Mortgage Insurance_Combination and Manufactured Home Lot Loans
To make possible reasonable financing for the purchase of a manufactured home and a lot on which to place the home.
General information about this opportunity
Last Known Status
Agency: Department of Housing and Urban Development
Office: Office of Housing-Federal Housing Commissioner
Type(s) of Assistance Offered
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, HUD-approved appraisal of the lot, and the qualifications of the borrower are submitted to the lender. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
What is the process for applying and being award this assistance?
Preapplication coordination is required. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Application is submitted to a HUD-approved lender for review and approval.
See Application Procedure.
Approval/Disapproval Decision Time
Lenders must 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.
The applicant may reapply.
How are proposals selected?
How may assistance be used?
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. 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.
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 HUD regulations.
Other 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 plus 32 days for a manufactured home and lot; 25 years plus 32 days for a manufactured home and lot combination; and 15 years for a lot only. Method of awarding/releasing assistance: quarterly.
Who do I contact about this opportunity?
Regional or Local Office
None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALL-FHA (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, District of Columbia 20410 Email: email@example.com
Phone: (800) 225-5342.
(Sale, Exchange, or Donation of Property and Goods) FY 14 Not Separately Identifiable(Exp: Reported under 14.110); FY 15 Not Separately Identifiable(Exp: reported under 14.110); and FY 16 Not Separately Identifiable - Reported Under 14.110 for Fiscal Years 2009 through present.
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
Examples of Funded Projects