can i buy 4 mobile homes with an fha loan

Question

can i buy 4 mobile homes with an fha loan?

David M. · Answer

@Kalib Williams

No...  both fha and usda require owner occupancy.  I don’t see you living in four homes simultaneously.  More importantly, “mobile homes”

Don’t qualify for “regular” mortgages since they aren’t “houses.”  Unless there is a true foundation, it won’t work.  Plus to keep things weirder if you are in a mobile home park (where you don’t even own the land), closing is done at the DMV since it’s still technically a “vehicle of sorts.”

David M. · Answer

@Kalib Williams

If you plan on attaching them to the ground, then you need to purchase them first (which some other financing) THEN "refinance" for the FHA loan.  However, FHA loans, as any other conforming loans, are for residential property purchases.  Residential property is 1-4 units.  However, I believe that its for one building on a property.  For example, a multi-family home on a piece of land could have 4 living units in it, but its one building.  You'd have to double check with a professional if your interpretation is acceptable, but I wouldn't think so.

Don't forget, you still have to own the land underneath.

Kalib Williams · Answer

Thankyou @Rachel H.@David M., I had planned on attaching them to  the ground on a permenant foundation per fha guidelines. And the only reason I am curious as to whether I can buy 4, is because the fha loan says u can buy attached, semi detached, or detached units up to 4. So four homes set on foundations, under 1 purchase would count as 4 detached homes. Am I wrong ? Plus I planned to owner occupy 1.

Rachel H. · Answer

@Kalib Williams As @David M. mentioned, FHA loans and USDA loans are for owner occupants. Depending on whether the mobile home is real property (attached to land) or personal property (not attached to land), you may need to go other routes such as owner financing, private lenders, and/or bringing in partners in on your deals. Hope that helps!

Kalib Williams · Answer

Or a USDA home loan?

can i buy 4 mobile homes with an fha loan

Most Popular Reply