Mortgage Loan Officer Gustan Cho
Mortgage Loan OfficerForum Replies Created
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Thanks @Brent
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Manufactured homes and modular homes can be eligible for FHA (Federal Housing Administration) loans, but there are specific requirements they must meet to qualify. Here are some key criteria:
HUD Certification: The home must meet the HUD (Department of Housing and Urban Development) Code for manufactured housing and have a HUD Certification Label affixed to it. This label certifies that the home meets the necessary construction and safety standards.
Permanent Foundation: For manufactured homes, they must be affixed to a permanent foundation that meets FHA guidelines. This foundation typically includes a concrete pad or piers anchored to the ground.
Property Standards: Both manufactured and modular homes must meet FHA’s property standards, which include requirements for safety, security, and structural soundness.
Age Restrictions: For manufactured homes, they must have been constructed after June 15, 1976, to be eligible for FHA financing. Homes built before this date do not meet the HUD Code standards.
Location: The home must be located on a lot or in a community that complies with FHA guidelines. This typically means the property must be zoned for residential use and meet certain infrastructure requirements.
Appraisal: An FHA-approved appraiser will assess the home to ensure it meets FHA standards for value and condition.
Credit and Income Requirements: Borrowers must meet FHA’s credit and income requirements to qualify for the loan. This includes having a steady income and a credit score that meets FHA standards.
Loan Limits: FHA sets loan limits for the maximum amount that can be borrowed, which can vary by location. The loan amount for the manufactured or modular home must fall within these limits.
It’s important to note that FHA requirements may change over time, so it’s advisable to consult with a lender or FHA-approved housing counselor for the most up-to-date information and to determine eligibility.
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Matt Conaughey inspirational st
https://www.facebook.com/share/v/m3vu2t9ymkeVfDBa/?mibextid=OTybqR
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"It is a #scientific fact that #gratitude reciprocates." - #MatthewMcConaughey #Inspiring and captivating message with three(important) #lessons. Worth...
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Another inspirational video. A must see.
https://www.facebook.com/share/v/4LyfmngWM3YLmJWY/?mibextid=OTybqR
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Rich man gives a Rolex to honest employee 😭his reaction made us all cry
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Another must watch speech from a Navy Admiral
https://www.facebook.com/share/v/ay4SrVES3dmxwacm/?mibextid=OTybqR
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This is SO BADASS. Watch the whole thing | By Dana White | Facebook
This is SO BADASS. Watch the whole thing
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Robert Kyosaki foundation and belief on don’t follow money but rather have money follow you is similar to mine
https://www.facebook.com/share/v/ZugaWcGVqYTZCmp5/?mibextid=OTybqR
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"Rich people don't work for money..."
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Another amazing inspirational video our viewers should watch
https://www.facebook.com/share/v/6g9Nw7B26pP8Mr6A/?mibextid=OTybqR
facebook.com
Rick Rigsby's powerful speech: How his father made an impact and helped Rick to become the best man he could be through troubling times.
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Here’s another must see video. Power of Words
https://www.facebook.com/share/v/TTvXPat8oPFbwRPK/?mibextid=OTybqR
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The #power of #words. One of the best speeches ever. A must listen 👌🏽. Mohammed #Qahtani, the winner of the #Toastmasters #World #Championship of Public...
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Many manufactured homes are nicer than stick built homes but lenders consider them substandard homes
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