If you’re thinking about purchasing a manufactured home and have any questions, please give us a call at (760) 930-0569 and one of our loan officers will assist you. The home was built after Jand is in its original location AGENT HOME MANUFACTURED HOMES CHECKLIST Veterans United Home Loans, NMLS ID 1907 (rg) 1400 Veterans United Drive, Columbia, MO 65203 1-80 A VA approved lender Not endorsed agency. Knowing the materials will help you discover how best to take care of them and if your mobile home can withstand a series of weather damages.Ī good way to ensure everything is in order is by creating a structural and mechanical checklist to anticipate the time and money needed for repairs. Materials used in construction – quality materials typically last longer, which helps save on repair and maintenance costs.The modifications made – it’s good to know what enhancements were made since they will help your pricing strategy if you decide to sell in the future.The age of the home – knowing its age will also help to identify the problems it has (think scheduled maintenance and recalls on cars).The conditions of the plumbing and electrical systems – a faulty plumbing and electrical system can lead to costly repairs in the future.The stability of the manufactured home – an unleveled mobile home can cause stress to its joints, resulting in cracks and/or leaks.If your prospective home meets all of the criteria above, some other factors to consider before purchasing your home are: Are there enough sold homes of comparable value to justify a strong appraisal report? Has the property been converted to real property with no DMV title and treated and taxed as real estate?Ĥ. Does the property sit on a permanent foundation?ģ. a complete copy of the executed contract for sale of the manufactured home and land or. For purchase money mortgages, the lender must provide the appraiser with. Any crawl spaces must be accessible, clear of debris, and properly vented. These four questions will determine if the manufactured home can be financed:Ģ. The list below provides requirements and standards for manufactured housing appraisals. If there is any question about the roof, the VA underwriter may require a roof inspection (separate from a home inspection or appraisal) to determine the number of years of life left for the roof. Manufactured Homes are built entirely in a factory under the federal building code administered by the Department of Housing and Urban Development (HUD). Origination Fees: cover a lender’s operating costs when processing, underwriting, and closing a HECM loan. The manufactured home has its’ own form called the Manufactured Home Appraisal Report (Form 1004C). Additional fees borrowers may pay include: HECM Counseling Fee: the cost of mandatory HECM counseling is typically around 125, according to gov. Tax documentation you will need proof that you have paid all the necessary taxes on your manufactured home before you can sell it. When purchasing a manufactured home, it’s important to know what questions to ask when it comes to the financing. The FHA appraisal cost is one of several reverse mortgage closing costs.
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