What are the FHA Loan Requirements for Manufactured Homes?
Just like every loan, FHA loan requires certain documents or fees that a potential home buyer must accomplish. These requirements are helpful for buyers who are procuring for a new home or a used home. Though, the requirements for new or used manufactured homes are the same ones, understanding of these requirements for loan eligibility is still a must.
FHA Loan: Site Requirements
The FHA is asking the home buyer requirements pertaining to the site of his manufactured home to have an approved mortgage. Essential requirement is the site must pass and meet the local building code. Second are sufficient water supply and excellent sewage system. They must be installed on the site to avoid flooding, along with the yard that must rest above the 100-year floodplain.
FHA Loan Requirements for Manufactured Homes
FHA Loan: Foundation Requirements
FHA loan requires that mobile homes are under construction and remain on a permanent chassis. In general, the agency sees to it that the manufactures home parks conform to the rules and regulations so the resulting house also performs as to what is expected in the criteria.
As per FHA standards, the home must sit on a lasting foundation, where permanent water and sewage system are installed, following the approval of the municipal building code representative. The foundation must not also lie below the 100-year flood level, a level of flooding having a 100-year recurrence interval.
FHA Loan: Construction Requirements
When constructing manufactured homes, manufacturers ensure that they executed each step of the building process in lieu to the Federal Manufactured Home Construction and Safety Standards. The manufacturer must make sure that construction accidents will be avoided or zeroed until the completion of the house. A red certification tag is a proof that the manufacturer meets these standards, and this should be the thing a buyer must look for with the aid of the manufacturer or the dealer. Insulation is also under an obligation to have at least the minimum requirements for modular homes to prevent heat loss during seasons.
FHA Loan: Home Requirements
Since FHA loan sees manufactured homes as a house formed by one or more section; they have set a standard dimension for them. Generally, a section is less 8 feet wide and 40 feet tall; and in FHA standards, the home must at least have 400 square feet living space. This dimension is sufficient to provide adequate space for a starting family or a single individual.
Moreover, payments for appliances or furniture are not included in the FHA loan. Only the wall-to-wall carpeting and built- in appliances or furniture is allowed.
FHA loan requirements are basic. But they have been helpful in one’s decision.
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