Hud Fha Fannie Mae Guide Lines
Posted By admin On 16.12.19Requirements The manufactured home must be built in compliance with. the Federal Manufactured Home Construction and Safety Standards that were established June 15, 1976, as amended and in force at the time the home is manufactured; and.
additional requirements that appear in HUD regulations at 24 C.F.R. Compliance with these standards will be evidenced by the presence of both a HUD Data Plate and the HUD Certification Label.
If the original or alternative documentation cannot be obtained for both the Data Plate/Compliance Certificate and the HUD Certification Label, the loan is not eligible for delivery to Fannie Mae. The HUD Data Plate/Compliance Certificate is a paper document located on the interior of the subject property that contains, among other things, the manufacturer’s name and trade/model number. In addition to the data required by Fannie Mae, the Data Plate includes pertinent information about the unit, including a list of factory-installed equipment. The HUD Certification Label, sometimes referred to as a HUD “seal” or “tag,” is a metal plate located on the exterior of each section of the home. The Manufactured Home Appraisal Report (Form 1004C) must show evidence of both the HUD Data Plate/Compliance Certificate and the HUD Certification Label. As an alternative to the original HUD Certification Label, the lender may be able to obtain a verification letter with the same information contained on the HUD Certification Label from the Institute for Building Technology and Safety. A duplicate HUD Data Plate/Compliance Certificate may be available from IBTS or by contacting the In-Plant Primary Inspection Agency (IPIA) or the manufacturer.
(A list of IPIA offices is posted on HUD’s website.) The unit must not have been previously installed or occupied at any other site or location, except from the manufacturer or the dealer’s lot as a new unit. The manufactured home must be a one-unit dwelling unit that is legally classified as real property. The towing hitch, wheels, and axles must be removed. The dwelling must assume the characteristics of site-built housing. The borrower must own the land on which the manufactured home is situated in fee simple, unless the manufactured home is located in a co-op or condo project. For co-ops, both the land and dwelling must be owned by the co-op. For condos, both the land and dwelling, including those located on leasehold estates, must be subject to the condo regime.
Otherwise, mortgages secured by manufactured homes located on leasehold estates are not eligible. Multi-width manufactured homes may be located either on an individual lot or in a project development.
Project approval for mortgage loans secured by multi-width manufactured homes located on individual lots in subdivisions or in PUDs is generally not required. Project approval is required for condo and co-op projects that consist of manufactured homes, and certain condo and all co-op projects must be approved by Fannie Mae. For further information about project approval requirements, see Chapter B4-2, Project Standards.
Single-width manufactured homes must be located in a Fannie Mae-approved co-op, condo, or PUD project development. The manufactured home must be at least 12 feet wide and have a minimum of 600 square feet of gross living area. Except for MH Advantage properties, Fannie Mae does not specify other minimum requirements for size, roof pitch, or any other specific construction details for HUD-coded manufactured homes. Site preparation for delivery of the manufactured home must be completed. The manufactured home must be attached to a permanent foundation system in accordance with the manufacturer’s requirements for anchoring, support, stability, and maintenance. The foundation system must be appropriate for the soil conditions for the site and meet local and state codes. The manufactured home must be permanently connected to a septic tank or sewage system, and to other utilities in accordance with local and state requirements.
If the property is not situated on a publicly dedicated and maintained street, then it must be situated on a street that is community owned and maintained, or privately owned and maintained. There must be adequate vehicular access and there must be an adequate and legally enforceable agreement for vehicular access and maintenance. See, for additional information about privately maintained streets. Mortgages secured by existing manufactured homes that have incomplete items, such as a partially completed addition or renovation, or defects or needed repairs that affect safety, soundness, or structural integrity, are not eligible for purchase until the necessary work is completed. Exceptions to the foregoing may be made only for minor items that do not affect the ability to obtain an occupancy permit — such as landscaping, a driveway, or a walkway – subject to all requirements and warranties for new or proposed construction provided in. Manufactured homes that have an addition or have had a structural modification are eligible under certain conditions. If the state in which the property is located requires inspection by a state agency to approve modifications to the property, then the lender is required to confirm that the property has met the requirement.
However, if the state does not have this requirement, then the structural modification must be inspected and be deemed structurally sound by a third party who is regulated by the state and is qualified to make the determination. In all cases, the satisfactory inspection report must be retained in the mortgage loan file. MH Advantage Property Eligibility Requirements MH Advantage is manufactured housing that is built to meet construction, architectural design, and energy efficiency standards that are more consistent with site-built homes.
