Financing in Melissa>Question Details

Burns97306, Home Buyer in 75454

What are the requirements to meet FHA loan rules on a mobile home?

Asked by Burns97306, 75454 Wed Aug 17, 2011

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The home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the manufactured home. If the RED TAG is missing, the house is not eligible for Section 184 financing.
Only manufactured homes built after June 15, 1976 will bear that seal. Manufactured homes built before that date are ineligible for Section 184 financing.
The home must be classified and taxed as real estate (as applicable).
The mortgage must cover both the manufactured unit and its site, or the appropriate lease documents must be in place. The mortgage must have a term of no more than 30 years from the date amortization begins.
The manufactured home must not have been installed or occupied previously at any other site or location.
The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation.
The house must be permanently attached to the foundation system. Existing homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier).
The axles and tongue must be removed from the unit. The chassis must stay in place.
The house must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Wed Aug 17, 2011
Hi, Burns97306

Phil's response is spot on.
0 votes Thank Flag Link Wed Aug 17, 2011
Everything that Phil included is correct for a mobile home in Texas. The property must also appraise for the sales price.

Often homes installed years ago do not have foundations that meet the current requirements. These homes must be retrofitted which can cost $3,000 to $6,000 depending on the home.

Other property elements that may need repairs or upgrades to qualify are roofing, rotted trim or siding, and flooring.

Patrick Jackson
0 votes Thank Flag Link Wed Aug 17, 2011
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