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14.110 Manufactured Home Loan Insurance_Financing Purchase of Manufactured Homes as Principal Residences of Borrowers
HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.
To make possible reasonable financing of manufactured home purchases.
TYPES OF ASSISTANCE:
USES AND USE RESTRICTIONS:
HUD insures lenders against loss on loans. Insured loans may be used to purchase manufactured home units by buyers intending to use them as their principal places of residence. The maximum amount of the loan is $48,600, whether single or multiple modules. The borrower must give assurance that the unit will be placed on a site which complies with local zoning and land development requirements.
Applicant Eligibility: All persons are eligible to apply.
Pre-application Coordination: None. This program is excluded from coverage under E.O. 12372.
Formula and Matching Requirements: HUD insures private lenders against losses of up to 90 percent of any single loan with maximum insurance coverage limited to a total of 10 percent of the total amount insured. A 5 percent downpayment is required. The interest rate is agreed upon between the borrower and lender. Annual insurance charges are $1.00 per $100 of the amount advanced.
POST ASSISTANCE REQUIREMENTS:
Reports: Not available.
Account Identification: 86-4077-0-3-371.
During fiscal year 2001, 1,472 loans were made. The Department expects similar number of loans to be made in fiscal year 2002.
REGULATIONS, GUIDELINES, AND LITERATURE:
"Financing Manufactured Homes," HUD-265-H(10); 24 CFR Part 201.
Regional or Local Office: None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALLFHA (1-800-225-5342), by email at firstname.lastname@example.org or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.
EXAMPLES OF FUNDED PROJECTS:
CRITERIA FOR SELECTING PROPOSALS: