO) |
HARDEE |
$200,160 |
$256,248 |
$309,744 |
|
CLEWISTON, FL (MICRO) |
HENDRY |
$200,160 |
$256,248 |
$309,744 |
|
TAMPA - ST. PETERSBURG - CLEARWATER, FL (MSA) |
HERNANDO |
$222,300 |
$256,248 |
$309,744 |
|
SEBRING, FL (MICRO) |
HIGHLANDS |
$200,160 |
$256,248 |
$309,744 |
|
TAMPA - ST. PETERSBURG - CLEARWATER, FL (MSA) |
HILLSBOROUGH |
$222,300 |
$256,248 |
$309,744 |
|
NON-METRO |
HOLMES |
$200,160 |
$256,248 |
$309,744 |
|
SEBASTIAN - VERO BEACH, FL (MSA) |
INDIAN RIVER |
$213,750 |
$256,248 |
$309,744 |
|
NON-METRO |
JACKSON |
$200,160 |
$256,248 |
$309,744 |
|
TALLAHASSEE, FL (MSA) |
JEFFERSON |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
LAFAYETTE |
$200,160 |
$256,248 |
$309,744 |
|
ORLANDO - KISSIMMEE, FL (MSA) |
LAKE |
$268,850 |
$302,810 |
$367,900 |
|
CAPE CORAL - FORT MYERS, FL (MSA) |
LEE |
$270,750 |
$304,950 |
$370,500 |
|
TALLAHASSEE, FL (MSA) |
LEON |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
LEVY |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
LIBERTY |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
MADISON |
$200,160 |
$256,248 |
$309,744 |
|
SARASOTA - BRADENTON - VENICE, FL (MSA) |
MANATEE |
$336,100 |
$378,554 |
$459,926 |
|
OCALA, FL (MSA) |
MARION |
$200,160 |
$256,248 |
$309,744 |
|
PORT ST. LUCIE - FORT PIERCE, FL (MSA) |
MARTIN |
$276,640 |
$311,584 |
$378,560 |
|
MIAMI - MIAMI BEACH - KENDALL, FL METROPOLITAN DIVISIO |
MIAMI - DADE |
$362,790 |
$413,695 |
$502,621 |
|
KEY WEST - MARATHON, FL (MICRO) |
MONROE |
$362,790 |
$464,449 |
$561,411 |
|
JACKSONVILLE, FL (MSA) |
NASSAU |
$294,500 |
$331,700 |
$403,000 |
|
FORT WALTON BEACH - CRESTVIEW - DESTIN, FL (MSA) |
OKALOOSA |
$237,405 |
$267,393 |
$324,870 |
|
OKEECHOBEE, FL (MICRO) |
OKEECHOBEE |
$200,160 |
$256,248 |
$309,744 |
|
ORLANDO - KISSIMMEE, FL (MSA) |
ORANGE |
$268,850 |
$302,810 |
$367,900 |
|
ORLANDO - KISSIMMEE, FL (MSA) |
OSCEOLA |
$268,850 |
$302,810 |
$367,900 |
|
WEST PALM BEACH - BOCA RATON - BOYNTON BEACH, FL METRO |
PALM BEACH |
$362,790 |
$413,695 |
$502,621 |
|
TAMPA - ST. PETERSBURG - CLEARWATER, FL (MSA) |
PASCO |
$222,300 |
$256,248 |
$309,744 |
|
TAMPA - ST. PETERSBURG - CLEARWATER, FL (MSA) |
PINELLAS |
$222,300 |
$256,248 |
$309,744 |
|
LAKELAND, FL (MSA) |
POLK |
$205,200 |
$256,248 |
$309,744 |
|
PALATKA, FL (MICRO) |
PUTNAM |
$200,160 |
$256,248 |
$309,744 |
|
PENSACOLA - FERRY PASS - BRENT, FL (MSA) |
SANTA ROSA |
$200,160 |
$256,248 |
$309,744 |
|
SARASOTA - BRADENTON - VENICE, FL (MSA) |
SARASOTA |
$336,100 |
$378,554 |
$459,926 |
|
ORLANDO - KISSIMMEE, FL (MSA) |
SEMINOLE |
$268,850 |
$302,810 |
$367,900 |
|
JACKSONVILLE, FL (MSA) |
ST. JOHNS |
$294,500 |
$331,700 |
$403,000 |
|
PORT ST. LUCIE - FORT PIERCE, FL (MSA) |
ST. LUCIE |
$276,640 |
$311,584 |
$378,560 |
|
THE VILLAGES, FL (MICRO) |
SUMTER |
$211,375 |
$256,248 |
$309,744 |
|
NON-METRO |
SUWANNEE |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
TAYLOR |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
UNION |
$200,160 |
$256,248 |
$309,744 |
|
DELTONA - DAYTONA BEACH - ORMOND BEACH, FL (MSA) |
