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 Loan Limits in Virginia for single family homes vary by County. The range is from $200,160 to $362,790 for a single family home as of April, 2007. Consult your mortgage professional at 301.536.2875 or e-mailmortgage@lethesnp.com for further details.
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 75% 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 $2250 additional monthly income with which to qualify.
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.