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Shelby County : Real Estate Advice

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Activity 24
Mon Apr 3, 2017
Joel Lobb answered:
GUS approval required. No manual underwrites allowed. 640 Credit score no bankruptice last 3 years or foreclosure last 3 years.
• Second review/signature of the property appraisal is required by USDA
• Refinances and purchase loans. If a purchase must be brand new and from an approved USDA lender dealer
• Manufactured home must be existing construction (permanently affixed to the
foundation and titled as real estate).
• 2-4 unit properties located in a PUD are not allowed.
• No non-occupying co-borrower allowed
• No paying off debt to qualify allowed
• No Mortgage Interest Differential payment income allowed
• Singlewide manufactured homes are not eligible
• Manufactured Housing Condo units eligible
• Manufactured Housing PUD units eligible
• In general, max two acres allowed, but up to five acres allowed only if appraisal
reflects no more than 40% land value
• Must meet all USDA agency requirements
• The following eligibility requirements must be met for all manufactured homes:
• Site development work must conform to standards imposed by the state and
local government.
• The manufactured home must have been built and installed in compliance with
the Federal Manufactured Home Construction and Safety Standards that HUD
established June 15, 1976 and additional requirements that appear in HUD
USDA Product Profile 11 of 46 03/30/17
Guidelines Subject to Change
regulations at 24 C.F.R. Part 3280 as evidenced by the presence of both a HUD
Data Plate and the HUD Certification Label (Tag). Manufactured homes built
prior to June 15, 1976 are ineligible.
• If the original or alternative documentation cannot be obtained for both the
Data Plate/Compliance Certificate and HUD Certification Label (tag), the loan
is not eligible.
• If the HUD tag is missing, a recent "HUD Certification Verification" letter
issued by the Institute for Building Technology and Safety (IBTS) or a copy of
the Data Plate from the In-Plant Primary Inspection Agency (IPI) or
manufacturer must be in the loan file.
• Additional property eligibility requirements for manufactured homes:
• The manufactured home must be secured by both the manufactured home and
the land and both must be classified as real property under applicable state law
and subject to taxation as real estate.
• The manufactured home must be attached to a permanent foundation system in
accordance with the manufacturer's requirements for anchoring, support,
stability, and maintenance. The foundation must be appropriate for the soil
conditions for the site and must meet local and state codes.
• The manufactured home must be attached to a permanent foundation system in
accordance with the manufacturer's requirements for support, stability, and
maintenance. The foundation must be appropriate for the soil conditions for the
site and must meet local and state codes.
• If the manufactured home was installed prior to October 20, 2008, the anchoring
system must comply with the manufacturer's design or a design by a licensed
(registered) professional engineer, otherwise, the anchoring system must comply
with HUD Codes.
• The manufactured home must be built on and remain on a permanent chassis
with the towing hitch, wheels and axles removed.
• Must be a 1-unit dwelling.
• Incomplete items, such as a partially completed addition or renovation, or
defects or needed repairs that affect safety, are not eligible until the work is paid
for and complete. Exceptions may be made for minor items that do not affect the
ability to obtain an occupancy permit – such as landscaping, a driveway, walkway
• The finished grade level beneath the manufactured home is at or above the 100-
year base flood elevation.
Manufactured Home Ineligible Property Types
• A manufactured home that is not titled as real estate.
• A manufactured home that was installed or occupied previously at any other site or
location. The home may only have moved from the manufacturer's or dealer's lot to
the current site of the home.
• Manufactured home is not classified and titled as real property at time of
... more
0 votes 6 answers Share Flag
Wed Feb 15, 2017
Rstepp227 asked:
Fri Oct 7, 2016
John Burke answered:
Hi Pastorleom1,

Unfortunately no. USDA will only work on a new manufactured home on it's own land. The other option would be if the current owner has a USDA loan. Other than these 2 scenarios, USDA will not lend on manufactured homes.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online:
NMLS# 787231
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0 votes 1 answer Share Flag
Sat Oct 10, 2015
Bunnybaby asked:
Thu May 7, 2015
Pagieradcliff asked:
I want to delete this fake account set up, I have an account this one was set up on accident now I cannot log out of it... Please help!
0 votes 0 Answers Share Flag
Wed Apr 22, 2015
Sally Grenier answered:
You can't list For Sale By Owner listings here. Sorry!
0 votes 1 answer Share Flag
Fri Jun 20, 2014
Carolyn Campbell Peffer answered:
I am currently that agent across the street and found this question very interesting. I would say either the agent isn't into her business 100% or is about done. I love what I do and do everything I can for all my clients, including future neighbors. I'm actually more helpful with the house across the street because I live in that neighborhood. When I was asked about comps, I was able to speak from experience! I have lived and seen it all... including watching all the work that has been done to the home over the last 15 years.

