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.
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 $69,678, whether single or multiple modules.
The lender must give assurance that the unit will be placed on a site which complies with local zoning and land development requirements.
All persons are eligible to apply.
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 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
Preapplication coordination is not applicable.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Application is submitted to a HUD-approved lender or through a lender's approved dealer for review and approval.
National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.
Range of Approval/Disapproval Time
Lenders must submit loans to HUD for a pre-closing test approval period, which will average 3 to 5 days for complete submissions. Upon successful completion of the pre-closing test phase, a lender may then be authorized to participate in the Title I Direct Endorsement Program. HUD has no other participation or regulation over the lender approval processing time.
The applicant may reapply.
Formula and Matching Requirements
This program has no statutory formula. Matching requirements are not applicable to this program. MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
The loan term may not be less than 6 months and may not exceed 20 years, plus 32 days. Method of awarding/releasing assistance: quarterly.
Post Assistance Requirements
Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the FHA regulations.
(Sale, Exchange, or Donation of Property and Goods) FY 15 $32,000,000; FY 16 est $30,000,000; and FY 17 est $30,000,000
Range and Average of Financial Assistance
The maximum loan amount is $69,678. The average loan amount is $47,146.
Regulations, Guidelines, and Literature
24 CFR Part 201.
Regional or Local Office
None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALLFHA (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, District of Columbia 20410 Email: firstname.lastname@example.org Phone: (800) 225-5342
Criteria for Selecting Proposals
The government-backed Social Investment Research Council is newly formed to hatch practical insights into social investment market products, and the investors needed to finance them.