I'm looking to refinance, and am not sure whether I am below 80%LtV. If not, I would have to go FHA because manufactured homes apparently won't be covered with PMI any longer conventionally (which I have now). Could someone with an FHA loan expain to me what I might have to do to my home/foundation to get it up to the standards for aquiring an FHA loan in Florida, or do the requirements differ state-to-state? It's only a little over 2 years old.
Thanks.
FHA loan requirements for refi ?
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flcruising
- Posts: 606
- Joined: Mon Dec 03, 2007 2:18 pm
- Location: Florida Panhandle
[color=blue]Aaron[/color]
For mine, the foundation had to be "engineered" which I am not sure how they figured since I bought it as an existing home. It basically is the standard (out here at least) 6" slab with open areas between the frame rails. Mine is below grade and below frost line, but that wasn't a requirement. The slab had to extend to the edges so the skirting came down onto concrete. The inspector said if it didn't, you have to pour concrete "footers" for the skirting to come down on to meet FHA requirements.
Next, it had to be inspected (structural, termite, septic) and pass all inspections.
Finally, they wanted to make sure it was classified as real property by the county appraisers office. This meant the title was de-activated and the county said it is "real" rather than "personal" property. This was also done prior to me purchasing, so I just had to verify.
It was then appraised like normal, and the loan proceeded like a standard mortgage.
Next, it had to be inspected (structural, termite, septic) and pass all inspections.
Finally, they wanted to make sure it was classified as real property by the county appraisers office. This meant the title was de-activated and the county said it is "real" rather than "personal" property. This was also done prior to me purchasing, so I just had to verify.
It was then appraised like normal, and the loan proceeded like a standard mortgage.
Gun control is not about guns, it's about control.
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flcruising
- Posts: 606
- Joined: Mon Dec 03, 2007 2:18 pm
- Location: Florida Panhandle
In Florida, it's rare to find a manufactured home on any concrete footing or foundation. Most all are block pier on concrete, plastic, or other 'pad' that sits on top of the ground since we don't get ground freeze.
The last line here seems to exclude us since we are in an AE flood zone, and our home's finish floor elevation is located 12" above the FEMA 100 year flood plane. This seems to say that the ground level under the home must be at least above the flood plane. Apparently it doesn't matter how high the house is. Man, that would be ALOT of fill dirt.
http://www.hud.gov/offices/hsg/sfh/ref/sfhp1-9a.cfm
The last line here seems to exclude us since we are in an AE flood zone, and our home's finish floor elevation is located 12" above the FEMA 100 year flood plane. This seems to say that the ground level under the home must be at least above the flood plane. Apparently it doesn't matter how high the house is. Man, that would be ALOT of fill dirt.
http://www.hud.gov/offices/hsg/sfh/ref/sfhp1-9a.cfm
[color=blue]Aaron[/color]