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
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, HUD-approved appraisal of the lot, 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 required. Environmental impact information is not required for this program. An environmental impact assessment is not required for this listing. This program is excluded from coverage under E.O. 12372.
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 for review and approval.
See Application Procedure.
Approval/Disapproval Decision Time
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
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 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
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 email@example.com 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 FY 16 FY 15 - 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