With the increasing popularity of the Reverse Mortgage loan product for those homeowners 62 and older, loan processors are dealing more and more with manufactured homes in their portfolios. Many seniors have chosen the manufactured home communities as a retirement refuge and the community and recreational atmosphere lend itself well to word-of-mouth referrals and the spreading the news about FHA Idaho and Reverse Mortgage Loans benefits.
However, the manufactured home loan presents a new set of criteria for the loan officer and loan processor as well as the borrower so be prepared ahead of time. Certain criteria are a must to follow. First, the manufactured must be a HUD home, which means it must be manufactured after June 15, 1976. If there are metal plates at the rear of the home that begin with a three Alpha letters like CAL, ARZ, ORE, that's usually a good sign. If the HUD label is missing, usually a label verification letter from the Institute for Building Technology and Safety (IBTS) which will give the provenance of the home will suffice.
If the property is selling within 91 days and 12 months of purchase, HUD may require additional documentation of the home's market value. With these new rules from the FHA you'll have some trouble getting buyers for your house flip. It basically means that you'll need to find buyers for your house flips that aren't using FHA backed loans. These rules are also commonly referred to as 'seasoning issues'. You'd have to hold the property for at least three months, or let it season before you could sell it to a buyer with financing of this type. There are only three exceptions to these rules. Selling corporate housing purchased during the relocation of an employee. Selling HUD owned real estate property. Selling a newly build house.
This last requirement can throw the loan processor into a quandary if they have never expedited a manufactured home transaction previously because this request will often show up at the 11th hour of loan closing. Nine times out of ten the appraisal report will show that the home is on a foundation system so the processor or loan officer won't have alarm bells off of worry going off when they receive this condition. Unfortunately, the appraiser often simply determines "permanence" strictly on the basis that the tires and axles have been removed or some other vague set of standards, not on the basis of the foundation attachment.
There are still programs out there, such as Idaho FHA mortgage loan programs, designed to help the average person achieve the American dream of home ownership! Call an Idaho mortgage loan specialist today to find out how you could qualify!
However, the manufactured home loan presents a new set of criteria for the loan officer and loan processor as well as the borrower so be prepared ahead of time. Certain criteria are a must to follow. First, the manufactured must be a HUD home, which means it must be manufactured after June 15, 1976. If there are metal plates at the rear of the home that begin with a three Alpha letters like CAL, ARZ, ORE, that's usually a good sign. If the HUD label is missing, usually a label verification letter from the Institute for Building Technology and Safety (IBTS) which will give the provenance of the home will suffice.
If the property is selling within 91 days and 12 months of purchase, HUD may require additional documentation of the home's market value. With these new rules from the FHA you'll have some trouble getting buyers for your house flip. It basically means that you'll need to find buyers for your house flips that aren't using FHA backed loans. These rules are also commonly referred to as 'seasoning issues'. You'd have to hold the property for at least three months, or let it season before you could sell it to a buyer with financing of this type. There are only three exceptions to these rules. Selling corporate housing purchased during the relocation of an employee. Selling HUD owned real estate property. Selling a newly build house.
This last requirement can throw the loan processor into a quandary if they have never expedited a manufactured home transaction previously because this request will often show up at the 11th hour of loan closing. Nine times out of ten the appraisal report will show that the home is on a foundation system so the processor or loan officer won't have alarm bells off of worry going off when they receive this condition. Unfortunately, the appraiser often simply determines "permanence" strictly on the basis that the tires and axles have been removed or some other vague set of standards, not on the basis of the foundation attachment.
There are still programs out there, such as Idaho FHA mortgage loan programs, designed to help the average person achieve the American dream of home ownership! Call an Idaho mortgage loan specialist today to find out how you could qualify!
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