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Mortgage Insurance_Combination and Manufactured Home Lot Loans
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 program brochure #4340.
Program Accomplishments
In Fiscal Year 2007, HUD insured 1,386 loans.
Uses and Use Restrictions
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 $64,800 for a manufactured home and a suitably developed lot and $16,200 for a developed lot only.
The lot must be appraised by the HUD-approved appraiser.
Maximum loan limits may be increased in designated high-cost areas.
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, HUD-approved appraisal of the lot, 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
This program is excluded from coverage under OMB Circular No.
A-102.
This program is excluded from coverage under E.O.
12372.
Application Procedures
Application is submitted to a HUD-approved lender for review and approval. This program is excluded from coverage under OMB Circular No. A-110.
Award Procedures
See Application Procedure.
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
None.
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 downpayment is required. The interest rate is a negotiable interest rate agreed upon between the borrower and lender. Annual insurance charges start at $1.00 per $100 of the amount advanced.
Length and Time Phasing of Assistance
The maximum loan term is 20 years for a single-module home and lot; 25 years for a multiple-module home and lot; and 15 years for a lot only.
Post Assistance Requirements
Reports
None.
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 HUD regulations and standards.
Records
Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the HUD regulations.
Financial Information
Account Identification
86-4077-0-3-371.
Obigations
(Mortgages insured) Reported under program 14.110.
Range and Average of Financial Assistance
The maximum mortgage amount is $64,800 for a manufactured home on a suitably developed lot and $16,200 for a developed lot only.
Regulations, Guidelines, and Literature
"Financing Manufactured Homes," HUD-265-H(10), no charge; 24 CFR Part 201.
Information Contacts
Regional or Local Office
None. Contact HUD at 800-767-7468 for program brochure #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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