Manufactured Home Loan Insurance (Title I)
Program Objective
To help people purchase a manufactured home or refinance an existing manufactured home loan.
Eligibility
Eligible Applicants
- Nonprofit Organization
- Homeowner
All legal US residents are eligible to apply.
How to Apply
Award Procedure
The HUD approved lending institution reviews the application and make the determination of loan approval.
Decision Timeline
- Approval: From 15 to 30 days
Newly approved lenders must submit loans to HUD for a pre-closing test approval period, which will average 3 to 5 days for complete submissions. Upon successful completion of the pre-closing test phase, a lender may then be authorized to participate in the Title I Direct Endorsement Program. HUD has no other participation or regulation over the lender approval processing time.
Program details & compliance
Description
Provides insurance to financial institutions that helps people purchase a manufactured home or refinance an existing manufactured home secured loan.
Mission Categories
Primary: Property and Mortgage Insurance
Use of Funds
Allowed Uses
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 $69,678, whether single or multiple modules. The lender must give assurance that the unit will be placed on a site which complies with local zoning and land development requirements.
Required Documentation
Documentation regarding the characteristics of the manufactured home unit and the qualifications of the borrower are submitted to the lender.