Tommie Carter

FHA Programs for Mobile/Manufactured Homes in California

Yes, there are FHA programs available for purchasing mobile homes in California. The Federal Housing Administration (FHA) offers two primary programs:  

1. California Home Loans – eLEND

www.elend.com

FHA Title I Loan Program

• Purpose: Primarily for financing the manufactured home itself, regardless of whether you own the land.   1. Manufactured Home Mortgage Loans | Rates 2024 themortgagereports.com
• Benefits: Lower down payment requirements, more lenient credit score standards compared to conventional loans.
• Eligibility: Income limits apply, and the manufactured home must meet specific standards.

FHA Title II Loan Program

• Purpose: Primarily for financing both the manufactured home and the land it sits on.
• Benefits: Similar benefits to Title I loans, but with the added advantage of financing the land.
• Eligibility: Similar to Title I, with additional requirements related to land ownership.

Looking for Down Payment Assistance Programs in California?

California offers various down payment assistance programs to help first-time homebuyers, including those purchasing mobile homes. While not exclusively for mobile homes, these programs can be applied to your purchase.

Here are some examples:

• California Housing Finance Agency (CalHFA): Offers several down payment assistance programs with varying eligibility criteria, such as income limits and homebuyer education requirements.   1. Borrower Eligibility Requirements | CA Housing Finance Agency – CalHFA www.calhfa.ca.gov
• Golden State Advantage: This program provides down payment assistance to eligible first-time homebuyers.   1. Down Payment Assistance Programs | DPA | GSFA www.gsfahome.org
• Local Down Payment Assistance Programs: Many counties and cities in California offer their own down payment assistance programs.

Important Considerations:

• Eligibility: To qualify for FHA or down payment assistance programs, you’ll typically need to meet specific income, credit score, and occupancy requirements.
• Loan Terms: FHA loans often come with mortgage insurance premiums.   1. Single Family Upfront Mortgage Insurance Premium (MIP) – HUD www.hud.gov
• Mobile Home Condition: The manufactured home must meet FHA’s property standards.

Additional Tips

• Credit Score: Improve your credit score to increase your chances of qualifying for a better interest rate.
• Homebuyer Education: Completing a homebuyer education course can be beneficial for qualifying for some programs.   1. Borrower Eligibility Requirements | CA Housing Finance Agency – CalHFA www.calhfa.ca.gov
• Local Assistance: Contact your local housing authority or nonprofit organizations for information on specific programs available in your area.

It’s essential to consult with a qualified mortgage lender or housing counselor to determine your eligibility for FHA programs and available down payment assistance. They can guide you through the application process and help you choose the best options for your financial situation.

Would you like to explore specific down payment assistance programs in Riverside County or a nearby area?