FHA & Reverse Mortgage Loan Compliance
FHA-insured loans (which include Reverse Mortgages) require that the manufactured home's foundation comply with the HUD publication, PERMANENT FOUNDATION GUIDE FOR MANUFACTURED HOMES, dated 1996. In addition to the local jurisdiction and state requirements for attachment or affixation, lenders and underwriters generally require the additional evaluation and certification of a licensed structural engineer. This is different than the engineered drawings provided by the manufacturer or the drawing presented to the building department for installation! We have a nationwide network of engineers to provide a prompt and professional certification. If the home does not comply for any reason, we have a nationwide pool of contractors to retrofit the manufactured home's understructure so the home will comply with snow, wind, seismic or roof load calculations as determined by the engineer. Generally these costs can be rolled into the loan or paid through closing.
Manufactured Homes in Condominium Parks
Good News! One of the more restrictive limitations on the financing of manufactured homes had been FHA's exclusion of manufactured homes in condominium parks. This had been especially restrictive in California and Florida where there are a large number of high quality park developments, with homes that would normally qualify for FHA-insured or secondary market financing. Most parks with a condominium classification were originally rental parks that have since been converted to resident owned developments. Fortunately, this exclusion no longer exists as long as the park has been HUD-approved. For a complete list of HUD-approved parks, click here https://entp.hud.gov/idapp/html/condlook.cfm
Certifications or Retrofit Requests
Retrofit- FHA/VA/Reserve mortgage