FHA LoansFHA loans are offered by the Federal Housing Administration which is part of HUD. They offer financing on mobile homes and manufactured homes. Either homes with land or those that are located in mobile home parks. FHA requires a 3.5% down payment while conventional financing requires a 5% down payment. Buyers can ask HUD to pay up to 3% in closing costs- that's great considering that when buying other foreclosures you can ask but the sellers don’t like to agree to pay buyer closing costs. These loans have been helping Americans home buyers since 1934. FHA offers several types of financing: * the $100 down payment program, * the repair escrow loan that has less than $5,000.00 dollars in repairs, * and the 203K program for those homes requiring over $5,000.00 in repairs. They also offer an energy improvements loan.
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