Program Descriptions
Program Number
14.162
Title
Mortgage Insurance-Combination And Manufactured Home Lot Loans
Federal Agency
HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Authorization
National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.
Status
Active
Objectives
To make possible reasonable financing for the purchase of a manufactured home and a lot on which to place the home.
Types of Assistance
Guaranteed/Insured 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.
Application 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 Procedure
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 Procedure
See Application Procedure.
Deadlines
None.
Range of Approval/Disapproval Time
HUD does not participate in the approval or disapproval of individual loans.
Appeals
The applicant may reapply.
Renewals
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.
Obligations
(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.
Program Accomplishments
In Fiscal Year 2007, HUD insured 1,386 loans.
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.
Web Site Address
http://www.hud.gov/offices/hsg/sfh/ins/singlefamily.cfm
Related Programs
14.110, Manufactured Home Loan Insurancefinancing Purchase Of Manufactured Homes As Principal Residences Of Borrowers
14.127, Mortgage Insurance-Manufactured Home Parks
14.142, Property Improvement Loan Insurance For Improving All Existing Structures And Building Of New Nonresidential Structures
Examples of Funded Projects
Not applicable.
Criteria for Selecting Proposals
Not applicable.
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