Can I qualify for a manufactured home mortgage with a new job?

Question

I'm a first time home buyer looking to buy a manufactured home in the Berkshire County, MA or Albany, NY area, with a mortgage ranging from $35K - $90k.

I'm looking to see what, if any mortgages I would qualify for, as I would like to avoid a high interest (25%) personal/chattel loan.

I became an attorney in 2011 and worked from 2011-2013 making $40-50k per year, then went back to school for two masters degrees. My two most recent tax returns (2016 and 2017) show low income (~$11k), as I only worked part time at various jobs while in school.

I found out my fiance was pregnant and went back to work in November 2017 for a law firm and now make W-2 $25/hour +OT, ~45 hours/week (~$60k/year).

My credit score is 681 (Experian) and 650 (Transunion). I have ~$25k in the bank, but would prefer a <10% down payment ($3K-$10K). My monthly debt payments include only a $133 payment for an auto loan. Student loan payments are scheduled to begin in Summer 2019 at 10% of monthly DISPOSABLE income (Direct Loan income contingent repayment plan).

I'm under the impression that I wouldn't qualify for an FHA manufactured home mortgage as I do not have two years of stable income for 2016 and 2017, just various w-2's totaling ~$11K each year, even though I make a stable ~$60k/year now since November 2017. Any mortgage experts have experience with manufactured home lenders suitable for these circumstances? Thanks!

Answer 1

You can qualify for FHA LOAN. Manufacturered home is no problem as long as it is on a concrete foundation.  However, most lenders will not want to do any loans under $70,000 loan.

Answer 2

You are working full-time now, so your income would count. You may need only a couple of pay stubs. Or you may need your W-2s, depending on the program. Alternatively, the lender can send your employer a Verification of Employment (VOE) form. If they indicate that the "probably of future employment" is good, the lender will normally accept that income.