 |
 |
| 14.110 MANUFACTURED HOME LOAN INSURANCE_FINANCING PURCHASE OF MANUFACTURED HOMES AS PRINCIPAL RESIDENCES OF BORROWERS |
| (Title I) |
| FEDERAL AGENCY |
| HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT |
| AUTHORIZATION |
| National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703. |
| OBJECTIVES |
| To make possible reasonable financing of manufactured home purchases. |
| TYPES OF ASSISTANCE |
| Guaranteed/Insured Loans. |
| USES AND USE RESTRICTIONS |
| 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 $48,600, whether single or multiple modules. The borrower must give assurance that the unit will be placed on a site which complies with local zoning and land development requirements. |
| Applicant Eligibility |
| All persons are eligible to apply. |
| Beneficiary Eligibility |
| Individuals/families. |
| Credentials/Documentation |
| Documentation regarding the characteristics of the manufactured home unit and the qualifications of the borrower are submitted to the lender. This program is excluded from coverage under OMB Circular No. A-87. |
| Preapplication Coordination |
| None. This program is excluded from coverage under E.O. 12372. |
| Application Procedure |
| Application is submitted to a HUD-approved lender or through a lender's approved dealer for review and approval. This program is excluded from coverage under OMB Circular Nos. A-102 and A-110. |
| Award Procedure |
| None. |
| 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. |
| 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 5 percent down-payment is required. The interest rate is agreed upon between the borrower and lender. Annual insurance charges are $1.00 per $100 of the amount advanced. |
| Length and Time Phasing of Assistance |
| The average loan term is between 15 to 25 years. |
| Reports |
| Not applicable. |
| 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 FHA regulations and standards. |
| Records |
| Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the FHA regulations. |
| Account Identification |
| 86-4077-0-3-371. |
| Obligations |
| (Loans insured) FY 07 $53,235,426; FY 08 est $71,121,000; and FY 09 est $71,121,000. |
| Range and Average of Financial Assistance |
| The maximum amount of the loan is $48,600, whether single or multiple modules. The average loan amount for FY 2006 is $37,970. |
| PROGRAM ACCOMPLISHMENTS |
| During fiscal year 2007, 1,386 loans were made. |
| REGULATIONS, GUIDELINES, AND LITERATURE |
| "Financing Manufactured Homes," HUD-265-H(10); 24 CFR Part 201. |
| Regional or Local Office |
| None. Contact HUD at (800) 767-7468 for a brochure, item no. 4340. |
| Headquarters Office |
| Director, Home Mortgage Insurance Division,Department of Housing and Urban Development, 451 7th Street, S.W., Room 9266, Washington, DC 20410. Telephone: (202) 708-2121. |
| Web Site Address |
| http://www.hud.gov/offices/hsg/sfh/title/manuf14.cfm |
| RELATED PROGRAMS |
| 14.142, Property Improvement Loan Insurance for Improving All Existing Structures and Building of New Nonresidential Structures; 64.119, Veterans Housing_Manufactured Home Loans. |
| EXAMPLES OF FUNDED PROJECTS |
| Not applicable. |
| CRITERIA FOR SELECTING PROPOSALS |
| Not applicable. |
|
General Services Administration Office of Chief Acquisition Officer Regulatory and Federal Assistance Division (VIR) |
|