Estimación de costos de implementación

A Manufactured Home (MH) is constructed to the Federal Code, Model Manufactured Home Installation and Safety Standards. The dwelling is built on a steel chassis, assembled in units at the factory and then transported in one or more sections to the Property site.

To be eligible for financing, all manufactured homes must comply with the following:

 Minimum floor area of 400 square feet.

 Constructed after June 15, 1976, in conformance with the Federal Manufactured Home Construction and Safety Standards (HUD Code), as evidenced by an affixed certification label in accordance with 24 CFR.

 Be classified and treated as real estate the by local authority (but need not be treated as real estate for purposes of state taxation).

 Mortgage must cover both the manufactured home and its site.

 Built and remains on a permanent chassis.

 Designed for occupancy as a principal residence and installed with a permanent foundation in accordance with Permanent Foundation Guidelines for Manufactured Housing (PFGMH).

 Fee simple title with Alta 7 endorsement.

 Manufactured units must not have been installed or occupied previously at any other location or site.

 Manufactured Home has been transported from the manufacturer or the dealership to the site.

 If there were two existing titles at the time the Manufactured Home unit was purchased, all state/local requirements for purging of the title (chattel or equivalent debt instrument) have been met, and subject Manufactured Home is classified as real estate prior to endorsement.

Reference: HUD 4000.1 I.A.1.b.iv(B)(5)(b); 4000.1 II.B.5.i;

Manufactured Homes

Additions/Modifications (State Requirements)

The following guidance applies to Manufactured Home additions/modifications:

 At the Underwriter’s discretion, a foundation certification from a previous FHA mortgage may be used, that shows the foundation met the PFGMH published guidelines in effect at the time of the certification.

 If the previous foundation certification did not address the additions or alterations, then verify the structural integrity of the manufactured home and the addition by obtaining either:

o An inspection by the state administrative agency that inspects manufactured housing for compliance; or

o A certification of the structural integrity of the manufactured home and addition(s) must be completed by a state licensed structural engineer if the state does not employ inspectors.

Reference: HUD 4000.1 I.A.1.b.iv(B)(5)(c); 4000.1 II.B.5.i.

Manufactured Homes

Appraisal Requirements

Manufactured Home appraisals must be completed on form 1004C and satisfy all the following requirements:

 Appraisal validity is 120 days from the date of the Appraiser’s initial property inspection.

 Market Conditions Addendum/Form 1004MC is included in appraisal

 MH land ownership rights must be bundled with the unit as security, and may be:

 Fee simple, or

 The enclosure must be adequately secured to the perimeter of the unit and allow for proper ventilation of the crawl space.

 If the non-load bearing skirting is comprised of lightweight material, then the entire surface area of the must be permanently attached to backing made of concrete, masonry, treated wood or a product with similar strength and durability.

Reference: HUD 4000.1 II.B.5.c.

 Subject photos must reflect running gear has been removed and subject is attached to a permanent foundation so that is no longer capable of being removed.

 Comparable Selection

 At least two (2) of the comps must be manufactured.

 Combining of Land and Home Sales is not acceptable.

 Appraiser must describe any additions/modification made to the MH since its initial site placement.

 Appraiser must notify the Underwriter if it is suspected that an addition/modification poses a risk to the structural integrity of the home.

 Appraiser must notify the Underwriter and condition the appraisal for documentation verifying the HUD labels were issued to the Manufactured Home.

 Appraiser should provide a legible photo of the data plate. Appraiser should report if data plate is missing but need not reject the property.

 Appraiser should also check the data plate to see if the MH was constructed for the geographic area for which it was installed. If not, the Appraiser must report to the Underwriter who make the Borrower aware of this fact.

 Home-site must meets local standards for site suitability and has adequate water supply and sewage disposal facilities.

 For New Construction MH, the Appraiser must complete the Cost Approach section (less than one-year-old, initial sale form manufacturer/dealer)

 Appraiser may also include in the report, if available, the invoices for the total costs: the retail purchase price, delivery, installation and set-up costs.

 Appraiser must analyze the manufacturer’s invoice and any other documents that pertains to what the sale included such as o Payoff of personal debt;

o Land included in the contract;

o Personal property was included in sale

 If well and/or septic, Appraiser must comment that distances meet with HUD/FHA requirements.

Manufactured Homes

Credit Score

Endeavor America requires a minimum qualifying decision scores:

 580 with a double-wide.

 620 with a single-wide.

Elevation Certificate – Flood Zones A & V

 An elevation certificate is required if the Subject Manufactured Home is located in a flood hazard area.

 If Property is located in flood zones A and V, and

 MH without basement, the finished grade level beneath must be at or above the FEMA Special Flood Hazard Area (S) 100-year return frequency elevation.

 MH with basement, the grade beneath the basement floor shall be at or above the S.

 FEMA form 81-31 “Elevation Certificate” must be dated and executed after the appraisal date.

Eligibility for Manufactured Housing in SFHAs

If any portion of the dwelling, related structures or equipment essential to the property value and subject to flood damage for both new and existing manufactured homes are located within an SFHA, the property is not eligible for FHA mortgage insurance unless:

 a FEMA issued LOMA or LOMR that removes the property from the SFHA; or

 a FEMA National Flood Insurance Program (NFIP) Elevation Certificate (FEMA form 81-31) prepared by a licensed engineer or surveyor stating that the finished grade beneath the manufactured home is at or above the 100-year return frequency flood elevation, and insurance under the NFIP is obtained.

Reference: HUD 4000.1 II.A.1.b.(A)(1)

Manufactured Homes

Engineer’s Certification of Foundation

Manufactured Home appraisals should be completed on form 1004C.

Foundation certification attesting compliance with HUD's PFGMH

 The Appraiser may also verify the manufactured home has not been moved from a previous location.

 The underwriter may choose to use the foundation certification from a previous FHA loan provided the foundation met the guidelines in the PFGMH that were in effect at the time of the certification and was completed by a state licensed engineer.

 A structural engineer must complete the foundation compliance certification when:

 the previous foundation certification does not address the additions/alterations; or

 the state administrative agency does not provide add compliance inspection.

Refer to Manufactured Housing – Additions/Modification subsection for additional requirements Reference: HUD 4000.1 II.A.1.b.iv(B)(5)(c)(ii); PFGMH

Certification on Foundation Compliance is not required for:

 FHA to FHA refinance transactions provided that no modifications have been made to the foundation or structure from the date of the effective certification.

 HUD REO transaction made by the original purchaser from HUD.

Manufactured Homes

FHA Connection

Correctly enter the following manufactured housing data into FHA Connection:

 Case Assignment screen: “77” should be entered as the two-digit Program ID Code when the loan is not processed as a construction-permanent loan.

Appraisal Logging screen: “Y” for Yes to Manufactured Housing indicator (source document –appraisal).

Hazard Insurance

The minimum amount of coverage is determined by the Insurer.

HUD Label “Red Tags”

 All MHs must have a HUD label (commonly known as the “Red Tag”), a metal tag affixed on outside of each transportable unit.

 A multi-wide unit has multiple HUD tags – one for each transported section/unit.

 When the HUD labels are missing,

 Institute for Building Technology (IBTS) maintains data regarding HUD certification labels and data plates. IBTS can provide the following verifications:

o HUD Label Verification letter includes: label number, serial number, date of manufacture, manufacturer name and plant location, location of the first destination (usually the retailer)

HUD Data Plate/Compliance Certificate HUD Data Plate

 There is only one data plate that is made of paper. It is typically be found inside the home in one of three locations:

 adjacent to the electric service panel in the utility room, or

 in a kitchen cabinet, or

 in a bedroom closet.

 Data plate contains the HUD Certification Label number to assist in ordering the HUD Label verification letter from IBTS.

It also contains useful information: manufacturer name, serial number, model and date of manufacture as well as wind, roof load and thermal zones.

Manufactured Homes

Ineligible Manufactured Homes

The following property types are ineligible for delivery to Endeavor America:

 Condo, Co-Op, Parks

 Leasehold

 Multiple manufactured units on the same lot

 Single family with an accessory Manufactured Home (unless storage only use)

 Missing HUD Label (Red Tags) and HUD certification cannot be verified

 Singlewide with land to value ratios exceeding 30%

 Double/triple wide with land to value ratios exceeding 50%

Maximum Mortgage

 Maximum loan amount is the county limits

Modular Homes

 Modular housing refers to structures constructed according to state and local codes off-site in a factory, transported to a building lot, and assembled into a finished house. Although quality can vary, all of the materials – from framing, roofing and plumbing to cabinetry, interior finish and electrical – are identical to what is found in comparable quality conventional “stick-built” housing.

 Appraiser must select and analyze appropriate comparable sales which may include conventionally built housing, modular housing or manufactured housing.

Reference: HUD 4000.1 II.B.3.c(D)

Manufactured Homes

New Construction

 New construction refers as the initial sale from a manufacturer or a manufactured home dealer to the Borrower(s).

 The Cost approach must be completed with cost estimates using published data such as National Automobile Dealers Association Manufactured Housing Appraisal Guide or Marshall & Swift Residential Cost Handbook.

 The cost approach is not required if the Manufactured Home is “New (< 1 year old)” construction code and the title has been re-conveyed after the initial sale from the Manufactured Home dealer.

 The 1004C appraisal must include the documentation to support the retail purchase price including the Manufactured Home unit bill of sale and all delivery, installation and set-up costs. These documents must be appended into.

 If using lot equity, the appraiser must describe the method used to estimate the site value and provide a detailed summary and analysis of the land sales data to support his/her opinion.

 Appraiser must provide the name of the retailer or distributor who sold the Manufactured Home unit. The FHA Roster Inspector must provide the installer information (installer name, installation date, model/year) in the 92051 if the original appraiser did not provide in the Manufactured Home appraisal.

 For Existing < 1 Year (100% complete and never occupied), HUD will only accept inspections by a local building authority (on form HUD-92051/CIR) for a newly installed manufactured home only if there are no FHA Roster Inspectors available to perform the inspections. DE underwriter must document efforts to obtain an FHA Roster Inspector.

