FHA Lending in the State of Virginia

If you own a mobile home on a permanent foundation in the State of Virginia 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.

Multi-Unit financing is available through FHA with a 3% down payment and up to a 6% seller concession. There is an asset requirement of 3 months mortgage payments in reserves after closing.

FHA will allow one to use 85% of rental income to assist in qualifying income for upto 4-unit buildings. This means that if each unit is renting for $1000, then with a 4 unit building and 3 units being rented out one can add $2550 additional monthly income with which to qualify.

» DISCLAIMER: The information contained in this article on 'FHA Lending in the State of Virginia' 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.