How to Successfully Passed the Manufactured Home Financing Process
The FHA has been ensuring the manufactured home financing process is done accordingly.The agency does not provide the money for the loan, rather they see to it that the loan is insured. They approve the lenders to give the loan to eligible borrowers, thereof.
Manufactured home financing is often feared by most lenders and borrowers because of the home’s depreciating value. Some even finance the buying and construction process with their own money. But there are lenders who specializes in this type of home financing. Usually they work together with the home builder in your locality or in a location where you wanted to place your manufactured home.
To be approved successfully by the manufactured home financing lenders, borrowers must know first what are the key attributes of an eligible manufactured home.
Meet the Model Manufactured Home Installation Standards
The Model Manufactured Home Installation Standards is the lowest standards implemented for the installation of manufactured homes. It include methods for performing specific operations or assembly of a manufactured home that will not take the home out of compliance with the Manufactured Home Construction and Safety Standards. It is the basis of manufacturers during the construction process as it leads to the production of quality built manufactured homes. The house must also be ensured to protect its residents and its neighbors against accidents or unwanted circumstances that may cause harm.
One- Year Manufactured Home Warranty
For the manufactured home to be considered by lenders, it must be covered by a one year warranty. Manufacturers are usually offering this time frame to most of their manufactured homes. The warranty covers the repair and renovation of any parts of the home seen within a year after its completion. This must be ensured by home owners beforehand with their manufacturers or home builders if they are wary about home warranty and insurance.
Placed in a Site Qualified for Manufactured Home Financing
Before applying for manufactured home financing, check the location of your home. Is it situated in a dangerous soil or near a cliff? Does your location frequently visited by extreme weather disturbances?
Some lenders are in doubt to approve your loan application when your manufactured home is located in a permanent or private owned land that is deemed to threaten the structure of your house. They fear that they may waste their support if bad circumstances happen. Your location also put your home insurance into a disarray.
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