|
Nationwide Mortgage Concepts is a
Mobile Home Mortgage lender with a variety of loan options
and unique
features that makes it possible for you to borrow more
Mobile Home for less. See why we are the Nations #1
Mobile Home Mortgage Lender. |
 |
|
|
 |
We do Manufactured Home Loans & Modular Home Loans
for Purchase, Cash Out Refinance and Rate & Term
Refinance (just lowering your current rate). There are a few
things your property needs in order to qualify.
1. Pre-Fab built onsite ok.
2. Single, Double or Triplewide but
at least 400 Sq. Ft.
3. Must own land and pay
property taxes.
(NO SPACE RENTAL MOBILE HOME PARKS).
4. Must be on a Permanente
Concrete Foundation.
5. Must have been built after
June 1976.
6. If you own a Mobile Home it
must have this Label
attached.
(CLICK HERE FOR EXAMPLE)
Refinance your current mortgage and pull some
cash out? Borrow up to 95% of your
manufactured homes Value
and use the cash for any reason. Want to lower
your current rate? Refinance up to
97% with one
loan. Purchase a new manufactured home with only
1.5% Down. Challenged Credit and Low Credit Scores Ok. Great for First Time Home Buyers! Low
credit scores doesn't mean a high rate. We offer
a low 30 year fixed rate that allows you more
home for the payment.
If you have any questions please call our Manufactured
Home experts Toll-Free (888) 838-1141
√ 30 YEAR FIXED
√ BAD
CREDIT
√ 95%
CASH-OUT | |
|
Manufactured Home Loans
Questions and Answers
on Manufactured Home Loans
The questions and answers
included in this pamphlet are intended to
cover major items of interest to veterans
interested in buying a manufactured (mobile)
home. The questions do not cover all
possible situations involved in financing
the purchase of manufactured homes.
What is a FHA-Guaranteed Manufactured
Home Loan?
FHA-guaranteed
manufactured home loans are made by private
lenders such as finance companies. The
guaranty means that FHA will protect the
lender against loss if the borrower later
owner fails to repay the loan.
Who is Eligible for a Manufactured Home
Loan?
What are the
Requirements for a FHA Manufactured Home
Loan Approval?
To obtain a FHA loan:
- You must be able to
prove your income.
- The loan must be for
primary home for all borrowers for
manufactured home.
- You must occupy or
intend to occupy the manufactured home
as your home within a reasonable period
of time after closing the loan.
- You must have enough
income to meet the payments on the loan,
cover the costs of owning a manufactured
home, take care of other monthly
obligations and expenses, and still have
enough income left over for family
support (a spouse's income is considered
in the same manner as the borrower.
What is the Maximum
Loan Amount you May Borrow on a Manufactured
home?
The maximum loan amount
for a new manufactured home is the lesser of
the following:
- 98.5 percent of the
purchase price of the property securing
the loan, plus the FHA mortgage
insurance and loan closing costs. Seller
can pay up to 6% of the purchase price
for closing costs.
- Determination of the
manufacturer's invoice cost, plus or
minus the cost of any items added or
removed by the dealer, plus certain
other costs (up to certain maximums),
plus the FHA mortgage insurance and loan
closing costs.
- The maximum loan
amount for a used manufactured home
andor a lot and/or necessary site
preparation is determined by a full real
estate appraisal.
What are the
Manufactured Home Loan Repayment Terms?
The maximum terms for
manufactured home loans are: 30 years and
sometimes up to 40 years.
What is a Manufactured Home for FHA Loan
Purposes?
A manufactured home is
built on a permanent frame and is made to be
moved in one or more sections. It must be
built to be lived in year round by a single
family and there must be permanent eating,
cooking, sleeping and sanitary facilities. A
single-wide manufactured (mobile) home must
be at least 10 feet wide, with a minimum
floor area of 400 square feet; double-wide
units must be at least 20 feet wide, with at
least 700 square feet of floor space.
A modular home is not the same as a
manufactured home for FHA purposes. Although
the parts or sections of a modular home are
built in the factory and then moved to the
building site, the home must still be put up
and completed at the building site. You may,
however, obtain a loan to purchase a modular
home under FHA's regular home loan program.
What Types of FHA Manufactured Home Loans
are Available?
