Part 2 – FHA Manufactured Home Loan Guidelines: FHA Manufactured Home Foundation Requirements
What are the FHA Manufactured Home Loan Foundation Requirements in Florida, Texas, Tennessee, and Alabama?
As we continue with our series on FHA-manufactured home loan guidelines, understanding FHA-specific foundation requirements is a critical step in the process.
In today’s short video, we will dive into the details about FHA Manufactured Home Foundation Requirements and help separate fact from fiction.
However, before we get started, don’t forget to take advantage and download our Manufactured Home Blueprint for Success with the link below. This free guide is designed to walk you through the process step-by-step and is a great tool for both homebuyers and Realtors alike.
FHA Manufactured Home Loan Foundation Requirements in Florida, Texas, Tennessee, and Alabama
As a starting point, our discussion today will be focused on existing manufactured homes. If you do have questions regarding a new construction FHA manufactured home loan, please reach out to our dedicated team so we can assist.
Per FHA HUD Handbook 4000.1, it provides the following definition:
“Existing Construction for Manufactured Housing refers to a Manufactured Home that has been permanently installed on a site for one year or more prior to the case number assignment date.”
FHA Manufactured Home Loan Foundation Guidelines
FHA loans also require a manufactured home foundation to be built in accordance with the Permanent Foundations Guide for Manufactured Housing (PFGMH) and that the FHA lender obtain a “certification by an engineer or architect, who is licensed/registered in the state where the Manufactured Home is located, attesting to compliance with the PFGMH.”
Guidelines also provide that the FHA lender “may obtain a copy of the foundation certification from a previous FHA-insured Mortgage, showing that the foundation met the guidelines published in the PFGMH that were in effect at the time of certification, provided there are no alterations and/or observable damage to the foundation since the original certification.”
Also, if the appraiser “notes additions or alterations to the Manufactured Housing unit, the Mortgagee must ensure the addition was addressed in the foundation certification.”
What is an FHA manufactured home retrofit?
After the engineer’s report is received, upgrades and improvements may be required in order for the foundation to conform to FHA manufactured home loan guidelines. Retrofitting is the term used for the process of upgrading or modernizing the existing foundation to meet FHA manufactured home loan minimum property requirements.
This could involve adding or updating items such as the anchors, straps, or skirting to comply with FHA manufactured home loan requirements.
This cost may be paid by the seller or buyer but understanding that this could be a potential upfront cost in the process is an important communication point that many lenders miss.
FHA Manufactured Home Loan Summary
Most importantly, don’t get overwhelmed by the details, if you have any questions about manufactured home lending, remember to contact our dedicated team of professionals and take advantage of an expert analysis.
Whether you have a transaction in trouble or are trying to maximize your qualifying ability, just call, text, or email to discuss your scenario so we can show you the “Metroplex” difference!
Call/Text: 863-593-2001
Toll Free: 800-806-9836 x280
SeanS@MPLX.org
Thank you again for forwarding and sharing today’s video with any friends, family, co-workers, or clients who are looking to buy, sell, or refinance!
As always, I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!
P.S. We are excited to provide a direct access replay from our recent “Manufactured Home Lending” online workshop. During the webinar, we reviewed manufactured home property eligibility, differences between programs, compared manufactured vs. modular homes, no-down payment manufactured home loans, and a comprehensive analysis of manufactured home lending programs.
