No units located in a manufactured condominium complex.All credit reports must be verified as having no personal liens pertaining to the dwelling.The appraiser must indicate that the seal of the home has not been compromised and any structural modifications or additions pose no issues.All Sections of the Home must have HUD tags accessible to the appraiser.The sales cannot require excessive adjustments or the property will not be acceptable.The comparable sales for the appraisal must be available within 1 mile in urban and suburban areas and 20 miles in rural areas.Requires an engineer’s certification on the foundationĪdditional Lender requirements / guidelines:.Must be situated on a permanent foundation.Finished grade elevation beneath the home or if a basement is used, the basement floor, must be at or above the 100-year frequency flood elevation (however, lenders will no longer accept a manufactured home in a flood hazard area).Was designed to be used with a dwelling with a permanent foundation built to FHA criteria.Was built on and remains on a permanent chassis.Must be classified and taxed as real estate (must have turned in DMV registrations in favor of real property).The Property must be constructed after 1976 and meet HUD guidelines as certified by HUD Label.Minimum Square Footage of 400 Square Feet* (current lender requirements are greater).HUD has very specific guidelines for Manufactured homes and there are very few lenders who will still do them, but they can be done. *Manufactured homes are often referred to as “mobile homes” however a true mobile home where you do not own the land and is not taxed as real-estate are not eligible for any FHA reverse mortgage loan. The home must be classified and taxed as “real estate” and cannot have been installed or occupied previously at any other site or location.The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest finished exterior grade adjacent to the perimeter enclosure, shall be at or above the 100-year return frequency flood elevation.If your home was constructed after June 15th, 1976 it will have this seal. The home must have a seal that shows it has been constructed in conformance with Federal Manufactured Home Construction and Safety Standards.The structure must be built and remain on a permanent chassis, and it must be connected to the foundation through welds, bolts, and various light gage metal plates.The home’s floor area must be no less than 400 square feet (in 2010, the average size was 1,515 square feet).Reverse Mortgage Manufactured Home Requirements
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