March 23, 2011
FHA Title I loans for manufactured homes can be used several ways–one is to apply for an FHA loan to purchase the home itself, another is to apply for a mortgage loan to purchase a lot for a home already owned or to be purchased, and the Title I loan can also be used to buy a manufactured home and lot combination.
When borrowing money for a manufactured home under Title I, there quality standards the home must live up to, including wall thickness, foundation footing, and approved construction materials. “Manufactured homes must comply with the Model Manufactured Home Installation Standards, and all applicable state and local requirements” to include the construction/installation of the foundation system.
In addition to the Model Manufactured Home Installation Standards, there’s another set of standards. The foundation of a manufactured home is governed, too. The FHA official site states, “All foundation systems, new and existing, must meet the guidelines published in the
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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