You may use a FHA
Manufactured home loan to:
- Buy a manufactured
home and/or lot
- Buy and improve a lot
on which to place a manufactured home
you already own and occupy.
- Refinance a
manufactured home loan in order to buy a
lot.
- Refinance an existing
FHA manufactured home loan to reduce the
interest rate.
Where Must a
Manufactured Home be Located?
Any real property, or lot
owned or to be purchased which has been
approved by the FHA.
What Factors to be Considered in Choosing
a Site for your manufactured home?
If you are placing a
manufactured home on land you are buying or
already own, consider how far away the
utilities are and the cost of hookup. If
service from a public or community water or
sewage system is not available, find out if
the ground water and subsoil conditions are
satisfactory for an individual well and/or
sewage disposal system.
Remember, if you want to move your home at a
later date, you will need a professional
mover and the costs involved will be
expensive.
How Do you Go About Getting a FHA
Manufactured Home Loan?
You should:
- Call
us to Pre-Qualify to see how much
manufactured home you can afford.
- Find a manufactured
home which meets FHA standards.
- Arrange for purchase
of a manufactured home and lot.
- Arrange a FHA loan
through us FHA NATIONWIDE MORTGAGE
CONCEPTS.
What is the current
Interest Rate Manufactured Home Loans?
The rate depends on market
conditions. FHA does not set the interest
rate.
Can the Interest Rate be Changed on a
Manufactured Home Loan?
Once a loan is made, the
interest rage generally remains the same for
the life of the loan. However, if interest
rates on manufactured home loans go down,
you can refinance your manufactured home
obtained with a previous FHA loan may apply
to a lender for a new FHA loan to refinance
the first loan at a lower interest rate.
Is a FHA Guaranteed Loan a Gift?
No. It must be repaid,
just as you must repay any money you borrow.
If you fail to make the payments you agree
to make, you may lose your home through
foreclosure, and you and your family would
probably lose all the time and money you had
invested in it. In addition, if the lender
takes a loss, FHA must pay the guaranty to
the lender, and you will be required to
repay the amount paid by FHA.
If a Manufactured Home is Sold, Can the
FHA Manufactured Loan be Assumed?
Yes. However, for loans
made after March 1, 19876, the borrower is
required to apply to the holder of the loan
for approval of the assumption and release
from liability. If the loan was obtained
prior to that date, it may be assumed
without the approval of the loan holder or
FHA, but the veteran will usually remain
liable on the loan unless he or she applies
to FHA for a release from liability and FHA
grants the release in writing.
Will a Release of Liability Restore the
Entitlement the FHA approval Originally Used
in Getting the Loan?
Can you have More Than
One FHA Manufactured Home Loan?
Yes, if you qualify for
the new manufactured home loan to buy
another manufactured home and/or you have
sold or rented the previous manufactured
home.
Manufactured
homes offer a wide variety of styles and
prices.
There is a
manufactured home to fit almost every
pocketbook. Some models are designed for
those whose budget limits them to a
lower-cost home. Other models have such
higher-priced features as cathedral
ceilings, formal dining rooms, and wood
burning fireplaces. The home can be a
single-section unit or a larger
multi-section unit. Multi-section homes come
from the factory in two or more parts that
are joined at the site. A single-section
home comes from the factory as one complete
unit. With more than 150 companies building
manufactured homes in more than 400
factories, and with manufactured home sales
centers located throughout the United
States, you have an opportunity to choose
from a wide variety of home styles.
Manufactured Home
Factory-built or prefabricated housing,
including mobile homes.
Mobile Home
A factory-assembled residence consisting
of one or more modules, in which a
chassis and wheels are an integral part
of the structure, and can be readied for
occupancy without removing the chassis
and/or wheels.
Modular House
A factory-assembled residence built in
units or sections, transported to a
permanent site and erected on a
foundation. Excludes mobile homes.
Manufactured Homes
|
A manufactured home, also called
"mobile home" or "modular home",
is a complete home for
permanent, year-round living.
Over 32% of all new single
family residential housing in
America are manufactured homes.
Manufactured homes are built as
dwelling units with a permanent
chassis to assure a
transportability of the home.
They can be transported to the
site by professional movers.
All manufactured homes must
contain a manufacturer's
certification --red label-- that
the home is built in accordance
with HUD's construction and
safety standards. This standards
regulate manufactured home
design and construction,
strength and durability, fire
resistance, and energy
efficiency.
