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FHA Title I loan - Mobile home on Leased land.

Creation date: 6/10/2024 11:17 AM    Updated: 6/10/2024 11:17 AM    leased land manufactured home scenario
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Question:

Good morning Loretta,

My client wants to buy a mobile home on leased land. I understand an FHA Title I loan allows for leased land.  Also, he would need Essex DPA loan.

Can we help this person buy this home with an Essex DPA loan or FHA Title I?

Thanks,
Steve
Answer:

Awww - thank you so much!!! 😃

Good day Loretta,

It is such a blessing to be able to reach out to you. You are amazing.

Thank you,
Steve

Steve Hopkins
NMLS 197687
Office: 703-674-2182
Cell: 571-253-4460
Steve Hopkins: NMLS ID # 197687; Company NMLS ID # 1591;(www.nmlsconsumeraccess.org); Branch NMLS ID # 134213; DC-MLO197687; FL-LO4421; VA-MLO-1079VA, Churchill Mortgage Corporation of TN is Licensed by the Virginia State Corporation Commission as VA-MC-5222; WA-MLO-197687; 505 Huntmar Park Drive, Suite 250, Herndon,Virginia 20170



Good day Steve! 

Thank you for your submission to the scenario desk.   We appreciate the opportunity to assist you in helping your customers.  

  • We do not offer Title I Manufactured loans at CMC.
  • There are very few banks out there that do those specific loans. 
  • Try reaching out to your local bank branches to see if they do these types of loans.  You can pull up a list of Title I Lenders at hud.gov – I provided the list that pulled up in Florida.
  • Be sure to select only the Title I lenders in the drop down. 
  • These are considered Chattel loans.  There are a few banks and credit unions that do these – I know one company called Credit Human does these types of loans, but not through FHA – that’s where my friend had their mobile home loan through.

Guideline links and snips to assist you:

HUD Lender List | HUD.gov / U.S. Department of Housing and Urban Development (HUD)


If you need any additional information, please feel free to reach out to us.

Please upload this e-mail string to the 0108 – UW Cover Letter bucket in addition to placing a copy in the NEW Encompass Screen "UW/Closing Notes" found under the forms tab. 

**The underwriter may ask for additional documentation once the loan has been fully reviewed.


Thank you for your partnership in reaching out to the Scenario Help Desk!

Have a blessed day,

Loretta Gates,

Customer Care Agent

The Scenario Team 😊

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