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Buying Manufactured Homes in Las Vegas Using FHA Loans



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By : John Cutts    99 or more times read
People can now apply for higher FHA loans to buy manufactured homes in Las Vegas and in other areas of the country.

Under the Housing and Economic Recovery Act, limits for manufactured home loans guaranteed by the FHA have been increased dramatically from the previous $48,600 ceiling to $69,678. In high-cost areas, the limits can be increased by up to 85 percent.

For loans covering both the home lot and the manufactured home, the limit has increased to $92,904. For the manufactured home lot only, the limit has increased to $23,226. Additionally, the limits will be adjusted annually depending on inflation.

Finding lenders that provide loans for manufactured homes has been difficult, but with the FHA guarantees, lenders have increasingly become receptive to manufactured home loans. Borrowers just need to make sure the manufactured homes they are buying comply with the HUD construction and installation standards and with local and state installation requirements.

Additionally, the manufactured home must be placed on a homesite that has adequate supply of water and has sewage disposal facilities. The homesite can either be in a manufactured home park or a lot leased or owned by the borrower.

For people engaged in Las Vegas foreclosure investing, foreclosed manufactured houses can be another option. Since many people are now looking for ways to cut costs, buying and reselling the foreclosed homes for sale is an additional income earning segment for foreclosure investors.

Manufactured homes are now designed just like conventional homes and can be installed with foundations that are as strong as homes built on-site, but they still cost much less than conventional houses.

Foreclosure investors and owner occupant buyers can still find a lot of cheap houses in Nevada despite the slight slowdown in foreclosure activity in April. Nevada was still on top of the foreclosure rate rankings, with one foreclosure for every 69 homes in the state.

Buyers can even increase their buying opportunities by looking at new or foreclosed manufactured homes, and with the increased FHA loan limits, owner occupant buyers have more options.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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