Manufactured homes are available
from the retailer, or a
manufactured home supply office.
Most manufactured homes are
placed on individually owned
property. If you plan to place
the manufactured home on land
you own, it is recommended to
check local regulations and
restrictions before you buy.
You may want to place your home
in the manufactured home
community. There many such
communities in the U.S. Finding
quality community isn't easy.
Find out exactly what is
included in your rent and what
rules and regulations are in the
community. According to the
American Housing Survey data
the median monthly mobile home
park fee averages $53.
The retail sales center where
you buy your home can provide
information on financing. You
also have the option of shopping
for your own financing. If you
are buying the home and the land
together, or plan to place the
home on land you already own,
some financial institutions
offer traditional real estate
mortgages with similar interest
rates.
|
HOW TO
BUY A MANUFACTURED HOME
A manufactured home is probably the
single most important purchase you will
make in your lifetime. In recent years,
nearly one-third of all new
single-family homes bought have been
manufactured homes. The Manufactured
Housing Institute and the Federal Trade
Commission's Office of Consumer and
Business Education developed this
booklet to guide you through this very
critical purchasing decision.
If you are thinking
about buying a manufactured home, this guide
is for you. It will tell you about
manufactured homes and how to go about
choosing one that meets your needs and your
pocketbook. You will learn how a home is
transported to a site, how the site must be
prepared, and how the home is installed on
the site. You also will learn about
manufactured home warranty protection. By
following the guide's suggestions, you
should be able to avoid some possible
pitfalls when buying a manufactured home.
The term "manufactured home" was adopted
in 1980 by the the United States Congress to
describe a type of house that is constructed
in a factory to comply with a building code
developed by the Department of Housing and
Urban Development (HUD). In the past,
manufactured homes were called "mobile
homes," a term that many people still use.
However, "mobile" is no longer an accurate
name because fewer than five percent of such
homes are ever moved off the owner's
original site.
|
A manufactured home,
also known as a mobile home, or modular home is
a dwelling that is built to the Manufactured
Home Construction and Safety Standards. Unlike a
modular home, these standards are set by the
U.S. Department of Housing and Urban Development
(HUD). Manufactured homes are built in a
controlled setting, typically a manufacturing
plant or a factory, and are transported in 1 or
2 pieces (single or double-wide) on a permanent
steel chassis to a location using its own
wheels.
Every manufactured home has a data plate (HUD
Tag) that is readily accessible and visible,
usually near the main electrical panel. The data
plate contains information including: the
manufacturing plant in which the manufactured
home was assembled, the serial number and the
date the unit was manufactured.
Manufactured homes are often confused with
modular homes. Modular homes are built from
3 or more pieces, assembled onsite, and built on
a permanent foundation. Modular homes resemble
traditional single family homes and do not have
a HUD tag.
Manufactured Home Loans
Manufactured Home Loans are offers for
refinance or purchase loans with FHA or FNMA
mortgages. Borrowers can refinance or purchase
manufactured homes up to 97% loan to value. If
homeowners want to refinance their single family
residence and get cash back, they can borrow up
to 95% loan to value.
Manufactured Home Loan Information
Guide
Members of CommonWealth Central
Credit Union who are manufactured home owners can
now
take advantage of our new
Manufactured Home
Loan Refinance Program. Here are a few of
the program requirements:
•
This program is for
refinancing existing manufactured home loans
only. Loans to
purchase manufactured homes are not
available at this time.
•
The manufactured home
must be an owner-occupied primary residence.
•
Loans will be available
for manufactured homes in leased space parks in the
following
counties only: Santa Clara, Santa
Cruz and San Benito.
•
The manufactured/mobile
home park must be approved by CommonWealth and our
appraiser prior to final loan
approval.
•
The manufactured/mobile
home park may not be for mixed use. The park may
only be
for manufactured homes permanently
fixed to a foundation. Trailers, RVs and motor
homes, and parks that accept
trailers, RVs and motor homes are not eligible for
this
program.
•
A non-refundable
application fee will be collected prior to
processing the loan.
Currently this fee is not being
charged.
•
Minimum Loan Amount:
$50,000. Maximum Loan Amount: $417,000.
