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Manufactured Home Loan Insurance_Financing Purchase of Manufactured Homes as Principal Residences of
The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
Contact HUD at (800) 767-7468 for a brochure, item no.
4340.
Program Accomplishments
During fiscal year 2007, 1,386 loans were made.
Uses and Use Restrictions
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 $48,600, whether single or multiple modules.
The borrower must give assurance that the unit will be placed on a site which complies with local zoning and land development requirements.
Eligibility Requirements
Applicant Eligibility
All persons are eligible to apply.
Beneficiary Eligibility
Individuals/families.
Credentials/Documentation
Documentation regarding the characteristics of the manufactured home unit and the qualifications of the borrower are submitted to the lender. This program is excluded from coverage under OMB Circular No. A-87.
Aplication and Award Process
Preapplication Coordination
None.
This program is excluded from coverage under E.O.
12372.
Application Procedures
Application is submitted to a HUD-approved lender or through a lender's approved dealer for review and approval. This program is excluded from coverage under OMB Circular Nos. A-102 and A-110.
Award Procedures
None.
Deadlines
None.
Authorization
National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.
Range of Approval/Disapproval Time
HUD does not participate in the approval or disapproval of individual loans.
Appeals
The applicant may reapply.
Renewals
Not applicable.
Assistance Considerations
Formula and Matching Requirements
HUD insures private lenders against losses of up to 90 percent of any single loan with maximum insurance coverage limited to a total of 10 percent of the total amount insured. A 5 percent down-payment is required. The interest rate is agreed upon between the borrower and lender. Annual insurance charges are $1.00 per $100 of the amount advanced.
Length and Time Phasing of Assistance
The average loan term is between 15 to 25 years.
Post Assistance Requirements
Reports
Not applicable.
Audits
The Department of Housing and Urban Development reserves the right to audit the accounts of lenders in order to determine their compliance and conformance with FHA regulations and standards.
Records
Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the FHA regulations.
Financial Information
Account Identification
86-4077-0-3-371.
Obigations
(Loans insured) FY 07 $53,235,426; FY 08 est $71,121,000; and FY 09 est $71,121,000.
Range and Average of Financial Assistance
The maximum amount of the loan is $48,600, whether single or multiple modules. The average loan amount for FY 2006 is $37,970.
Regulations, Guidelines, and Literature
"Financing Manufactured Homes," HUD-265-H(10); 24 CFR Part 201.
Information Contacts
Regional or Local Office
None. Contact HUD at (800) 767-7468 for a brochure, item no. 4340.
Headquarters Office
Director, Home Mortgage Insurance Division,Department of Housing and Urban Development, 451 7th Street, S.W., Room 9266, Washington, DC 20410. Telephone: (202) 708-2121.
Criteria for Selecting Proposals
Not applicable.
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