An FHA Manufactured Home Checklist is a vital tool for homeowners who are looking to purchase or refinance their manufactured home. It provides a comprehensive overview of the requirements needed to qualify for FHA-insured financing and helps guide the homeowner through the process. With this checklist, buyers can ensure that they meet all of the necessary criteria and can avoid potential pitfalls that could prevent them from getting the loan they need.
The manufactured home must be built by a manufacturer who is approved and licensed by the U.S. Department of Housing and Urban Development (HUD).
To qualify for FHA-insured financing, the manufactured home must have a HUD certification label affixed to each transportable section at the time of manufacture.
Before purchasing the manufactured home and applying for financing, homeowners must ensure that all installation requirements are met, such as having an appropriate foundation, wind zone rating, fire safety protection, and more.
The location of the manufactured home will determine its eligibility for FHA financing; the home must be situated in a HUD-approved land-lease community or on an approved permanent foundation on a property that is owned by the borrower.
The manufactured home must have been built after June 15, 1976, and it cannot have been moved more than once since then.
The maximum loan amount for FHA-insured financing of a manufactured home is determined by the lesser of either the appraised value of the home plus any additional costs associated with installation, or 95% of the cost of the home plus installation costs.
Borrowers may be required to make a down payment depending on their credit profile, debt-to-income ratio, and other factors.
To secure their loan, borrowers must typically pay an upfront mortgage insurance premium (UFMIP) and then a recurring fee each year (MIP).
Borrowers must meet certain income and credit requirements, as well as other criteria such as having an approved foundation, wind zone rating, and more.
It depends on your credit profile, debt-to-income ratio, and other factors, but you may be required to make a down payment to qualify for FHA financing.
The maximum loan amount is determined by the lesser of either the appraised value of the home plus any additional costs associated with installation, or 95% of the cost of the home plus installation costs.
Yes, borrowers are generally required to pay an upfront mortgage insurance premium (UFMIP) as well as an annual premium (MIP).
A HUD certification label is affixed to each transportable section of a manufactured home at the time of manufacture and it is necessary to qualify for FHA-insured financing.
Adhering to the instructions in an FHA Manufactured Home Checklist can guarantee that borrowers meet all criteria for a successful loan application, while also avoiding common mistakes which may impede them from obtaining the funds they need. This checklist is important for homeowners who are looking to purchase or refinance their manufactured home so that they know exactly what is needed to qualify for FHA financing.
downloads
