Manufactured Homes

Manufactured homes are generally acceptable collateral for an FHA loan. The property, however, must conform to HUD’s manufactured home guidelines. In order to be accepted, the property must meet the following minimal criteria:

  • Property must be at least a doublewide property (no singlewides)
  • The FHA loan must cover both the home and the land (no trailer parks)
  • It must be on a permanent foundation and have the foundation certified by a licensed engineer
  • It must be built after June 15th, 1976
  • It must have a visible certification label (HUD tag) attached to each transportable unit of the home (see example of a label below). Without that visible tag, a label verification letter is normally required before the loan can be approved. You can obtain a label verification letter by following the instructions on the Institute for Building Technology and Safety (IBTS) website at www.ibts.org/label_req.htm or by calling (703) 481-2010. IBITS is a HUD-approved contractor.

Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

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...

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