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Doublewide FHA

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Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
I have a loan officer who is requesting info on whether or not an existing doublewide will qualify for FHA financing. I intend to fax her some blank VC sheets and was trying to find a link that would help them with any questions. Does anyone have a link for a list of the FHA requirements? I tried to search for it on their site but couldn't find it. I stopped doing FHAs on manufactured several years ago because the foundation/engineering hassles got to be such a pain.
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Will this help?


http://www.HUD.gov/offices/hsg/sfh/ref/sfhp1-9a.cfm
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
Bobby,
What pain, it isn't your problem. You just call for an engineer inspection. The FHA's are really easier since they are all done "subject to" compliance with the VC sheet which requires that the foundaiton be inspected by an engineer and that the subject be made compliant with the HUD MFG foundation requirements regardless of what's really there. Beats the daylights out of a conventional "AS IS" where they want me to sign (which I refuse to do) some stupid MFG addendum that either the loan officer or some idiot underwriter cooked up certifiying the adequacy of the foundation.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
National Reference Guide Chapter 1-9 outlines everything nicely and is more up to date than Chapter 8 of the 4150.2. The appraiser does not make the determination if the home qualifies for FHA financing or not. That is the underwriter's decision based on an engineers inspection. If the current set up doesn't meet the engineer's approval, then the installation can be retrofitted until it does meet the enginner's approval. So the appraisal is the beginning and it is the underwriter's responsibility to tie up all the loose ends, inspections, making the necessary changes so that it is taxed as real property, etc, etc, etc. Including verifying that the home was built to HUD code if the appraiser can't find the certification label on the exterior or the data plate in the interior. Appraiser reports and underwriter works.
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
thanks folks, I faxed them everything I could find.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
The basic items is that it has to have both HUD tags and the foundation has to comply with FHA guidelines. The FHA foundation guide can be downloaded from the HUD site (warning - it's a big file). It shows all the foundation types, etc. That being said, an engineer can sign off on a foundation that does not meet FHA guidelines and state that it is sufficient, and the lender can make the loan.

Roger
 
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