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Home » Manufactured Homes » Buyer Check List for Manufactured Homes

Buyer Check List for Manufactured Homes

General Comparison of Mobile Home Loans


FHA LOAN*
(203B, 203B WITH REPAIR ESCROW)
VA LOANCONVENTIONAL LOAN
TypeSinglewide and DoublewideDoublewide only
FoundationPermanent (retrofit) to meet FHA GuidelinesPermanent to meet VA Guidelines as identified by AppraiserMust meet county/local requirements as identified by appraiser
Location HistoryMoved once from the originating Dealer to its present location
AgeBuilt after June 15, 1976
TDHCA StatusListed as Real Property Perfected (prior to closing)
Check TDCHA Status here

Required Reports and Inspections

FHA LOAN*
(203B, 203B WITH REPAIR ESCROW)
VA LOANCONVENTIONAL LOAN
Structural Engineer Report$350 if paid at close
$250 if not
not required
Septic Inspection$75-150, only required if vacant
Well Certificationfee varies by county
Repair EscrowRequired on HUD 203b with repairn/an/a
Termite Inspectionnot required$125not required
Final Inspection$150 paid at close
only required if HUD is seller or appraiser requires
$150 paid at close
only required if appraiser requires

Credit / Asset Requirements

FHA LOAN*
(203B, 203B WITH REPAIR ESCROW)
VA LOANCONVENTIONAL LOAN
Credit Score580 and higher620 and higher
Down Payment4% on HUD homes when list price bid100% financing available (no down payment)20% of purchase price
Occupancyowner primary residenceowner primary residence or second/vacation home