Reverse Mortgages for Manufactured Homes in Hillsboro Oregon
Can You Obtain A Reverse Mortgage with a Manufactured Home in Hillsboro OR?
The quick response is yes. The yes answer is easy. The reality is that there is a whole lot more to getting a reverse mortgages in Hillsboro OR on a manufactured home.
Reverse Mortgage FHA Specifications For Manufactured Homes In Hillsboro Oregon
1. Your house in Hillsboro is required to have been been constructed on or after June 15th of 1976. Houses built before June 15, 1976, even with improvements, do not satisfy the HUD standards and will not be accepted as certified with the HUD Code. FHA does not insure mortgages on manufactured homes produced prior to June 15, 1976. The majority of mortgage insurance firms observe FHA’s policy.
2. You will need to have the manufactured home inspected by a structural engineer. The fee for the inspection will cost somewhere between $300 to $750 or even more. The purpose of the inspection will be to ensure that the manufactured home was set up to FHA requirements, all additions like decks, porches do not reduce the structural integrity as well as evaluate if tie downs will be required.
3. In most cases tie downs are necessary. Tie downs are steel cables which are attached to the home and concrete runners under the home. Installing the components costs of tie downs can range from $1000 to $2000 if not more.
4. An IBTS report may be necessary. All manufactured homes built after June 15, 1976 must have one or more label(s) attached to them: a manufactured home HUD label(s) along with a Data Plate/Compliance Certificate. If the home doesn’t have these things or the labels or certificate is unreadable an IBTS report would be needed. This report could be several hundred dollars.
5. Nearly all lenders will need your house to be a minimum of a double wide. Typically financial institutions will not lend on single wide manufactured homes.
6. You must own the lot your manufactured home is on. This means that if you are leasing the land, for example in a manufactured home park, you will not be qualified to receive a reverse mortgage. If your manufactured home is inside a PUD (planned unit development) where you own the lot, you will be able to qualify.
7. In the event your manufactured home is on excessively large acreage you may not be eligible for a reverse mortgage. It’s best to consult with a reverse mortgage specialist in Hillsboro to ascertain the answer to this matter.
This means that, getting a reverse mortgage for a manufactured home in Hillsboro might cost hundreds to several thousand dollars more compared to non-manufactured homes.
Other than those items mentioned above, the procedure, expenses and the amount you can receive is the same as if it wasn’t a manufactured home.
Several other Questions Concerning Manufactured Homes and Reverse Mortgages in Hillsboro OR
What exactly is a manufactured home?
A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards (HUD Code) and includes a red certification label on the outside of each transportable section. Manufactured homes are constructed in the managed environment of a manufacturing plant and they are moved in one or more sections using a permanent chassis.
What is the difference between manufactured and modular homes?
Manufactured homes are built in accordance with a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, distinct from conventional building codes, mandates manufactured homes to be built using a permanent chassis. Modular homes are constructed to the exact same state, local or regional building regulations as site-built houses. Other types of systems-built homes incorporate panelized wall systems, log homes, structural insulated panels, and insulating concrete forms.
My home was made before June 15, 1976. I have completed some modifications to my home and think it complies with the HUD Standards. Can a person come examine my house to ensure it’s in compliance with the Standards?
HUD does not check homes. Homes made before June 15, 1976, even with improvements, fail to satisfy the HUD standards and will not be authorized as certified with the HUD Code. As the homeowner, you could find a licensed engineer willing to inspect your home for conformity with your state’s housing code. FHA will not insure mortgages on manufactured homes constructed before June 15, 1976. Many other mortgage insurance firms adhere to FHA’s policy.
Will HUD issue certification labels (HUD tags) if my manufactured home was made prior to 1976?
No. The Department is not going to issue tags for any manufactured (mobile) home made 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 mobile home. I was informed I need a HUD label. How does someone get one?
Regardless of improvements made to your park model, it isn’t possible to obtain a HUD label on any structure that has not been produced and inspected as a manufactured home in accordance with HUD’s Manufactured Home Construction and Safety Standards and Regulations in the course of its original construction. You can get in touch with the Recreational Park Trailer Industry Association http://www.rvia.org/?ESID=PMRV for details and resources with regards to park model homes.
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