FHA guidelines for housing vary with manufactured and "frame built" houses. Let me explain a bit. manufactured housing is a pre-built structure that has the steel beams it was built on still attached. Your typical mobile home in a park is manufactured. A modular home had those beams removed when it was set in place. These can look manufactured but are viewed differently by lending institutions. Manufactured homes finance with 20% down usually, as the asset is considered depreciating. A modular home finances like a regular home as an appreciating asset. Older manufactured homes generally have stricter rules than newer ones.
FHA guildelines have to do with the condition of the home. They have to meet certain criteria to make sure the home meets a basic standard of living before the FHA will allow loans to be placed against the asset. Some of the criteria is that there cannot be any peeling paint; there cannot be any exposed wires, such as electric light that was removed and the wires capped but not enclosed in a box. The systems in the house have to be in working order, the water drainage around the house has to have a minimum slope, etc. I have not been there in a while, however, I would guide you to the FHA website to look for specific answers. In addition, your lending institution may have additional answers or could lead you to them.
You can go to the County assessors office and look up information on the home. I did not find it for sale on Realtor.com so I cannot see any specific information regarding the home. Contact a local REALTOR, we can be most helpful.... more