Currently... my new client wrote an offer with me 2 days ago on that house. I was glad to help! :)
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0 votes 7 answers Share Flag
Thu May 8, 2014
Sabina Chambers answered:
I would say do not give up. Try again. Put it on Trulia!
0 votes 1 answer Share Flag
Sat Oct 5, 2013
Katie crotzer answered:
A wet heat system is one that uses water or steam lines to heat the home. The systems may have forces air blown over the hot water filled lines to heat the home or a radiant system utilitizing radiators, etc. ... more
0 votes 2 answers Share Flag
Sat Aug 10, 2013
Joel Lobb answered:
Be aware that the lender charges interest, in addition to closing fees and charges. Here are some general rules:
The lender, not VA, sets the interest rate, discount points, and closing costs. These rates may vary from lender to lender
Closing costs such as the VA appraisal, credit report, state and local taxes, and recording fees may be paid by the purchaser, the seller, or shared
The seller can pay for some closing costs. (Under our rules, a seller’s “concessions” can’t exceed 4% of the loan. But only some types of costs fall under this 4% rule. Examples are: payment of pre-paid closing costs, VA funding fee, payoff of credit balances or judgments for the Veteran, and funds for temporary “buydowns.” Payment of discount points is not subject to the 4% limit.)
You are not allowed to pay for the termite report, unless the loan is a refinance. That fee is usually paid by the seller.
No commissions, brokerage fees, or "buyer broker" fees may be charged to the Veteran buyer
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0 votes 10 answers Share Flag
Fri May 31, 2013
Andrew Wilkinson answered:
Hi there,

This is a great question. I recommend that you repost this question in our Seattle section to get more answers, which you can find here:

Good luck with your search,

... more
0 votes 1 answer Share Flag
Sun Mar 24, 2013
Robert Dorgan answered:
Hello Sue,

Thank you for considering Shelbyville and Shelby County, Kentucky as your new Community. As a Business owner and 20+ year Resident, after living from Pennsylvania to California and overseas, I am sure you will find our area a Great place to call home for you and your Family. Please contact my Friend Shelby County Sheriff - Mike Armstrong # 502-633-4324 re statistics.

If I can be of help in any way, please feel free to contact me #502-552-2861 or my CENTURY 21 Abbot Realty & Auction Office in Shelbyville # 502-633-5321.

This IS a Great Time to be buying Real Estate.

Bob Dorgan
... more
0 votes 4 answers Share Flag
Sun Dec 30, 2012
Joel Lobb answered:
Property must meet HUD Handbook 4905.1 & 4150.2 or similar standard. A FHA
roster appraiser can verify adequacy/working order of electrical, plumbing, heating,
water & waste disposal on existing dwellings. ... more
0 votes 3 answers Share Flag
Fri Sep 14, 2012
Keshia Clemons answered:
Hi George, contact our office at 502-633-0220 or my cell 502-649-4793. Torrey Smith Realty Co., is selling homes like hot cakes and has been in the Shelby county real estate market for over 30 years! ... more
0 votes 1 answer Share Flag
Fri Sep 14, 2012
Keshia Clemons answered:
Contact our office for more information at 502-633-0220 or my cell at 502-649-4793. The truth is there are so many factors to take into consideration in determining the market value of a property. Especially when it is in a rural area. ~Keshia ... more
0 votes 1 answer Share Flag
Wed Aug 1, 2012
Yellowsublime answered:
Mon Apr 16, 2012
John Burns answered:
Hi Myles. The assessed value is only used for property taxes. The home would have to appraise for more than the purchase price in order to raise the loan amount. Good luck,
John Burns
0 votes 1 answer Share Flag
Sun Feb 19, 2012
Robert D Hughes answered:
Sorry have no idea what rates are in India. Best to ask someone local to that area Sunil.

Good Luck,

0 votes 1 answer Share Flag
Wed Oct 12, 2011
J answered:
I DO understand your concern with triggering "Due on sale clause" related to your mortgage. In my opinion and the way I understand the clause in NC is a deed transfer without the permission of the lender with a lease option will trigger the clause. This is hot topic in my neck of woods.

Please consider having a brief and confidential conversation with an attorney you trust before moving forward with anything. In the meantime, you may want research your state's laws, plus go over your deed and mortgage documents. Also, do some research related to the Garn-St. Germain Act as well. Walking away should never be an option but more a last resort after exhausting all credible resources. Good luck to you!
... more
0 votes 3 answers Share Flag
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