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Content provided by the Catalog of Federal Domestic Assistance
14.162 Mortgage Insurance_Combination and Manufactured Home Lot Loans

FEDERAL AGENCY:

HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

AUTHORIZATION:

National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.
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To make possible reasonable financing for the purchase of a manufactured home and a lot on which to place the home.

TYPES OF ASSISTANCE:

Guaranteed/Insured Loans.
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USES AND USE RESTRICTIONS:

HUD insures lenders against loss on mortgage loans. Insured loans may be used to purchase manufactured homes and lots for buyers intending to use them as their principal places of residence. The maximum mortgage amount is $64,800 for a manufactured home and a suitably developed lot and $16,200 for a developed lot only. The lot must be appraised by the HUD-approved appraiser. Maximum loan limits may be increased in designated high-cost areas.

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, HUD-approved appraisal of the lot, and the qualifications of the borrower are submitted to the lender. This program is excluded from coverage under OMB Circular No. A-87.

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APPLICATION AND AWARD PROCESS:
Pre-application Coordination:   Lot appraisal by a HUD-approved appraiser. This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under E.O. 12372.

Application Procedure:   Application is submitted to a HUD-approved lender for review and approval. This program is excluded from coverage under OMB Circular No. A-110.

Award Procedure:   See Application Procedure.

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 downpayment is required. The interest rate is a negotiable interest rate agreed upon between the borrower and lender. Annual insurance charges start at $1.00 per $100 of the amount advanced.

Length and Time Phasing of Assistance:   The maximum loan term is 20 years for a single-module home and lot; 25 years for a multiple-module home and lot; and 15 years for a lot only.

POST ASSISTANCE REQUIREMENTS:

Reports:   None.

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 HUD regulations and standards.

Records:   Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the HUD regulations.

FINANCIAL INFORMATION:

Account Identification:   86-4077-0-3-371.

Obligations:   (Mortgages insured) Reported under program 14.110.

Range and Average of Financial Assistance:   The maximum mortgage amount is $92,904 for a manufactured home on a suitably developed lot and $23,226 for a developed lot only.

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PROGRAM ACCOMPLISHMENTS:
In fiscal year 2001, HUD insured 1,472 loans for a total amount of $45,987,403 and expects the same amount in fiscal year 2002.

REGULATIONS, GUIDELINES, AND LITERATURE:

"Financing Manufactured Homes," HUD-265-H(10), no charge; 24 CFR Part 201.

INFORMATION CONTACTS:

Regional or Local Office:   None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALL-FHA (1-800-225-5342), by email at answers@hud.gov or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.

Headquarters Office:   Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: answers@hud.gov Phone: (800) 225-5342.

Web Site Address:  
https://portal.hud.gov/hudportal/HUD

EXAMPLES OF FUNDED PROJECTS:

Not applicable.

CRITERIA FOR SELECTING PROPOSALS:

Not applicable.

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