Tag: Manufactured Home

Verifying HUD Tag Information

Question: How does the lender verify the HUD tag information on a manufactured home? Answer: FHA requires that either the HUD tag information be reported on the appraisal by the FHA appraiser or the lender must obtain it from the Institute for Building Technology and Safety (IBTS) at https://lvr2.ibts.org/#/LandingPage  Reference:4000.1 II.A.1.b.iv(B)(5)(c)(i) and II.D.5.f. The HUD Certification […]

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Will USDA Allow Financing on More Than One Residence?

Question: My client presently owns a manufactured home, and the loan is more than the property can be sold for.  They would like to buy another home using USDA financing and keep this home until it can be sold for at least what is owed.  Can this be done? Answer: Unfortunately, they cannot keep their […]

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Age of Property Eligible for USDA Manufactured Financing

Question: My client is interested in purchasing a manufactured home with USDA-RD financing.  It was built in 2012 and the guidelines state that anything newer than 2006 is acceptable.  Another lender is telling the listing agent that USDA only accepts new construction.  Who is correct? Answer: You’re right and the other lender is incorrect. Tennessee […]

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USDA-RD Extends Manufactured Home Pilot Program to August 31, 2021

Written by: David Hail, Staff Writer Good News!…USDA Rural Development announced that they will extend the pilot program for financing existing manufactured homes to August 31, 2021.  The pilot program for the financing of existing manufactured homes under the Section 502 Guaranteed Single Family Housing program was set to expire August 31, 2020. The extension […]

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Moving a Manufactured Home from the Original Site

Question: I have a manufactured home that was moved onto its permanent site, from the site it was originally built on by the manufacturer. Will Fannie Mae or Freddie Mac allow this? Answer: Unfortunately, Fannie Mae and Freddie Mac clearly mention that this is not allowed, which leaves no options for you on conventional financing. Fannie […]

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