There is a lot of confusion and misinformation when it comes to manufactured home foundations and FHA loans. Most loan officers don't know how to do manufactured home loans...and they give out bad information. This is why so many of the loans I do are "rescue loans".....loans that started at another lender.
FHA requires an engineer's certificate in all purchase-money loans to certify that the home has a foundation that meets its guidelines. This is required because until January 1st of 2009, AZ's building code for manufactured home foundations was not as stringint as HUD/FHA code. So, buyers simply obtained conventional loans instead of FHA and avoided the extra expense of the "HUD foundation" when a home was installed.
Fast forward to today. Lots of buyers do not have the credit needed for a conventional loan, but are fine going FHA. So, FHA is back. And for buyers and sellers, there is a simple/less expensive path to follow so that a most manufactured homes can be marketed FHA, and sold to an FHA buyer. This improves the marketability of the home.
For more details, Call the Expert.....Eric North
602-524-2454
FHA requires an engineer's certificate in all purchase-money loans to certify that the home has a foundation that meets its guidelines. This is required because until January 1st of 2009, AZ's building code for manufactured home foundations was not as stringint as HUD/FHA code. So, buyers simply obtained conventional loans instead of FHA and avoided the extra expense of the "HUD foundation" when a home was installed.
Fast forward to today. Lots of buyers do not have the credit needed for a conventional loan, but are fine going FHA. So, FHA is back. And for buyers and sellers, there is a simple/less expensive path to follow so that a most manufactured homes can be marketed FHA, and sold to an FHA buyer. This improves the marketability of the home.
For more details, Call the Expert.....Eric North
602-524-2454
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