Mortgage Insurance Combination and Manufactured Home Lot Loans
Program Objective
To make possible reasonable financing for the purchase of a manufactured home and/or a lot on which to place the home.
Eligibility
Eligible Applicants
- Nonprofit Organization
- Homeowner
All legal residents are eligible to apply.
How to Apply
Award Procedure
Approval or denial of the application is made by the HUD approved lender.
Program details & compliance
Description
Insures HUD approved lending institutions for loans made to purchase a Manufactured Home and Lot, or a lot intended for the placement of a Manufactured Home.
Mission Categories
Primary: Property and Mortgage Insurance
Use of Funds
Allowed Uses
HUD insures lenders against loss on mortgages. Insured mortgages 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 $92,904 for a manufactured home and a suitably developed lot and $23,226 for a developed lot only. The lot must be appraised by the HUD-approved appraiser.
Required 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 a HUD approved lender.
Lenders participating in the program must be approved by FHA.