Manufactured Home Loan Insurance Financing Purchase of Manufactured Homes as Principal Residences of Borrowers

To make possible reasonable financing of manufactured home purchases.



Agency - Department of Housing and Urban Development

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.

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 answers@hud.gov or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.



Program Accomplishments

Not Applicable.

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.

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 2 CFR 200, Subpart E - Cost Principles.

Aplication and Award Process

Preapplication Coordination

Preapplication coordination is not applicable.

Environmental impact information is not required for this program.

This program is excluded from coverage under E.O.

12372.

Application Procedures

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.

Award Procedures

None.

Deadlines

Not Applicable.

Authorization

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.

Appeals

The applicant may reapply.

Renewals

Not Applicable.

Assistance Considerations

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

Reports

Not Applicable.

Audits

Not Applicable.

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

(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.

Information Contacts

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 answers@hud.gov or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.

Headquarters Office

Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: answers@hud.gov Phone: (800) 225-5342

Criteria for Selecting Proposals

Not Applicable.



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