Mortgage Insurance-Combination and Manufactured Home Lot Loans (14.162)

Program

14.162 Mortgage Insurance-Combination and Manufactured Home Lot Loans

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

14.162

Last Known Status

Active

Objectives

To make possible reasonable financing for the purchase of a manufactured home and a lot on which to place the home.

Types of Assistance

GUARANTEED/INSURED LOANS

Uses and Use Restrictions

HUD insures lenders against loss on mortgage loans. Insured loans may be used to purchase manufactured homes and lots for buyers intending to use them as their principal places of residence. Effective March 3, 2009, the maximum mortgage amount is $92,904 for a manufactured home and a suitably developed lot and $23,226 for a developed lot only. The lot must be appraised by the HUD-approved appraiser. Maximum loan limits may be increased in designated high-cost areas.

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, HUD-approved appraisal of the lot, 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 required. 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 for review and approval. This program is excluded from coverage under OMB Circular No. A-110.

Award Procedure

See Application Procedure.

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 maximum loan term is 20 years for a single-module home and lot; 25 years for a multiple-module home and lot; and 15 years for a lot only. 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 HUD regulations.

Program Accomplishments

Fiscal Year 2008: In fiscal year 2008, HUD insured 73 combination loans; 1,503 manufactured home units, and 0 lot only loans. 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 $0; FY 09 est $0; FY 10 est $0 - FY 08 Reported Under 14.110
FY 09 Reported Under 14.110
FY 10 Reported Under 14.110.

Range and Average of Financial Assistance

The maximum mortgage amount is $92,904 for a manufactured home on a suitably developed lot and $23,226 for a developed lot only.

Regulations, Guidelines and Literature

Not Applicable.

Related Programs

14.110 Manufactured Home Loan Insurance_Financing Purchase of Manufactured Homes as Principal Residences of Borrowers; 14.127 Mortgage Insurance_Manufactured Home Parks; 14.142 Property Improvement Loan Insurance for Improving All Existing Structures and Building of New Nonresidential Structures

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/ins/singlefamily.cfm

Examples of Funded Projects

Not Applicable.

Criteria for Selecting Proposals

Not Applicable.