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Reverse Mortgages for Manufactured Homes in Springfield Oregon

May 10, 2018 /

Can You Be Given A Reverse Mortgage with a Manufactured Home in Springfield OR?

The quick response is yes. But you need to be aware of the additional costs, inspections and fees associated with getting a manufactured home reverse mortgage in Springfield.

Reverse Mortgage FHA Guidelines For Manufactured Homes In Springfield Oregon

1. The home in Springfield must have been built on or after June 15th of 1976. Homes constructed prior to June 15, 1976, regardless of improvements, fail to meet the HUD specifications and cannot be accepted as certified with the HUD Code. FHA is not going to insure mortgages on manufactured homes made prior to June 15, 1976. Almost every other mortgage insurance providers go along with FHA’s policy.

2. You need to have the house inspected by using a structural engineer. The fee for that inspection could run between $300 to $750 or even more. The reason for the inspection will be to make sure the home has been installed to FHA standards, any upgrades i.e. decks, patios will not affect the structural integrity as well as to determine if tie downs have to be added.

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

4. An IBTS report may be required. All manufactured homes made after June 15, 1976 will have 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 does not have these things or the labels or certificate is illegible an IBTS report would be required. This report can be several hundred dollars.

5. Nearly all lenders will require the home to be at least a double wide. In most cases banks will not lend on single wide manufactured homes.

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

7. In the event your home is on very significant acreage you might not be eligible for a reverse mortgage. It’s always best to talk with a reverse mortgage professional in Springfield to ascertain the answer to this issue.

This means that, getting a reverse mortgage on your manufactured home in Springfield might cost a few hundred to several thousand dollars more than non-manufactured homes.

Apart from those items mentioned above, the process, expenses and the amount of money you can borrow is the same as if it wasn’t a manufactured home.

Several other Questions Concerning Mobile Homes and Reverse Mortgages in Springfield OR

What exactly is manufactured home?

A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards (HUD Code) and exhibits a red certification label on the outside for each transportable section. Manufactured homes are constructed in the managed environment of a manufacturing plant and they are shipped in one or more sections using a permanent chassis.

Just what is the difference between manufactured and modular homes?

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

My house was made prior to June 15, 1976. I’ve made some modifications to my home and think it meets the HUD Standards. Can someone come inspect my manufactured home to make sure it’s in compliance with the Standards?

HUD doesn’t check homes. Homes built prior to June 15, 1976, regardless of improvements, don’t satisfy the HUD standards and cannot be accepted as compliant with the HUD Code. As the homeowner, you may find a licensed engineer equipped to inspect your home for compliance with your state’s housing code. FHA won’t insure mortgages on manufactured homes produced before June 15, 1976. The majority of other mortgage insurance carriers follow FHA’s policy.

Will HUD issue certification labels (HUD tags) if my manufactured home was built before 1976?

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

I own a park model mobile home and have completed upgrades to my mobile home. I have been informed I need to get a HUD label. How do you purchase one?

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

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