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Buyers are finding it harder to find affordable housing due to rising home prices. However, manufactured homes offer a cheaper option for buyers today. There are many manufactured home loans that homeowners and buyers can apply for. To be eligible for financing, you will need to have a foundation inspection of your manufactured home. Why? Lending agencies want to make sure that the manufactured home is securely attached to the land. This is usually done through a foundation inspection by a structural engineer. We will be discussing the foundation requirements for VA, FHA, and Fannie Mae and their solutions.
FHA manufactured home foundation needs
FHA loan guidelines can be quite detailed but there are some key points. FHA requires that a certified structural engineer or architect certifies the foundation of a manufactured home. Either one must be registered or licensed in the state where the house is located. A previous foundation certification for an FHA insured loan may be used in place of a new one, provided there are no damage or alterations to the foundation. It can be used as long as it meets FHA guidelines at time of certification.
Skirting requirements for manufactured home foundations
FHA states that existing homes must have a skirting around the perimeter. This backing can be concrete, masonry or treated wood, or any other product with similar strength. The skirting can be made of brick, concrete, vinyl or any other material. It is up to inspectors to determine if the skirting meets HUD/FHA manufactured home foundation requirements.
It is slightly different for new construction. FHA guidelines stipulate that the space below the house must be enclosed with a continuous foundation construction. This construction should resist all forces without transmitting them to the building superstructure. The enclosure must be securely secured around the house’s perimeter and constructed from materials that comply with the HUD minimum property standards (such concrete, masonry or treated wood) as well as the PFGMH foundations. PFGMH stands for Permanent Foundation Guide for Manufactured Home.
FHA manufactured loans for home
- As low as 3.5% down
- Allowable for Down Payment
- Buyer may pay as much as 6% in closing costs
- Refinance is available to lower interest rates and pay current loans more quickly
- Refinance up to 80% of the appraised value
- Only for primary residences
Requirements for VA loan manufactured home foundation
The requirements for VA loan foundation are very similar to FHA rules. These are some highlights of the VA loan manufactured house foundation requirements:
- Site and on-site improvements must be completed (not including manufactured units) and must meet minimum property requirements
- A manufactured home must have property attached to a permanent foundation meeting the VA appraiser’s requirements.
- If the VA appraiser cannot verify compliance with foundation guidelines, they may need to have a structural engineer inspect.
Fannie mae foundation requirements
Fannie Mae foundation requirements can be compared to FHA. Fannie Mae loans are often questioned about vinyl skirting. Vinyl skirting can be used provided that it covers the entire unit’s perimeter and does not have holes, as this is not part the foundation. However, a licensed structural engineer must inspect the foundation. The foundation must comply with the local building code. If local building codes do not apply, the foundation must comply with HUD / FHA codes mentioned above.
Fannie Mae loans can be used to finance a primary residence, with as little as 3 percent down payment. Fannie Mae loans can finance up to 90% on a second-home purchase.
Use a previous foundation certification
A foundation certificate is required for anyone who purchases a manufactured house. Keep all documentation regarding the foundation construction as well as the home. It is a good idea to keep records in order to make it easier for you to sell your home. We have witnessed many buyers and Realtors abandon their attempts to purchase manufactured homes due to the difficulty in finding fha foundation inspection in florida and home details. A good tip for sellers of manufactured homes is to make it simple on buyers, realtors, and lenders.
Tips for manufactured homes sellers
- All foundation and home paperwork should be copied
- All warranty documentation must be presented
- Do a foundation inspection and fix everything that is required
Manufactured home solutions
We are often asked a lot of questions about manufactured homes. Here are the answers.
- For used manufactured homes, down payment assistance is not permitted
- Taxes must be paid on real property
- Land and home must be combined – Owner/buyer must have both land and home
Are you looking to buy or refinance your manufactured home? We have a lot of experience in financing manufactured homes.
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