When it comes to securing a mortgage for a manufactured home, we have established a set of specific requirements to ensure that these homes meet certain standards of quality and permanence. These guidelines are crucial for potential homeowners to understand, as they impact the eligibility for financing.
Key Requirements for Manufactured Homes
– Date of Manufacture: One of the primary requirements is that the manufactured home must have a tag dated on or after June 15, 1976. This date is significant because it marks the implementation of the HUD Code, which introduced national standards for the construction and safety of manufactured homes. Homes built after this date are more likely to meet modern safety and construction standards.
– Land Ownership: The land on which the manufactured home is situated must be owned in fee simple. This means that the homeowner has complete ownership of the land and the home, without any lease or rental agreements. Fee simple ownership provides greater security and stability for both the homeowner and the lender.
– Size and Space Requirements: To qualify, a manufactured home must be at least 12 feet wide and have a minimum of 400 square feet of gross living area. These dimensions ensure that the home provides adequate living space and meets the basic standards for residential comfort and functionality.
– Permanent Foundation: The home must be attached to a permanent foundation. This requirement is crucial as it ensures the stability and durability of the home, making it more comparable to traditional site-built homes. A permanent foundation also helps in maintaining the home’s value over time.
– Sewage System Connection: The manufactured home needs to be permanently attached to a septic tank or a sewage system. This connection is vital for the health and safety of the occupants, as it ensures proper waste management and sanitation.
– Removal of Transport Features: Finally, all transport features such as the towing hitch and wheels must be removed. This step is necessary to signify that the home is intended to be a permanent residence rather than a mobile or temporary structure.
By adhering to these requirements, we ensure that the manufactured homes they finance are safe, stable, and suitable for long-term living. These standards not only protect the investment of the homeowner but also uphold the quality and integrity of the housing market. For those interested in purchasing a manufactured home, understanding and meeting these criteria is a crucial step in the mortgage approval process. For more information about financing options contact our office.
