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[PDF File]Standard Manufactured Housing Mortgage
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RURAL DEVELOPMENT - MANUFACTURED HOUSING FACT SHEET Fact Sheet to assist Applicants & Prospective Packagers in preparing a satisfactory Loan Application Package. Summary of Requirements for Section 502 RH Loans on Manufactured Houses ** . Manufactured House: A structure which is built to the Federal Manufactured Home Construction and Safety Standards (FMHCSS), …
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[PDF File]MANUFACTURED HOUSING RESOURCE GUIDE Conventional …
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manufactured home • Repair, restore, rehabilitate or renovate an existing site-built home, and/or • Purchase or refinance the land on which the improvements, including the new manufactured home, will be situated Note: Interim construction financing is replaced by permanent financing on the effective date of the permanent financing. Freddie ...
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[PDF File]Manufactured Home Mortgage
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Indicates whether the covered loan is secured by a manufactured home and land or a manufactured home with no land NEW 1003.4(a)(29) Comments 4(a)(29)-1 through 4 Manufactured Home Land Property Interest Information about the applicant's or borrower's ownership or leasehold interest in the land where the manufactured home is located NEW 1003.4(a ...
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[PDF File]HMDA REFERENCE GUIDE - Sterling Compliance
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manufactured housing as real property in their states. The borrower must have fee simple ownership of the land on which the manufactured home will be located. A mortgage secured by a manufactured home located on a leasehold estate is not eligible for sale to Fannie Mae. The home cannot have been previously perma-nently installed at another site ...
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Mobile Home Refinancing | LendingTree | Refinance Articles
Manufactured Homes Underwriting Reminders Topic Reminder Cash-out Refinances To be eligible for a cash-out refinance, the Borrower must have owned both the MH and land for 12 months or more prior to the application date. Mortgage proceeds may be used for: • Payoff of existing mortgage(s) secured by the MH and land
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[PDF File]Manufactured Homes Underwriting Reminders
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for the land and construct the home, or a refinance transaction to pay off mortgages and liens for the land, home, and other cost to build the home, or for an existing home. C-to-P mortgages for MH extend the benefits and flexibilities of Constructionto- -Permanent financing to homeowners purchasing manufactured homes. Lenders can include cost ...
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New Manufactured Home Financing Matrix
have owned both the manufactured home and land for 12 months or more prior to the application date. The value for a cash-out refinance mortgage is based on the current appraised value of the manufactured home and land •For a cash-out refinance transaction secured by a primary residence, the maximum loan term is 20 years for mortgages
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[PDF File]Construction Conversion and Renovation Mortgages
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manufactured home or any outstanding indebt-edness secured by liens on the manufactured home must be deducted from the maximum equity contribution. Land equity: If the borrower owns the land on which the manufactured home is being permanently attached, the land may be used as an equity contribu-tion. In such event, the borrower’s equity ...
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[PDF File]THE FUNDAMENTALS OF MANUFACTURED LENDING
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FHA insures manufactured housing loans made by FHA-approved lenders under the Title I and Title II programs. Title I insures loans that finance or refinance a manufactured home, the land on which a manufactured home will be placed, or the combination of land and home. Title II insures loans on manufactured homes placed on a permanent foundation ...
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[PDF File]Manufactured Homes Underwriting Reminders - Freddie Mac Home
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of the dwelling is a manufactured home, the mortgage securing such property must be delivered as a manufactured home in compliance with Guide Chapter 5703. Property Type Primary residence or second home. Land must be owned fee simple or as part of a condominium. A manufactured home located on a leasehold estate is not eligible.
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Refinance manufactured home with land