Manufactured Home Loan Insurance (Title I)

 

To help people purchase a manufactured home or refinance an existing manufactured home loan. mortgage.

Active 14.110 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development F - Guaranteed/Insured Loans; H - Sale, Exchange, or Donation of Property and Goods Not applicable. National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703. All legal US residents are eligible to apply. Individuals/families. Documentation regarding the characteristics of the manufactured home unit and the qualifications of the borrower are submitted to the lender. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Application is submitted to a HUD-approved lending institution or through a lender's approved manufactured home dealer for review and approval. The HUD approved lending institution reviews the application and make the determination of loan approval. Not applicable. From 15 to 30 days. Newly approved 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. Not applicable. Not applicable. Not applicable. 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. Not applicable. Not applicable. Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the FHA regulations. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. The loan term may not be less than 6 months and may not exceed 20 years, plus 32 days. Method of awarding/releasing assistance: Lump. 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. Kevin Stevens
451 7th Street, SW
Washington, DC 20410 US
answers@hud.gov
Phone: 8002255342 https://www.hud.gov/program_offices/housing/sfh/title 86-4077-0-3-371 (Sale, Exchange, or Donation of Property and Goods) FY 22$1,000,000.00; FY 23 est $0.00; FY 24 est $4,000,000.00; FY 21$1,182,564.00; FY 20 Estimate Not Available FY 19$11,936,572.00; FY 17 est $30,000,000.00; FY 16 est $30,000,000.00; FY 15$32,000,000.00; - The maximum loan amount is $69,678. The average loan amount is $47,146. 24 CFR Part 201. Not applicable.