Reverse Mortgages for Manufactured Homes in Corvallis Oregon
Is It Possible To Get A Reverse Mortgage with a Manufactured Home in Corvallis OR?
The quick response is yes. Even though the short answer is yes, there is much more to getting a reverse mortgage in Corvallis on a manufactured home.
Reverse Mortgage FHA Specifications For Manufactured Homes In Corvallis Oregon
1. The house in Corvallis must have been constructed on or after June 15th of 1976. Dwellings constructed previous to June 15, 1976, even with improvements, don’t meet the HUD standards and cannot be accepted as compliant with the HUD Code. FHA will not insure mortgages on manufactured homes produced before June 15, 1976. The majority of mortgage insurance carriers observe FHA’s policy.
2. You need to get the house inspected utilizing a structural engineer. The cost for that inspection could run somewhere between $300 to $750 or more. The objective of the inspection will be to ensure the home was installed to FHA standards, all extras i.e. decks, patios don’t change the structural stability as well as evaluate if tie downs have to be added.
3. In most cases tie downs are necessary. Tie downs are steel cables which are attached to the home and concrete runners beneath the home. Set up costs of tie downs may range from $1000 to $2000 or higher.
4. An IBTS report may be required. All manufactured homes produced after June 15, 1976 should have one or more label(s) installed on them: a manufactured home HUD label(s) and a Data Plate/Compliance Certificate. If your home does not have this information or the labels or certificate is illegible an IBTS report is going to be necessary. This report is usually several hundred dollars.
5. Most lenders will require the home to be a minimum of a double wide. Normally loan companies won’t mortgage single wide manufactured homes.
6. You must own the land your manufactured home is on. Put simply if you are leasing the land, as an example in a manufactured home park, you won’t be qualified to receive a reverse mortgage. If your home is inside a PUD (planned unit development) where you own the lot, you will be able to qualify.
7. When your home is on very significant acreage you may not be eligible for a reverse mortgage. It’s best to talk with a reverse mortgage specialist in Corvallis to find out the answer to this matter.
Put simply, getting a reverse mortgage on your manufactured home in Corvallis could cost several hundred to several thousand dollars more compared with non-manufactured homes.
Other than those things stated earlier, the procedure, expenses and the amount you can receive is the same as if it were not a manufactured home.
Other Questions Concerning Mobile Homes and Reverse Mortgages in Corvallis OR
Just what is a manufactured home?
A manufactured home (formerly known as a mobile home) is made to the Manufactured Home Construction and Safety Standards (HUD Code) and displays a red certification label on the exterior of each transportable section. Manufactured homes are built in a managed environment of a manufacturing plant and are transported in one or more sections using a permanent chassis.
What is the distinction between manufactured and modular homes?
Manufactured homes are made in accordance with a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, as opposed to standard building codes, requires manufactured homes to be produced on a permanent chassis. Modular homes are made to the very same state, local or regional building regulations as site-built houses. Other sorts of systems-built homes incorporate panelized wall systems, log homes, structural insulated panels, and insulating concrete forms.
My home was made prior to June 15, 1976. I’ve completed some modifications to my home and think it complies with the HUD Standards. Can someone come examine my house to be certain it is in compliance with all the Standards?
HUD does not inspect homes. Homes built before June 15, 1976, regardless of alterations, do not fulfill the HUD standards and will not be accepted as compliant with the HUD Code. As the homeowner, you could find a licensed engineer willing to inspect your home for compliance with your state’s housing code. FHA does not insure mortgages on manufactured homes built before June 15, 1976. Many other mortgage insurance companies adhere to FHA’s policy.
Will HUD issue certification labels (HUD tags) if my house was constructed prior to 1976?
No. The Department is not going to issue tags for a manufactured (mobile) home made prior to the enforcement of the Manufactured Home Construction and Safety Standards, effective June 15, 1976.
I have a park model home and have completed upgrades to my manufactured home. I have been advised I need to get a HUD label. How do you get one?
No matter what upgrades made to your park model, it’s not possible to purchase a HUD label on any kind of structure that wasn’t produced and inspected as a manufactured home in accordance with HUD’s Manufactured Home Construction and Safety Standards and Regulations throughout its principal construction. You could contact the Recreational Park Trailer Industry Association http://www.rvia.org/?ESID=PMRV to learn more and resources concerning park model homes.
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