Reverse Mortgages for Manufactured Homes in Portland Oregon
Can You Really Obtain A Reverse Mortgage on a Manufactured Home in Portland OR?
The fast response is yes. Even though the short answer is yes, there is much more to getting a reverse mortgage in Portland on a manufactured home.
Reverse Mortgage FHA Requirements For Manufactured Homes In Portland Oregon
1. The house in Portland will need to have been manufactured on or after June 15th of 1976. Houses built prior to June 15, 1976, even with improvements, do not fulfill the HUD requirements and will not be accepted as compliant with the HUD Code. FHA does not insure mortgages on manufactured homes made prior to June 15, 1976. Most other mortgage insurance firms go along with FHA’s policy.
2. You need to have the house inspected by using a structural engineer. The charge for the inspection can run somewhere between $300 to $750 or more. The purpose of the inspection is to ensure that the home has been installed to FHA guidelines, any extras for example decks, patios won’t impact the structural stability as well as evaluate if tie downs are necessary.
3. In most cases tie downs are necessary. Tie downs are steel cables that are attached to the home and concrete runners underneath the home. Installation costs of tie downs range from $1000 to $2000 if not more.
4. An IBTS report may be required. All manufactured homes constructed after June 15, 1976 are required to have one or more label(s) mounted on them: a manufactured home HUD label(s) in addition to a Data Plate/Compliance Certificate. If the home lacks these things or the labels or certificate is unreadable an IBTS report is going to be needed. This report could be several hundred dollars.
5. Most lenders will require the house to be not less than a double wide. Normally banking institutions won’t mortgage single wide manufactured homes.
6. You need to own the property your manufactured home is on. This means that if you are leasing the land, as an example in a mobile home park, you will not be qualified to receive a reverse mortgage. If your manufactured home is in a PUD (planned unit development) in which you own the lot, it’s possible to qualify.
7. If your manufactured home is on very significant acreage you may not qualify for a reverse mortgage. It is advisable to consult with a reverse mortgage professional in Portland to find out the answer to this issue.
Quite simply, getting a reverse mortgage for your manufactured home in Portland could cost hundreds to several thousand dollars more than non-manufactured homes.
Apart from those things cited above, the process, fees and the amount you are able to receive is the same as if it wasn’t a manufactured home.
Some other Questions About Manufactured Homes and Reverse Mortgages in Portland OR
Just what is a 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 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.
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, distinct from conventional construction codes, mandates manufactured homes to be manufactured using a permanent chassis. Modular homes are made to the exact same state, 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 made prior to June 15, 1976. I have done some improvements to my house and believe it satisfies the HUD Standards. Can a person come check my manufactured home to ensure it is in compliance with all the Standards?
HUD doesn’t check homes. Homes produced prior to June 15, 1976, even with improvements, fail to satisfy 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 state’s housing code. FHA won’t insure mortgages on manufactured homes produced prior to June 15, 1976. The majority of other mortgage insurance providers adhere to FHA’s policy.
Will HUD issue certification labels (HUD tags) if my home was made prior to 1976?
No. The Department will not issue tags for any manufactured (mobile) home constructed before the enforcement of the Manufactured Home Construction and Safety Standards, effective June 15, 1976.
I own a park model home and have done improvements to my home. I was told I need to get a HUD label. How does someone get one?
Regardless of the upgrades made to your park model, it isn’t possible to purchase a HUD label on any kind of structure that was not built and inspected as a manufactured home in accordance with HUD’s Manufactured Home Construction and Safety Standards and Regulations throughout its principal construction. You might get in touch with the Recreational Park Trailer Industry Association http://www.rvia.org/?ESID=PMRV for more information and resources concerning park model homes.
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