VOLUSIA |
$230,177 |
$259,252 |
$314,979 |
|
TALLAHASSEE, FL (MSA) |
WAKULLA |
$200,160 |
$256,248 |
$309,744 |
|
NON-METRO |
WALTON |
$362,790 |
$409,275 |
$497,250 |
|
NON-METRO |
WASHINGTON |
$200,160 |
$256,248 |
$309,744 |
Proudly Serving These Communities:
Arcadia | Boca Raton | Boynton Beach | Bradenton | Brandon | Cape Coral | Clearwater
Clewiston | Crestview | Daytona Beach | Deerfield Beach | DeLand | Delray Beach | Deltona
Destin | Englewood | Fort Lauderdale | Fort Myers | Fort Pierce | Fort Walton Beach
Gainesville | Hollywood | Homosassa Springs | Jacksonville | Key West | Kissimmee | Lake City
Lakeland | Lynn Haven | Marathon | Marco Island | Melbourne | Miami | Miami Beach | Naples
North Fort Myers | North Miami Beach | Ocala | Okeechobee | Orlando | Ormond Beach
Osprey | Palatka | Palm Bay | Palm Coast | Panama City | Pensacola | Pompano Beach
Port St. Lucie | Punta Gorda | Saint Augustine | Santa Rosa County | Sarasota | Sebastian
Sebring | Spring Hill | St. Petersburg | Tallahassee | Tampa | The Villages County | Titusville
Venice | Vero Beach | Wauchula | Wesley Chapel | West Palm Beach | Winter Park
Proudly Serving These Counties:
Marion | Sumter | Lake | Seminole | Orange | Osceola | Polk | Hardee | Highlands | Volusia
Brevard | Indian River | Okeechobee | St. Lucie | Citrus | Hernando | Pasco | Pinellas
Hillsborough | Manatee | Sarasota | DeSoto | Gadsden | Leon | Wakulla | Jefferson | Madison
Taylor | Hamilton | Suwannee | Lafayette | Dixie | Columbia | Union | Bradford | Gilchrist
Alachua | Levy | Baker | Nassau | Duval | Clay | St Johns | Putnam | Flagler | Escambia
Santa Rosa | Okaloosa | Walton | Holmes | Washington | Bay | Jackson | Calhoun | Liberty
Gulf | Franklin | Martin | Palm Beach | Broward | Miami-Dade | Monroe | Charlotte
Glades | Lee | Hendry | Collier
Answers to Mobile Home Questions
Manufactured Home Q&A That Mean Something
Can I finance a used mobile home?
When shopping for a mobile home, what should I consider?
Should I buy a mobile home from a dealer or use a real estate agent?
Can I finance a single wide manufactured home?
What is the difference between a double wide and triple wide home?
What is the difference between a mobile home and manufactured home?
Are modular homes the same thing as mobile homes?
Can a modular home be built in a subdivision?
Is it difficult to finance a manufactured home?
How do I get a loan for a mobile home?
Should I finance my mobile home through a dealer?
Can I use my mobile home to consolidate debt?
How difficult is it to refinance a manufactured home?
Does my mobile home have to be permanently affixed to the ground?
Does your company have experts that specialize in MH financing?
How do you view credit when financing a mobile home?
I need a fast turnaround time, can your team get it done?
Can I get a pre-approval letter for a mobile home loan?
What are the closing costs on a mobile home loan?
What Interest rate can I expect to get when financing a manufactured home?
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