Manufactured Home Loan Insurance Financing Purchase of Manufactured Homes as Principal Residences of Borrowers
To make possible reasonable financing of manufactured home purchases.
General information about this opportunity
Last Known Status
Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development
Type(s) of Assistance Offered
F - Guaranteed/Insured Loans; H - Sale, Exchange, or Donation of Property and Goods
National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.
Who is eligible to apply/benefit from this assistance?
All persons are eligible to apply.
Documentation regarding the characteristics of the manufactured home unit and the qualifications of the borrower are submitted to the lender.
What is the process for applying and being award this assistance?
Preapplication coordination is not applicable.
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Application is submitted to a HUD-approved lender or through a lender's approved dealer for review and approval.
Approval/Disapproval Decision Time
How are proposals selected?
How may assistance be used?
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. The maximum amount of the loan is $69,678, whether single or multiple modules. The lender must give assurance that the unit will be placed on a site which complies with local zoning and land development requirements.
What are the requirements after being awarded this opportunity?
Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the FHA regulations.
Other Assistance Considerations
Formula and Matching Requirements
Statutory formula is not applicable to this assistance listing.
Matching requirements are not applicable to this assistance listing.
MOE requirements are not applicable to this assistance listing.
Length and Time Phasing of Assistance
The loan term may not be less than 6 months and may not exceed 20 years, plus 32 days. Method of awarding/releasing assistance: Quarterly.
Who do I contact about this opportunity?
Regional or Local Office
For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALLFHA (1-800-225-5342), by email at firstname.lastname@example.org or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.
Wanda L. Sampedro
451 7th Street, SW
Washington, DC 20410 US
(Sale, Exchange, or Donation of Property and Goods) FY 17 est $30,000,000.00; FY 16 est $30,000,000.00; FY 15$32,000,000.00;
Range and Average of Financial Assistance
The maximum loan amount is $69,678. The average loan amount is $47,146.
Regulations, Guidelines and Literature
24 CFR Part 201.
Examples of Funded Projects