Mortgage Insurance Combination and Manufactured Home Lot Loans

To make possible reasonable financing for the purchase of a manufactured home and a lot on which to place the home.



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-CALL-FHA (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.



Selected Recipients for this Program


RecipientAmount Start DateEnd Date
National Community Reinvestment Coalition, Inc. $ 1,129,758   2018-10-172020-03-31
Unidosus $ 1,027,253   2017-07-142019-09-30
Rural Community Assistance Corporation $ 768,380   2017-07-142019-09-30
Neighborhood Reinvestment Corporation $ 1,203,558   2017-07-142019-09-30
National Community Reinvestment Coalition, Inc. $ 850,809   2017-07-142019-09-30
Neighborhood Reinvestment Corporation $ 52,359   2018-05-152019-03-31
National Community Reinvestment Coalition, Inc. $ 31,146   2018-05-152019-03-31
Unidosus $ 39,129   2018-05-152019-03-31
Rural Community Assistance Corporation $ 27,366   2018-05-152019-03-31
Rural Community Assistance Corporation $ 39,129   2018-05-152019-03-31



Program Accomplishments

Not Applicable.

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 $92,904 for a manufactured home and a suitably developed lot and $23,226 for a developed lot only.

The lot must be appraised by the HUD-approved appraiser.

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 2 CFR 200, Subpart E - Cost Principles.

Aplication and Award Process

Preapplication Coordination

Preapplication coordination is required.

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 for review and approval.

Award Procedures

See Application Procedure.

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 maximum loan term is 20 years plus 32 days for a manufactured home and lot; 25 years plus 32 days for a manufactured home and lot combination; and 15 years for a lot only. 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 HUD regulations.

Financial Information

Account Identification

86-4077-0-3-371.

Obigations

(Sale, Exchange, or Donation of Property and Goods) FY 15 Not Separately Identifiable(Exp: reported under 14.110); FY 16 Not Separately Identifiable(Exp: reported under 14.110); and FY 17 Not Separately Identifiable(Exp: reported under 14.110) - Reported Under 14.110 for Fiscal Years 2009 through present.

Range and Average of Financial Assistance

The maximum mortgage amount is $92,904 for a manufactured home on a suitably developed lot and $23,226 for a developed lot only.

Regulations, Guidelines, and Literature

Not Applicable.

Information Contacts

Regional or Local Office

None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALL-FHA (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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