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FHA Manufactured Home Program for Wisconsin and California Homes

FHA Manufactured Home Loans Wisconsin and CaliforniaEnvoy Mortgage is pleased to announce the roll out of the FHA Manufactured Home Program in many states, including WI and CA.  This program is great for those looking to buy a manufactured home – even First Time Buyers are allowed – or refinance their current manufactured home. Below are some of the general qualification criteria for the loan program. This is, of course, not the full underwriting guidelines, so please contact me or apply online to get started on your free pre-approval.

Program Basics:

  • Minimum credit score of 680
  • Maximum DTI of 41%
  • Non-occupant coborrower are not allowed
  • Gift funds are not allowed for initial 3.5% borrower investment
  • Cash out refinances and streamline refinances are ineligible

Property Basics:

  • If the property is located in a declining market per the appraisal the maximum LTV is 90%
  • Home must have been built on or after January 1, 1995
  • Home must already be located on subject lot (build on your lot not available)
  • Single-wide manufactured homes are ineligible
  • Property cannot be located in a condominium project or manufactured home park
  • Maximum base loan amount is $271,050
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