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 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.
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 $64,800 for a manufactured
home on a suitably developed lot and $16,200 for a developed
lot only.
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. Contact HUD at 800-767-7468
for program brochure #4340.
Headquarters
Office: Chief, 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.
