Manufactured Home Loan Insurance-Financing Purchase of Manufactured Homes as Principal Residences of Borrowers (14.110)

Program

14.110 Manufactured Home Loan Insurance-Financing Purchase of Manufactured Homes as Principal Residences of Borrowers

Federal Agency

Agency: Department of Housing and Urban Development
Office: Office Of Housing-federal Housing Commissioner

Authorization

National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.

Program Number

14.110

Last Known Status

Active

Objectives

To make possible reasonable financing of manufactured home purchases.

Types of Assistance

GUARANTEED/INSURED LOANS

Uses and Use Restrictions

HUD insures lenders against loss on loans. Insured loans may be used to purchase manufactured home units by buyers intending to use them as their principal places of residence. Effective March 3, 2009, the maximum amount of the loan is $69,678, whether single or multiple modules. The borrower must give assurance that the unit will be placed on a site which complies with local zoning and land development requirements.

Eligibility Requirements

Applicant Eligibility

All persons are eligible to apply.

Beneficiary Eligibility

Individuals/families.

Credentials/Documentation

Documentation regarding the characteristics of the manufactured home unit and the qualifications of the borrower are submitted to the lender. This program is excluded from coverage under OMB Circular No. A-87. This program is excluded from coverage under OMB Circular No. A-87.

Application and Award Process

Preapplication Coordination

Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.

Application Procedure

This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Application is submitted to a HUD-approved lender or through a lender's approved dealer for review and approval. This program is excluded from coverage under OMB Circular Nos. A-102 and A-110.

Award Procedure

None.

Deadlines

Not Applicable.

Range of Approval/Disapproval Time

Prior to June 1, 2009, HUD had no involvement in the approval or disapproval process of a loan. Effective June 1, 2009, lenders will submit loans to HUD for a pre-closing test approval period, which will average 3 to 5 days for complete submissions. Upon successful completion of the pre-closing test phase, a lender may then be authorized to participate in the Title I Direct Endorsement Program. HUD has no other participation or regulation over the lender approval processing time.

Appeals

The applicant may reapply.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula.

Matching requirements are not applicable to this program.

MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

The average loan term is between 15 to 25 years. Method of awarding/releasing assistance: quarterly.

Post Assistance Requirements

Reports

Audits

Not Applicable.

Records

Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the FHA regulations.

Program Accomplishments

Fiscal Year 2008: 1,503 loans were made. Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available

Financial Information

Account Identification

86-4077-0-3-371.

Obligations

(Sale, Exchange, or Donation of Property and Goods) FY 08 $56,976,391; FY 09 est $71,000,000; FY 10 est $190,000,000

Range and Average of Financial Assistance

The maximum amount of the loan in FY 2008 was $48,600, whether single or multiple modules. The average loan amount for FY 2008 was $38,409. The maximum loan amount for FY 09, October 1, 2008 through February 28, 2009 was $48,600. The maximum loan amount for FY 09 from March 1, 2009 through September 30, 2009 is $69,678.

Regulations, Guidelines and Literature

Not Applicable.

Related Programs

Not Applicable.

Information Contacts

Regional or Local Office

None.

Headquarters Office

Wanda L. Sampedro, 451 7th Street, SW, Washington, District of Columbia 20410 Email: wanda.sampedro@hud.gov Phone: (202) 402-2324.

Web Site Address

http://www.hud.gov/offices/hsg/sfh/title/manuf14.cfm

Examples of Funded Projects

Not Applicable.

Criteria for Selecting Proposals

Not Applicable.