Ever Wondered If You Can Finance Property That Has A Mobile Home Or Manufactured Home On It HEREs Wh
Dated: July 17 2017
A manufactured home needs to meet the below requirements for insurance: **The buyer needs to get insurance secured prior to ordering the appraisal.
We need to make sure is that the mobile home is permanently tied down. All of the other eligibility requirements are the same as a homeowner's policy (no disrepair, vacancies, roof over 25 years old, etc.) Please let me know if you have questions.
A. MOBILE HOME ELIGIBILITY
Note: The mobile home must be anchored and tied down in accordance with the provisions of this section.
A Mobile Home Policy may be issued on a mobile home that is permanently tied down and is not less than:
1. Eight (8) feet in width and twenty‐five (25) feet in length and located in an “Approved Park” or
2. Ten (10) feet in width and thirty‐five (35) feet in length and located outside an “Approved Park”
Exception: If the unit has a permanently attached room which increases the living square footage, then
eight (8) feet in width and twenty‐five (25) feet in length would be eligible.
Note 1: Coverage A applies to the mobile home described in the Declarations including the structures and
utility tanks attached to the mobile home and the following (or similar‐type items) installed on a permanent
basis: floor covering, appliances, dressers and cabinets.
Note 2: A separate policy may be issued in the name of the insured mobile homeowner to cover a second
habitational structure on the same property; in no event will more than two policies be issued for property at
the same residence premises. Structures rented to others are eligible for dwelling policy types only.
Requirements for the property to meet Financing Guidelines:
1. APPRAISAL MUST SHOW HUD CERT LABEL AFFIXED TO HOME
2. PROPERTY MUST BE ON A PERMANENT FOUNDATION AND TAXED AS REAL PROPERTY.
3. PROPERTY MUST HAVE BEEN MOVED DIRECTLY FROM DEALER OR MANUFACTURER TO CURRENT HOME SITE. - should be noted by the appraiser.
4. HOME MUST BE BUILT ON OR AFTER 6/15/1976 AND MUST BE AT LEAST 24 FEET WIDE.
5. FOUNDATION CERTIFICATION REQUIRED BY STRUCTURAL ENGINEER. – this is a separate inspection, however, FHA will allow the use of a previous one as long as there have been no additions or modifications to the home. (Even a roof over a deck would constitute a new one because the roof would be attached to the home.)
Here are the FNMA guidelines.
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