Manufactured Homes Reference Guide

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1 Manufactured Homes Reference Guide General Requirements: One unit, owner occupied primary residence only AUS Findings: o DU Only, No LP o No manual underwrites Title purging o Purchases purged at closing o Refinances purged prior to closing Title policy to include manufactured housing endorsement Minimum loan amount: $25,000 MI available o Properties that have transferred ownership w/in 90 days of application date must be underwritten by MI company: MSC is not delegated on these transactions Not available in Kansas Available Programs: FHA o 680 minimum FICO o 50% DTI max (regardless of DU Findings) o VOR/VOM with no lates within the most recent 12 months o Chapter 7 Bankruptcy > 2 years (no exceptions) o Purchase Max 96.5% LTV/ 100% CLTV o Rate and term Max LTV 97.75%/97.75% CLTV o Streamline without appraisal Unlimited LTV/max 125% CLTV (existing financing) Non-owner occupied allowed o No cash out 1

2 FHA (continued) o Property Requirements: Minimum 400 sq feet Land value may not exceed 35% of total AV Evidence that property is in the original location as placed new by the manufactured home dealer (property may never have been moved) Documentation from the assessor s office, or Appraiser may satisfy this by stating per county records property has never been moved Processor cert is not acceptable. May be waived on HUD REO properties Foundation Must be on permanent foundation Affixture Affidavit signed at closing by borrower acknowledging home has been permanently attached to the foundation Foundation cert from licensed structural engineer verifying the home meets the guidelines published in the Permanent Foundations Guide for Manufactured Housing (HUD g) dated September This may be waived on HUD REO properties or FHA streamlines without an appraisal. If existing FHA financing may get the old foundation cert and a statement from the appraiser that the foundation does not appear to have any alterations since the date of the foundation cert Appraisal desk review ordered by MSF (unless streamline without appraisal) o New Construction Construction exhibits For new construction less than one year old not previously occupied provide the following: o Ten year builder warranty by HUD approved warranty company or one year warranty with final building permit o Builders Certification of Plans (HUD 92541) o Builder s Warranty (HUD-92544) o Building Permit and Certificate of Occupancy or Compliance Inspections and 10-Year Warranty o Certificate of Occupancy if applicable in jurisdiction 2

3 FHA (continued) o Termite soils report (99a and 99b). See Termite States o Local Health Authority well water analysis or septic report, where applicable For re-sales of properties that are less than one year old construction exhibits are not required provided all of the following criteria are met: o Property is 100% complete, including all on and offsite improvements o Re-sale is an arms-length transaction FHA 203k Renovation ineligible FHA High Balance ineligible Conventional o 680 minimum FICO o 50% DTI max (regardless of DU Findings) o VOR/VOM with no lates within the most recent 12 months o Purchase or Rate and Term Max 80% LTV/80% CLTV o No cash out o Minimum 400 sq feet o Land value may not exceed 35% of total AV o Appraisal desk review ordered by MSF o New Construction Construction exhibits For new construction less than one year old not previously occupied provide the following: o Certificate of Occupancy if applicable in jurisdiction For re-sales of properties that are less than one year old construction exhibits are not required o Property is 100% complete, including all on and offsite improvements o Re-sale is an arms-length transaction Gold Program ineligible Super Conforming ineligible Conventional High Balance ineligible 3

4 DU Refi Plus Gold (Harp 2.0) o FICO minimum - determined by DU Findings o DTI maximum - determined by DU Findings o LTV/CLTV maximum - determined by DU Findings on Fixed Rates o Max 105% LTV/Unlimited CLTV on ARM s o Approve/Eligible or EA 1 III required o Rate and term only o Appraisal requirements - determined by DU Findings o Property in flood zone allowed VA o 680 minimum FICO o 50% DTI max (regardless of DU Findings) o May only payoff mortgages, no cash out above $500 o VOR/VOM with no lates within the most recent 12 months o Chapter 7 Bankruptcy > 2 years (no exceptions) o Purchase Max 100% LTV/100% CLTV o Regular Refinance (Rate and Term & Cash Out) Max 90% LTV/Unlimited CLTV (existing financing) May only pay off mortgages, not cash out above $500 o IRRRL Max 100% LTV/Unlimited CLTV Conventional appraisal required Non-owner occupied allowed o No High Balance o Minimum 400 sq feet o Land value may not exceed 35% of total AV o Appraisal desk review ordered by MSF o New Construction Construction exhibits For new construction less than one year old not previously occupied provide the following: o Builder must be VA approved o Ten year builder warranty on foundation o Warranty of Completion of Construction (VA ) o Certificate of Occupancy if applicable in jurisdiction 4

5 VA (continued) o CABO/MEC executed by builder o Safe Drinking Act executed by builder Termite soils report (99a or 99b): A properly completed Form NPCA-99a is required. If the soil is treated with a termiticide; a properly completed Form NPCA-99b is also required. For more information: av_approved_local_conditions.asp Not inspected Acknowledgement (with VA assistance for ten year warranty) For re-sales of properties that are less than one year old and occupied, construction exhibits are not required MSF Rural (not available with USDA) o 620 minimum FICO o 45% max DTI o Max loan amount = $417,000 o Property must be located in rural area o Purchase & Rate and Term Max 85% LTV/85% CLTV o Cash out Max 65% LTV/65% CLTV 20 year max term o Minimum 600 sq feet o Dwelling value > 35% of loan amount 5

6 Property Requirements for All Loan Programs Must have been built after June 15, 1976 No single-wide homes All comps manufactured housing Distance of comps must be reasonable (underwriter s discretion) No acreage limitations Not in a flood zone (except DU Refi Plus Gold) Must be located on all-weather accessible road Foundation o Must be on permanent foundation o Affixture Affidavit signed at closing by borrower acknowledging home has been permanently attached to the foundation Structural modifications or additions allowed: o With certification from structural engineer inspection report o With adherence to local building requirements / may require state agency approval No leasehold properties 6

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