Examples of the physical characteristics for MH Advantage include. specific architectural and aesthetic features such as distinctive roof treatments (eaves and higher pitch roofline), lower profile foundation, garages or carports, porches, and dormers;. construction elements including durability features, such as durable siding materials; and. energy efficiency standards (minimum energy ratings apply). Fannie Mae has agreements with manufacturers of homes intended to qualify for MH Advantage based on specific design criteria.
The agreement allows the manufacturers to apply an MH Advantage to homes that meet the design criteria. With the exception of the lender requirements outlined below, lenders will not be required to independently determine the property’s eligibility for MH Advantage. Lenders’ and appraisers’ responsibilities relating to MH Advantage loans are detailed below.
Requirements Lender The lender must. ensure the property meets the MH Advantage requirements by reviewing appraisal photos evidencing the presence of the MH Advantage (placed in proximity to the HUD Data Plate), HUD Data Plate, and HUD certification labels. verify through appraisal or final inspection photos. the presence of a driveway leading to the home (or to the garage or carport, if one is present). The driveway must consist of blacktop, pavers, bricks, concrete, cement, or gravel, and;.
the presence of a sidewalk connecting either the driveway, or a detached garage or carport, to a door or attached porch of the home. The sidewalk must consist of blacktop, pavers, flagstone, bricks, concrete, or cement. For new construction, the lender is responsible for compliance with Fannie Mae’s standard appraisal requirements, specifically and, for appraisals based on plans and specifications. This will ensure site improvements that are not attached to the home, such as detached garages, are complete.
Appraisal Standard valuation requirements for manufactured homes apply, including:. The Manufactured Home Appraisal Report (1004C) or Appraisal Completion Report (1004D) must include photos of the MH Advantage, HUD Data Plate, HUD Certification Labels, and the site showing all driveways, sidewalks, and detached structures located on the site.
Unless stated otherwise, loans secured by manufactured homes that meet the MH Advantage criteria are subject to the same requirements that apply to all manufactured homes. (References to “manufactured homes” or “manufactured housing” apply to MH Advantage unless an exception is stated.) Note that loans secured by MH Advantage properties are afforded a number of flexibilities over standard manufactured housing, including higher LTV ratios, standard mortgage insurance, and reduced loan-level price adjustments. See the, and, respectively, for additional information. Modular, Prefabricated, Panelized, or Sectional Housing Eligibility Modular Homes. Fannie Mae purchases loans secured by modular homes built in accordance with the Uniform Building Code administered by state agencies responsible for adopting and administering building code requirements for the state in which the modular home is installed.
Loans secured by on-frame modular construction are not eligible for sale to Fannie Mae. On-frame modular construction is defined as having a permanent chassis, but no evidence of compliance with the June 15, 1976, Federal Manufactured Home Construction and Safety Standards. Prefabricated, Panelized, and Sectional Homes. Loans secured by prefabricated, panelized, or sectional housing are eligible for purchase. These properties do not have to satisfy HUD’s Federal Manufactured Home Construction and Safety Standards or the Uniform Building Codes that are adopted and administered by the state in which the home is installed. The home must conform to local building codes in the area in which it will be located.
Modular, Prefabricated, Panelized, or Sectional Housing Requirements Factory-built housing not built on a permanent chassis such as modular, prefabricated, panelized, or sectional housing is not considered manufactured housing and is eligible under the guidelines for one-unit properties. These types of properties. must assume the characteristics of site-built housing,. must be legally classified as real property, and. must conform to all local building codes in the jurisdiction in which they are permanently located. The purchase, conveyance, and financing (or refinancing) must be evidenced by a valid and enforceable first-lien mortgage or deed of trust that is recorded in the land records, and must represent a single real estate transaction under applicable state law.
Fannie Mae affords modular, prefabricated, panelized, or sectional housing homes the same treatment as site-built housing. Therefore, Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction details.
There is a charter school in Houston, Texas that has many hard working teachers trying to keep current on the latest research based best practices for their classroom. To do that, they had to return to college. Many of them obtained a Masters degree in Education, and some teachers are still attending college. I am one of those teachers.
I have obtained my MA in Reading so I can provide more research based help to my students who are struggling to learn English, as they have come to this great country from places like India, Asia, Africa, and South America. For the last 50 years, HUD has been helping many people live the dream. At least that's what they say. I recently decided to buy a home.
I found a real nice realtor and applied for an FHA loan. My credit was good, and I wasn’t worried about not qualifying.
I took an 8 hour class to learn about the home buying process and then to my surprise, I was told by my lender that my DTI ratio is too high and that I could not get an FHA loan. He stated that a new rule from FHA mandates all student loan debt, regardless of deferral status, teacher loan forgiveness programs, etc., be factored in at 2%. For me, this equates to $2,000 of additional DTI. Sadly, this disqualified me from having a home of my own.
