Content provided by the Catalog of Federal Domestic Assistance
14.162 Mortgage Insurance_Combination and Manufactured Home Lot Loans
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 for the purchase of a manufactured home and a lot on which to place the home.
TYPES OF ASSISTANCE:
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.
Applicant Eligibility: All persons are eligible to apply.
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.
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.
POST ASSISTANCE REQUIREMENTS:
Account Identification: 86-4077-0-3-371.
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.
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 email@example.com or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.
EXAMPLES OF FUNDED PROJECTS:
CRITERIA FOR SELECTING PROPOSALS: