FEDERAL
AGENCY:
HOUSING,
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
AUTHORIZATION:
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:
Guaranteed/Insured Loans.
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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.
ELIGIBILITY
REQUIREMENTS:
Applicant
Eligibility: All persons are eligible to apply.
Beneficiary
Eligibility: Individuals/families.
Credentials/Documentation:
Documentation regarding the characteristics of the manufactured
home unit and the qualifications of the borrower are submitted
to the lender. This program is excluded from coverage under OMB
Circular No. A-87.
APPLICATION
AND AWARD PROCESS:
Pre-application
Coordination: None. This program is excluded
from coverage under E.O. 12372.
Application
Procedure: Application is submitted to a HUD-approved
lender or through a lender's approved dealer for review and approval.
This program is excluded from coverage under OMB Circular Nos.
A-102 and A-110.
Award
Procedure: None.
Deadlines:
None.
Range
of Approval/Disapproval Time: HUD does not
participate in the approval or disapproval of individual loans.
Appeals:
The applicant may reapply.
Renewals:
Not applicable.
ASSISTANCE
CONSIDERATIONS:
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.
Length
and Time Phasing of Assistance: The average
loan term is between 15 - 25 years.
POST
ASSISTANCE REQUIREMENTS:
Reports:
Not available.
Audits:
The Department of Housing and Urban Development reserves the right
to audit the accounts of lenders in order to determine their compliance
and conformance with FHA regulations and standards.
Records:
Lenders are required to service and maintain records in accordance
with acceptable lending practices of prudent lending institutions
and the FHA regulations.
FINANCIAL
INFORMATION:
Account
Identification: 86-4077-0-3-371.
Obligations:
(Loans insured) FY 01 $46,804,739; FY 02 $10,747,986; and FY 03
est $70,000,000.
Range
and Average of Financial Assistance:
The maximum amount of the loan is $48,600, whether single
or multiple modules.
PROGRAM
ACCOMPLISHMENTS:
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.
INFORMATION
CONTACTS:
Regional
or Local Office: None. Contact HUD at 800-767-7468
for a brochure, item no. 4340.
Headquarters
Office: Chief, Home Mortgage Insurance Division,
Department of Housing and Urban Development, 451 7th Street, SW.,
Room 9272, Washington, DC 20410. Telephone: (202) 708-2121.
Web
Site Address: http://www.hud.gov/progdesc/manuf14.cfm
EXAMPLES
OF FUNDED PROJECTS:
Not applicable.
CRITERIA
FOR SELECTING PROPOSALS:
Not applicable.