I was under the impression that FHA was supposed to help people like me. Isn’t that why it was started in the first place? Firefighters, police officers, and teachers are paid very little and undervalued to begin with, and now we are discriminated against because of student loan debt. Can anyone explain to me why it is not OK to discriminate against race, sexual orientation, etc., but it is fine to ignore the options that students have for loan repayment from Fed Loan Servicing, another Federal agency, and mandate all student debt be added, regardless of deferral status, teacher loan forgiveness programs, etc., at a 2% rate. A message I received from the National Association of Realtors: 'Thank you for your message. I would send your note to answers@hud.gov and address it to Kathleen Zadareky (Biniam Gebre is no longer there) and your email will be assigned a number and tracked by HUD. In the meantime, we will use your story as an anecdote when NAR advocates for adjustments to student loan debt calculations (which we told FHA we would be watching closely).
We have heard that FHA is considering lowering it to be consistent with Fannie and Freddie loans. ' Does anyone know how I can get more students with student loan debt to file a complaint with HUD? Maybe if enough people complain, they will lower this dti rule? I was told to email answers@hud.gov and address it to Kathleen Zadareky. The reason they don't take forgiveness programs into consideration is because there is no guarentee you'll complete the program to qualify.
You might change schools to teach at, and no longer be in a high need area, you may decide to have kids and leave the profession, etc. I do think there should be a stipulation for people who have been in the profession for several years, and have returned to school vs someone fresh out of school in their 1st year of teaching - there is a difference. That said - as far as I'm aware, the 2% rule only applies to loans without a payment amount, so once you are done with school, and loans are in repayment, it wont be an issue. I have over $100k in student loans, am on IBR, and will qualify for public service loan forgiveness, and got my mortgage based on my IBR payments.
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It was a bit of a process and had to do a 3-way call with the mortgage underwriter and SL servicer while they verified each loan number and payment (some payments only $2). You could also chose to put school on hold while you buy, so that your loans will go into repayment and post a monthly payment on your credit report, and then after you've secured your mortgage, continue classes.
1449 wrote: When I had a work slow-down in the end of '13 and needed temporary some loss mitigation help, having an FHA loan helped not at all. I don't even see the advantage now of having your loan federally insured. Your bank is supposed to follow certain rules under HUD and FHA in a foreclosure situation which they totally don't and no agency will help you. Skip the FHA. It's useless as far as I can see.
^^^This statement is a common fundamental misunderstanding of the purpose of an FHA loan. FHA insures the loan to induce lenders to make high LTV loans to those borrowers that do not have large down payments but who do meet specific income, credit and debt criteria. FHA is not a lender, but essentially insures payment of X% to the lender if the borrower defaults and loses their home to foreclosure. This particular insurance is a federal government program and not a private program like conventional loans have with PMI (Private Mortgage Insurance). FHA guidelines are relatively loose when you compare their allowed guidelines to those for a high LTV type conventional loan. FHA payments for mortgage insurance are lower for borrowers with lower credit scores.
A very large portion of the buying public would not qualify for a mortgage if there were no FHA loans available. FHA is not there to help the borrower directly at all, the program was never designed to protect the borrower - only to insure the lender in case of borrower default.FHA is there to protect the lender in case of borrower default so that more borrowers can qualify for an affordable mortgage.
The lender still has to underwrite the loan appropriately and the borrower has to qualify for the loan. Lenders are allowed to make their qualifying criteria more strict than what FHA requires because it is their money they are lending.
Note: if you default and the lender doesn't follow the guidelines set forth for foreclosure, that is the individual lender servicer & the investor that owns the loan that is at fault. FHA just pays the lender up to 35% of the loan amount (approx) when the lender sells the property in foreclosure to make the lender whole.
Do some research so you have a solid handle on what exactly you are committing to when you sign for your mortgage. How did you manage that? Who was your lender? I am a medical school graduate (now doctor in an anesthesiology residency) who is in IBR with payments of $230. That's a far cry from the $4750 they want to include in my DTI ratio.
I was told only fully amortized plans count. And then it was the greater of the loan payment amount or 1% whichever was higher. Right now struggling to try and bring up my mortgage FICOs (which show a whopping 60-70 point difference from the FICO8 scores) so I can get an MD mortgage. Bancorp South will do them at a 640 middle score. My FICO 8's are around 670. My FICO 2,3,4?
It really sucks. It appears to stem from some old medical collections that are inaccurate. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. And its affiliated companies.
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And its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive.
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Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide 'credit repair' services or advice or assistance regarding 'rebuilding' or 'improving' your credit record, credit history or credit rating.