FHA Lending in the State of Maryland

If you own a mobile home on a permanent foundation in the State of Maryland you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triplewide financing.

FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.

In order for a mobile home to be financed by FHA it needs to be permanently fixed to its foundation. A structural engineer will need to provide certification for FHA to accept this. One also needs a FHA lender that will allow for mobile home financing. This mortgage broker can assist you with this information.

When you get a FHA loan you are required to have mortgage insurance if your loan amount is over 80%. To figure out how much your mortgage insurance is you multiply your loan amount by 1.5%. This is actually a mortgage insurace fee. The monthly fee is multiplying your loan amount by 0.5% then dividing by 12. This is usually much better than the PMI that is calculated for conforming loans over 80%.

Are you interested in becoming a landlord and perhaps getting your tenants to pay your mortgage? FHA allows up to 4 unit property's to be purchased with one of their loans so long as you are going to be living in one of the units. FHA allows for 85% of the incoming rent to be used as qualifying income. I.E., if each of the other units rents for $1000, then you will be able to use an additional $2,550/mos as income to help qualify for your 4 unit building.

» DISCLAIMER: The information contained in this article on 'FHA Lending in the State of Maryland' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.