Year of Used Manufactured Home
Loan-To-Value
2000 – 2006 Up to 98.5% CLTV*
2000 – 2006 70.01% to 98.5% CLTV*
1995 – 1999 Up to 95% CLTV*
1980 – 1994 Up to 95% CLTV*
Please ask a
Manufactured Home Loan
Representative for a Manufactured Home Loan
application. For more
information, please contact the Real
Estate Department
*CLTV = Combined loan-to-value
Manufactured homes (also known as prefabricated
housing) are manufactured home residences that are
built entirely at a factory and then transported to
the site where they will be inhabited. Though these
homes are almost completely stationary, they are
still sometimes referred to as “mobile homes.”
Because of this and other negative stereotypes, it
is often impossible to obtain a mainstream mortgage
to finance a purchase of a manufactured or prefab
house. Lenders have a variety of reasons why they
choose to not finance these residences, but there is
also some good news for owners of manufactured homes
as new legislations has been passed and more
opportunities are opening up and good news lower
interest rates for manufactured home loans.
manufactured home loan
lenders sometimes accept the same
untrue stereotypes as the general public, which can
lead to problems for those looking to purchase
manufacturing housing. For one, these types of
residences are often portrayed as unsafe when facing
natural disasters. In the media, when portraying the
aftermath of a flood, hurricane, or tornado, it is
often manufactured homes or mobile homes that are
shown, since these manufactured homes are usually
the most devastated, due to a lack of being properly
affixed to the foundation. This lack of safety is
exacerbated when lenders consider manufactured
housing to have more defects and faults that housing
built on-site. These defects can occur in the
factory, where attention is paid to low-cost
production, or in the move from the factory to the
site. Additionally, one of the biggest problems for
these types of houses is that they are installed on
rented land. If the owner of the land decides that
he has a better use for it, then the house owner
must either move the house or leave it. All of these
factors add up to make manufactured houses look like
very weak collateral. As such, many mainstream
mortgage companies won’t finance them, and you’ll
have to look for other options, such as a personal
loan (these usually have much higher interest
rates).
Despite all this, manufactured houses are
extremely cheap when compared to houses built
on-site, and this is a necessity for underprivileged
communities. Laws have been recently passed which
give owners of these houses more rights, and the
government has also upped the building code to make
sure that the quality of the houses themselves are
improved. To fix the rented land problem, some
manufactured housing owners have started local
co-ops to buy large portions of land exclusively for
that purpose.
Did you
know that one out of 7.5 new single
family residences are manufactured
homes? There are over 22 million people
living in manufactured homes.
Manufactured homes are required to be
built to federal HUD Code which was
created 32 years ago. "The term
manufactured home was adopted in 1980 by
the US Congress to describe a type of
house that is constructed in a factory
to comply with a building code developed
by the Department of Housing and Urban
Development (HUD)." Manufactured homes
are not mobile homes. |
Manufactured Homes
Expanding homeownership
opportunities to more borrowers
Freddie Mac is committed to purchasing mortgages
secured by manufactured homes in support of our
commitment to expand homeownership opportunities.
Our requirements for manufactured homes are designed
so that the mortgages we purchase are originated,
underwritten and serviced in a way that will better
ensure that we are putting qualified borrowers into
homes they can both afford and maintain.
It is important for manufactured home loan
lenders to understand the requirements for titling
manufactured homes and perfecting liens on the
manufactured home in each state where manufactured
home mortgages secured by manufactured homes are
originated. This understanding will help better
serve the needs of your borrowers, create more
manufactured home loan financing options for low-
and moderate-income borrowers and expand your market
opportunities.
| Feature |
Requirements |
| Manufactured Home Type |
- 1-unit primary residence
Manufactured Homes
- Manufactured Homes as Second homes
- EEligible manufactured homes must
meet special requirements
|
| Eligible
Manufactured Home
Mortgage Products |
- 15-, 20- and 30-year fixed-rate
mortgages /li>
- 7/1 and 10/1 ARMs
- OOriginate with A-minus Mortgages and
Home Possible 98.5 Mortgages.
