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A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the HUD with regard to the homes and the mortgage products for buying them.
The homeowner must use the manufactured home as primary residence to avail of a mortgage. Mortgage products are available for purchasing a manufactured home, a developed lot for placing the structure and a combination of a lot and a home. The HUD puts a ceiling on the loan amount for each of these categories.
Borrowers should take out fixed rate loans. It is necessary to make a minimum down payment. Applicants have to produce documentary evidence like pay stubs of the past couple of months and income tax returns of the past year to show that they can meet the monthly mortgage dues. The maximum loan term is 20 years for a single section home and lot and 25 years for a multi section home and lot. In addition, borrowers must arrange for a site for placing the home.
The home construction should be on a permanent chassis and it is crucial to attach the construction to a permanent foundation for availability of mortgages. The floor area should be at least 400 sq. feet. The ceiling height of rooms, kitchen and bathrooms should be a minimum of 7 feet whereas the ceiling height of hallways should be 6 feet 6 inches, at least. A single width home requires two doors placed at least 12 feet apart, leading to the exterior whereas a double width home requires two doors placed at least 20 feet apart.
A bedroom for one individual must have a minimum floor area of 50 sq. feet while a bedroom intended for two individuals must have no less than 70 sq. feet floor space. There should be a sufficient number of windows for ventilation and each bedroom must have a window on the exterior wall. Bathrooms and kitchen must have mechanized ventilation.
Homeowners must install fire alarm systems in each room, above the stairwell and in basement areas. The HUD regulates the criteria for heating and cooling systems. It lays down requirements for insulation, wiring and plumbing arrangements, as well.