| In these times of crisis, people need as much hope and | | | | For those first time home buyers that need to get a |
| help that they can get when it comes to their monthly | | | | manufactured or prefabricated house, low monthly |
| bills. This is especially true for those families that need | | | | mortgage payments is most likely a top priority since |
| a home mortgage. Thus, they go to the Federal | | | | saving money is the focus here. And indeed, |
| Housing Administration for help in their loan needs. This | | | | prefabricated houses are a lot cheaper than the usual |
| is especially the case for those borrowers who will be | | | | house obviously. Applying for an FHA manufactured |
| getting a loan for the very first time in their lives. There | | | | home loan is a great way to deal with this situation. |
| are various types of FHA loans that a borrower can | | | | One will not need to have a spotless credit history or a |
| avail. It all depends on the different circumstances that | | | | perfectly high credit score in order to be accepted for |
| surround the borrower's financial situation. For those | | | | FHA loans. This is the best part of the deal. Chances |
| people who need to buy a prefabricated or | | | | are, those needing a prefabricated home will not have |
| manufactured homes, there are few good loan deals | | | | the most perfect looking credit and conventional |
| out there in the conventional lenders market. However, | | | | lenders will most likely decline them or give them high |
| it is offering one of the perfect packages for this | | | | interest rates. Since the economy crashed, |
| situation: the Manufactured Home Loan. | | | | foreclosures have been going on everywhere. |
| Right now, the down payment required by the FHA is | | | | Manufactured homes are not safe from this flood of |
| 3.5 percent of the amount the house was bought in. | | | | foreclosures. |
| On home loans on the other hand, the rate goes up to | | | | Since the Authority was specifically founded to help |
| 21 percent and above. | | | | people with bad credit and low income ranges, they do |
| One can have more luck finding a needle in a | | | | not put their primary focus on the credit score of the |
| haystack than in trying to find conventional lenders | | | | person borrowing money. Also, these packages have |
| who offer good deals or any deal at all for getting a | | | | a significantly lower rate than most conventional loans |
| loan on a manufactured home. This is because it is | | | | available in the market. |
| very easier to disassemble the house, which is why it's | | | | With such low down payment and also such lenient |
| also sometimes called a mobile home in the past. The | | | | requirements for qualification, the FHA loans may not |
| home that can be moved means that the borrower | | | | just simply be the best option for you but it might also |
| might be able to escape to another place. This is a | | | | be the only option available for you since others have |
| liability for any lender or bank. | | | | such high credit requirements. |