- Mortgages for Newly Constructed
Homes (Newly Built Manufactured Home
Mortgages and Construction Conversion
Manufactured Home Mortgages only)
|
|
Manufactured Home Loan
Transaction Type |
- Manufactured Home Loan Purchase
- No cash-out
Manufactured Home Loan
Refinance
-
Manufactured Home Loan
Cash-out refinance
|
| Maximum LTV
Ratios (without secondary financing)/td>
|
- Must comply with special LTV ratios
listed in Guide Section H33.3 (d) and
(e).
|
|
EEligibility/Underwriting
Manufactured Home
Loans |
- All Manufactured Home Loan
mortgages secured by
manufactured homes must be submitted in
writing.
- If the borrower owns the land on
which the manufactured home is being
permanently attached, the land may be
used as an equity contribution. /li>
|
| Execution
Options |
- Servicing-released Cash*
- Servicing-retained Cash
- WAC ARM Cash
- Fixed-rate Guarantor
- WAWAC ARM Guarantor
- Multi Manufactured Home Lender Swap
* See our list of specific manufactured home
fixed-rate mortgages eligible for sale best
efforts or mandatory, servicing released. |
| Delivery Fees |
- Special delivery fees will be
assessed and billed in conjunction with
the sale of manufactured home mortgages
secured by manufactured homes.
|
| Special
Delivery Requirementsd>
|
- SeeSee Guide for additional special
delivery requirements for mortgages
secured by manufactured homes.
- You must deliver all manufactured
mortgage data required by Form.
|
|
Single-Family Seller/Servicer Guide |
- Refer to manufactured home loan
guide
|
Manufactured Home Loan Lender Benefits
Mortgages secured by manufactured homes help you:
- Expand your homeownership opportunities to
low- and moderate-income borrowers. >
- Meet your Community Reinvestment Act goals.
- StreStreamline your process with streamline
manufactured home loan underwriting.
Benefits for Manufactured Home Loan Borrowers
Mortgages secured by manufactured homes help you
borrowers:
- Take advantage of conventional financing
terms when you originate mortgages secured by
manufactured homes legally classified as real
property.
- Leverage financing flexibility with a choice
of fixed-rate, 7/1 ARMs or 10/1 ARMs.
- ExpaExpand their homeownership options with Home
Possible 98.5 Mortgages and the Loan A-minus
offering.
For More Manufactured Home Loan Information
- Call your Manufactured Home Loan Lender.
|
|
|
 |
Manufactured Home
Fact Sheet for Home Loan Builders and
Manufacturers nt>
|
|
|
 |
Manufactured
Mortgage Loans |
 |
|
|
Manufactured Home
Loans |
|
 |
Manufactured
Mortgage Home
Loans for
Refinance |
 |
|
I. Description of Manufactured
Home Program
The Manufactured Housing Program
is a consumer protection program
that regulates the construction
of certain factory built housing
units, called manufactured
homes, formerly known as mobile
homes. The HUD program also
oversees the enforcement of the
construction standards through
third party inspection agencies
and State governments.
II. FHA Manufactured Home
Construction and Safety
Standards
Manufactured homes are homes
built as dwelling units of at
least 320 square feet in size
with a permanent chassis to
assure the initial and continued
transportability of the home.
All transportable sections of
manufactured homes built in the
U.S. after June 15, 1976 must
contain a red label on the home;
the label is the manufacturer's
certification that the home
section is built in accordance
with the HUD construction and
safety standards.
The HUD manufactured housing
standards are preemptive over
any State or local standard for
home construction provided that
the HUD standards cover that
aspect of performance of the
home. The HUD standards cover
Body and Frame Requirements,
Thermal Protection, Plumbing,
Electrical, HVAC, Fire Safety
and other aspects of the home.
The standards are published in
the Code of Federal Regulations
at 24 CFR 3280.
III. Enforcement of the FHA
Manufactured Home Loan
Standards
Certain HUD approved States and
private third party agencies
inspect the homes at one stage
of production and approve the
manufacturers designs as
consistent with the HUD
standards. Manufacturers
contract directly with the State
or local third party and pay for
the design review and home
inspection services. A list of
the State governments and
HUD-approved third party
inspection agencies is attached
to this Fact Sheet. Manufactured
home retailers also have certain
responsibilities to assure that
only homes meeting the standards
are sold to the general public.
IV.Manufactured
Mortgage Loan Program Enforcement
HUD has entered into cooperative
agreements with 38 State
governments to conduct periodic
checks of plant records and to
respond to consumer complaints.
