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Reverse Mortgages for Manufactured Homes in Keizer Oregon

May 10, 2018 /

Can You Really Obtain A Reverse Mortgage on a Manufactured Home in Keizer Oregon?

The quick response is yes. .|Even though the short answer is yes, there is much more to getting a reverse mortgage in Keizer on a manufactured home.|The yes answer is easy. The reality is that there is a whole lot more to getting a reverse mortgages in Keizer Oregon on a manufactured home.|But you need to be aware of the additional costs, inspections and fees associated with getting a manufactured home reverse mortgage in Keizer.}

Reverse Mortgage FHA Requirements For Manufactured Homes In Keizer Oregon

1. The house in Keizer will need to have been built on or after June 15th of 1976. Homes made previous to June 15, 1976, regardless of improvements, don’t meet the HUD requirements and will not be accepted as certified with the HUD Code. FHA does not insure mortgages on manufactured homes built prior to June 15, 1976. Almost every other mortgage insurance providers go along with FHA’s policy.

2. You need to have the home inspected by using a structural engineer. The expense for that inspection can cost anywhere between $300 to $750 or higher. The objective of the inspection is to make sure the home was installed to FHA guidelines, all additions like decks, patios don’t affect the structural integrity and to evaluate if tie downs will be required.

3. Usually tie downs are required. Tie downs are steel cables that are attached to the home and concrete runners beneath the home. Set up costs of tie downs may range from $1000 to $2000 or more.

4. An IBTS report may be necessary. All manufactured homes produced after June 15, 1976 are required to have one or more label(s) mounted on them: a manufactured home HUD label(s) and a Data Plate/Compliance Certificate. If your home is missing these things or the labels or certificate is unreadable an IBTS report will be required. This report will be several hundred dollars.

5. Most lenders will require the home to be no less than a double wide. Typically loan providers will not mortgage single wide manufactured homes.

6. You need to own the land your manufactured home is on. Put simply if you’re leasing the land, for example in a mobile home park, you will not be qualified for a reverse mortgage. When your manufactured home is within a PUD (planned unit development) where you own the lot, you’ll be able to qualify.

7. In the event your manufactured home is on excessively significant acreage you may not qualify for a reverse mortgage. It is best to talk with a reverse mortgage professional in Keizer to ascertain the answer to this condition.

This means that, obtaining a reverse mortgage for a manufactured home in Keizer might cost a few hundred to several thousand dollars more compared to non-manufactured homes.

Besides the points already mentioned, the procedure, fees and the amount you are able to borrow is the same as if it wasn’t a manufactured home.

Some other Questions Regarding Manufactured Homes and Reverse Mortgages in Keizer Oregon

What exactly is manufactured home?

A manufactured home (formerly known as a mobile home) is manufactured to the Manufactured Home Construction and Safety Standards (HUD Code) and exhibits a red certification label on the exterior of each transportable section. Manufactured homes are made in the controlled environment of a manufacturing plant and they are transported in one or more sections with a permanent chassis.

Is there a distinction between manufactured and modular homes?

Manufactured homes are constructed according to a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, different from standard building codes, mandates manufactured homes to be constructed on a permanent chassis. Modular homes are built to the very same Oregon, local or regional building regulations as site-built homes. Other sorts of systems-built homes incorporate panelized wall systems, log homes, structural insulated panels, and insulating concrete forms.

My home was built prior to June 15, 1976. I’ve made some improvements to my house and think it satisfies the HUD Standards. Can a person come inspect my home to ensure it is in compliance with the Standards?

HUD doesn’t check homes. Homes built before June 15, 1976, even with alterations, fail to meet the HUD standards and will not be authorized as compliant with the HUD Code. As the homeowner, you could find a licensed engineer willing to inspect your home for conformity with your Oregon’s housing code. FHA will not insure mortgages on manufactured homes constructed before June 15, 1976. Many other mortgage insurance carriers adhere to FHA’s policy.

Will HUD issue certification labels (HUD tags) if my house was built prior to 1976?

No. The Department will not issue tags for a manufactured (mobile) home constructed before the enforcement of the Manufactured Home Construction and Safety Standards, effective June 15, 1976.

I own a park model mobile home and have completed improvements to my manufactured home. I was told I should get a HUD label. How do I obtain one?

No matter the upgrades made to your park model, it is not possible to acquire a HUD label on any kind of structure that wasn’t built and inspected as a manufactured home as Oregond by HUD’s Manufactured Home Construction and Safety Standards and Regulations during its original construction. You can contact the Recreational Park Trailer Industry Association http://www.rvia.org/?ESID=PMRV to learn more and resources regarding park model homes.

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