Comments on: Manufactured Home Refinance With FHA Loans Part 2

By: Kristie

Kristie — Thu, 29 Jan 2009 18:00:00 +0000

The Mfr. home that we own is a Triple Wide, if that is a contributing factor.

By: Kristie

Kristie — Thu, 29 Jan 2009 17:35:24 +0000

We own a 1999 Skyline Mfr. Home that was Repoed previous to our purchase. We have since poured a ton of cash into fixing it back up. Now we are trying to refinance to get our of having to worry about our interest rate ballooning at three yrs. We’ve run into the constant issue of our home not “being on a foundation”. We have 8′deep cement Pilings w/anchors/tiedowns. We also have vinyl skirting surrounding the base of the home. Wasn’t an issue when we originally purchsed the home in 2000, but after the hurricanes…we’ve found it more than difficult to find a mortgage company that would finance a home like ours. We don’t have a whole lot of extra money to continue pouring into this place in order to qualify for refinancing. What are our best options???

By: Carl Pruitt

Carl Pruitt — Sun, 18 Jan 2009 20:19:47 +0000

More lenders accept the IBTS certification than don’t in my experience. Taylor Bean and Whitaker is one lender that I know has accepted it many times.

By: Annette

Annette — Fri, 16 Jan 2009 20:58:47 +0000

Are there lenders that will accept the certification from IBTS or must all manufacturing financing require the orginal HUD tags?

By: Carl Pruitt

Carl Pruitt — Fri, 16 Jan 2009 18:02:05 +0000

Reverse mortgages are not my specialty, however according to my sources this does not affect the eligibility. It just creates an extra step for perfecting the lien.

By: Trish

Trish — Mon, 12 Jan 2009 21:53:07 +0000

Carl,
NYS Law indicates that a mfr home that was manufactured after 1994 is considered personal property even if \permanently\ affixed to property and requires DMV registration to secure a lien. It is my understanding that a Reverse Mortgage can’t create any personal liability for the borrower. So, in this instance how are the financial institutions obtaining liens on Mfr homes manufactured after July 1, 1994??
I would appreciate any assistance you may be able to give.

Thanks
Trish

By: Carl Pruitt

Carl Pruitt — Thu, 18 Dec 2008 05:35:29 +0000

Piers with mortared head and bed joints are required. Dry stacked supports are one of the most common problems. And the tie downs would not meet the standards. If I were you the first thing I would do is call someone out to give an estimate to bring these inline. Often this contractor will be able to help you with the engineer’s report.

By: Ameliz

Ameliz — Thu, 18 Dec 2008 05:22:16 +0000

We are also having problems with refinancing our manufactued home via FHA. The lender said that it wouln’t meet standards due to the fact that it is dry stacked and the tie downs are screwed into the ground instead of concreted into it. We do have a block foundation with a door leading to the crawl space.

They have said that we must have an engineer’s report before they will know if it meets approval. We don’t want to spend $300-600, if the loan will not go through anyway due to the blocks and tie-downs.

Is this correct information?

Thanks!

By: Carl Pruitt

Carl Pruitt — Wed, 12 Nov 2008 23:09:48 +0000

It is possible that the home does meet the guidelines even with vinyl skirting, but the only way to know for sure is to have it inspected by an engineer. This usually costs somewhere from from $300 to $500. That is the reason most people don’t even try when dealing with a vinyl foundation. Many engineers also have contacts who can help with the foundation costs. It is possible to get the owner to have the foundation installed and paid for at closing out of the sellers’ proceeds IF they can get a contractor to do that.

Keep in mind that you can also have a new manufactured home installed on land with an FHA loan.

There is no FHA minimum loan amount set by HUD, but many lenders do not lend less than that due to trouble selling the loan on the secondary mortgage market.

By: Carrie Gordon

Carrie Gordon — Wed, 12 Nov 2008 21:52:57 +0000

I am trying to buy a doublewide home on two acres of land. I spoke with the FHA loan officers assistant before looking at the house about the foundation. She said that vinyl skirtting was OK IF, the wheels and axles were removed, it was anchored down and was up on blocks. The listing realestate agent thought it was not on a permanent foundation because the foundation was not solid block, so on the listing she said it was not FHA approved for that reason. When we went to talk to the loan officer she looked at the listing that the realtor had done and denyed the loan(she also said there was 35,000.00 min loan amount or something), saying that it had to be totally block foundation with a door built in it to make a crawl space. The home has vinyl skirting all the way around with no open space. It is up on stacked concrete blocks, and is anchored to the ground with metal straps that connect to rods in the ground. Who is right? Does the vinyl skirttting deny the FHA loan? And if it is the assistant also said you could pay to have it put on a permanent foundation then get a FHA loan… could I get some INFO on that? THANKS