These State governments each
designate a
State Administrative Agency
(SAA).
Manufactured Housing staff
provide these functions in the
other 12 States without SAAs.
V.
Manufactured Mortgage
Loan
Program Management
HUD manages the program from
its' Headquarters in Washington,
D.C. The program's office.
HUD also uses a monitoring
contractor, to conduct
monitoring reviews of third
parties, issue certification
labels to manufacturers, and
perform record reviews in
non-SAA states.
Manufactured Home Construction
and Safety Standards, 24 CFR
3280. Available in print free of
charge from the HUD Customer
Service Center
|
|
|
|
|
|
|
Fact Sheet for Purchasers of
Manufactured Homes
|
I. Description of Manufactured Loan
Program
The Manufactured Housing Program is
a consumer protection program that
regulates the construction of
certain factory built housing units,
called manufactured homes, formerly
known as mobile homes. The HUD
program also oversees the
enforcement of the construction
standards working through private
inspection agencies and State
governments.
II. HUD Manufactured Home
Construction Standards
Manufactured homes are built as
dwelling units of at least 320
square feet in size with a permanent
chassis to assure the initial and
continued transportability of the
home. All transportable sections of
manufactured homes built in the U.S.
after June 15, 1976, must contain a
red label. The label is the
manufacturer's certification that
the home section is built in
accordance with HUD's construction
and safety standards. HUD standards
cover Body and Frame Requirements,
Thermal Protection, Plumbing,
Electrical, Fire Safety and other
aspects of the home. They are
published in the Code of Federal
Regulations at 24 CFR 3280.
III. Consumer Complaints
HUD has entered into cooperative
agreements with 38 State governments
to conduct periodic checks of plant
records and to respond to consumer
complaints. These State governments
each designate a
State Administrative Agency
(SAA). HUD staff carry out these
functions in the other 12 States
without SAAs.
If you have any complaints about the
performance of your manufactured
home that have not been resolved by
the retailer where you purchased the
home or by the manufacturer that
produced the home, you should first
contact the SAA where you live, or
HUD if you do not live in a State
with an SAA. It is important to
provide the following information
with your complaint:
 |
Your name, address and a
telephone number where you
can be reached during the
day; |
|
|
The name of the
manufacturer, serial and
model number, label number
(the red tag on the back of
the home), the date
purchased and the retailer
where you purchased the
home; |
|
|
A description of the problem
along with copies of any
correspondence or contacts
with the retailer and the
manufacturer to resolve the
problem. |
IV. Program Management
HUD manages the program from its
Headquarters office in Washington,
DC. The mailing address is:
Office of Manufactured Housing
Programs
Office of Regulatory Affairs and
Manufactured Housing
Department of Housing and Urban
Development
451 7th St. SW, Room 9164
Washington, D.C. 20410-8000
The toll free number for
manufactured home consumer
complaints is 1-800-927-2891.
Consumers may leave a message and
request that a staff person return
their call. The program office's fax
number is 202-708-4213 and the
Internet
V. Other Related HUD Fact Sheets and
Publications
Fact Sheet For
Builders/Manufacturers -
Manufactured Housing Program
Manufactured Home Construction and
Safety Standards, 24 CFR 3280.
Available in print free of charge
from the HUD Customer Service Center
at 1-800-767-7468 or fax
1-202-708-2313.
Manufactured Home Procedural and
Enforcement Regulations, 24 CFR
3282. Available in print free of
charge from the HUD Customer Service
Center at 1-800-767-7468 or fax
1-202-708-2313.
Permanent Foundations Guide for
Manufactured Housing, issued
September 1996. Available as
software or in print from
HUDuser.
Ninth Report to Congress on the
Manufactured Housing Program, issued
October 1996. Available in print
from
HUDuser.
VI. Points of Contact for Questions
and Additional Information
Contact the State Administrative
Agency where you live, UNLESS you
live in one of the following States:
AK, CT, DE, HI, KS, MA, MT, NH, OH,
OK, VT, or WY. If you live in one of
the 12 states listed above, call
1-800-927-2891 (toll free) and the
appropriate HUD staff person will
return your call. Be sure to give
your state and phone number if you
leave a message; OR, you may contact
HUD via the Internet.
|
|
|
