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FHA Manufactured Home Loan – The Best Way to Finance Manufactured Homes!

There are many types of FHA Home Loans and you can get many types of homes with them. Getting a home loan can come about for many reasons. Most of the reasons to get a home loan, or even a FHA Home Loan include one or more of the following. Often if you are a first time home-buyer you may need a mortgage loan. But if you are looking to buy a manufactured home you will have a hard time finding a loan program to finance it. There is a good loan program for financing the purchase of manufactured homes and it is the FHA Manufactured Home Loan.

If you do not have a lot of money to put down on a manufactured home, you can often qualify for a FHA Manufactured Home Loan. The current FHA down payment amount is just 3.5% of the purchase price. While down payment for mortgage loans is 20% or more.

It is very difficult to find a lender that will do a traditional conventional loan on a manufactured home. One of the reasons is that it much easier to move a manufactured home. This type of home will have a steel beam down the middle of the home making it easier to relocate. This increases the risk for the lender.

If you are a new home buyer and you are looking at a manufactured home, you will want to keep your monthly payments as low as possible. This is the reason manufactured homes are popular, they are less expensive to buy. Now you have to find a loan program to finance the purchase. You may want to apply for a FHA Manufactured Mortgage Loan.

If you do not have the best or perfect credit, or are worried about even qualifying for a mortgage, chances are now you can qualify for a FHA Manufactured Home Loan now. With the economy as it is now, although it is improving, some new home owners and buyers may often worry about what will happen to them or their homes if they fall behind on their payments on their homes.

With a FHA Manufactured Home Loan many of the worries about falling behind on their payments, qualifying for a loan if they do not have the best credit, or any of the usual concerns for first time home buyers are gone. More and more people qualify for FHA Home Loans each day. Getting a mortgage for home is much easier, faster, and often you qualify much easier and faster with more protection than with other home loans.

You will find that with FHA Home Loans there are lower rates. If you have less than perfect credit you can also still get a FHA loan. There are much more protections for your home with an FHA Manufactured Home Loan than you will find with other home loans.

There are also many types of FHA Home Loans as well. You can get a fixed rate loan, adjustable rate home loans, and you can even get a FHA Loan to purchase a rehab home. This means that you have found a house you like, but it needs fixing up or repairs. There are even special FHA Loans for these types of homes as well.

With lower down payment and lower credit requirements, the FHA Manufactured Loan is not only the best loan program but it may be your only choice to finance your home purchase. It is great loan program and you should contact a FHA lender now to get more information.

VA Home Loan Information

Veterans are afforded a great deal of loan opportunities from the federal government for their service in helping to protect the United States. The VA home loan program was established to help veterans, particularly those purchasing their first home, finance an affordable home.

VA Home Loan Eligibility Requirements and Facts

In order to receive a VA home loan, an individual:

• Must be an active duty member of the military or have been honorably discharged.
• Apply for a VA loan through a mortgage lender.
• Secure a Certificate of Eligibility from the VA by completing all necessary paperwork.
• Show proof of military service, such as an original statement of service if still in active duty or a copy of DD Form 214, Certificate of Release or Discharge from Active Duty.

Other important regulations veterans should be aware of are that unmarried spouses are eligible for a loan if the veteran died during active combat or as a result of a service-related injury. However, children are not eligible for a home loan. Basic entitlement for a loan begins at $36,000, but entitlement does not guarantee that a lender will give an individual a loan. If a lender denies an individual a loan, they should seek out another lender. Also, in order to secure a VA Guaranteed Home Loan, the veteran must purchase the home for themselves and plan to live there, and the home must also be purchased in the United States.

VA Home Loan Advantages

There are several advantages to receiving and using a VA loan in order to purchase a home. These include:

• No down payment is required in most cases and closing costs may be lower – a major plus, as closing costs and down payment are the largest expenses when purchasing a new home.
• The right to prepay without a penalty.
• No mortgage insurance premiums
• An assumable mortgage – meaning that the buyer of the home can take over the mortgage should the veteran decide to sell it.
• A veteran can use a VA refinance loan to refinance an existing VA loan at a lower rate.

These are all of the factors that make VA loans an attractive option for active and honorably discharged veterans looking to purchase a home.

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