 Below are clarification for the new construction exhibits table that follows:

 For a 10-year warranty plan, HUD requires evidence of acceptance or enrollment in the HUD approved plan; the application alone is not acceptable.

 Termite inspection report is required unless the property is located in an area of no to slight infestation as indicated in HUD’s

“Termite Treatment Exception Areas“. Please see Termite Inspection section for additional details.

Reference: HUD 4000.1 II.A.8.ii(B); 4000.1 II.B.4.a-b; FHA Appraisal Report and Data Delivery Guide C.7.

Manufactured Homes

Proposed Construction > 90% LTV

 Building permit / Early Start Letter

 Engineer’s Certification of Foundation (Structural Engineer if addition / modification)

 HUD-92541/Builder’s Certification of Plans & Specs

 HUD-92544/Builder’s 1-Year Warranty

 2 Inspections: first (pre-pour) & final (after foundation installed) on HUD-92051 by FHA Roster Inspector, certifying Engineer or Architect; or

 10 year warranty & HUD-92051 by FHA Roster Inspector or certifying Engineer / Architect

 Pest soil treatment (NPMA-99A and NPMA-99B)

 Well & Septic, if applicable

 Flood Zone Cert. and if applicable LOMA or LOMR or Elevation Certificate

≤ 90% LTV

 Building permit / Early Start Letter

 Engineer’s Certification of Foundation (Structural Engineer if addition / modification)

 HUD-92541/Builder’s Certification of Plans

& Specs

 HUD-92051 / CIR by FHA Roster Inspector, certifying Engineer or Architect.

 Pest soil treatment (99A and NPMA-99B)

 Well & Septic, if applicable

 Flood Zone Cert. and if applicable

 LOMA or LOMR or Elevation Certificate

Manufactured Homes

Under Construction or Existing <1 Year (never occupied)

90% LTV

 Building permit / Early Start Letter

 Engineer’s Certification of

Foundation (Structural Engineer if

 Pest soil treatment (NPMA-99A and NPMA-99B )

 Well & Septic, if applicable

 Flood Zone Cert. and if applicable

 LOMA or LOMR or Elevation Certificate

≤ 90% LTV

 Engineer’s Certification of Foundation

 HUD-92541/Builder’s Certification of Plans & Specs

 HUD-92051 / CIR by FHA Roster Inspector, certifying Engineer or Architect

 Pest soil treatment (NPMA-99A and NPMA-99B)

 Well & Septic, if applicable

 Flood Zone Cert. and if applicable

 LOMA or LOMR or Elevation Certificate

Site

 The manufactured unit must not have been installed or occupied previously at any other site or location.

 Manufactured units may be moved only from the Manufacturer's or dealer's lot to the site on which the unit will be insured.

 If a permanent foundation is to be constructed under an existing eligible unit, the unit may be jacked up in order to install a new foundation.

Manufactured Homes

Title Binder

 Preliminary Title binder must reference an Alta 7 endorsement will be included in the Final Policy.

 Title Binder for manufactured homes must include:

 Title to the Manufactured Home has been surrendered or purged in accordance with the jurisdictional requirements (relinquished Department of Motor Vehicles).

 Title Binder reflects the Manufactured Home will be recorded as real property.

 “Improvement Tax” shows what taxes will be once the manufactured home is classified and taxed as real estate.

 If the above three Title Binder requirements are met, then the survey requirement* is to be removed from the Final Title. [*Survey to show the Manufactured Home is attached to the land.]

 Borrower to execute an Affidavit of Affixation at closing.

Trade-In

 Whether sold or trade-in, document MH ownership (manufacturer/model, year, size) and obtain a 3^rd party appraisal (such as N.A.D.A.) to validate the sales price or trade-in value. The sale proceeds or trade-in is based on the lesser of the two amounts.

 MH sale must also be documented with all of the following: a notarized bill of sale with the seller’s contact information, receipt of the sale proceeds and evidence of deposit, and if applicable, evidence existing MH loan has been paid in full.

 MH trade-in must also be documented with all of the following: copy of the trade-in payment, and evidence the trade proceeds have been deposited with the settlement agent.

 The appraiser must report the removal of the existing MH.

Reference: HUD 4000.1 II.A.4.d.iii(O)

203(k) Loan Program

Ineligible Property Types

 Manufactured homes

 Multi-Unit properties

 Mixed Use Properties

 Condo’s

Ineligible Programs

 Manual Underwrites

 Back to Work

 203(K) Self help

Standard 203(k) Transactions

Standard 203(k) Eligible Improvements

The Standard 203(k) requires a minimum of $5,000 in eligible improvements.

203(k) Loan Program

Types of Improvements

Types of eligible improvements include, but are not limited to:

 converting a one-family Structure to a two-, three- or four-family Structure;

 decreasing an existing multi-unit Structure to a one- to four-family Structure;

 reconstructing a Structure that has been or will be demolished, provided the complete existing foundation system is not affected and will still be used;

 repairing, reconstructing or elevating an existing foundation where the Structure will not be demolished;

 purchasing an existing Structure on another site, moving it onto a new foundation and repairing/renovating it;

 making structural alterations such as the repair or replacement of structural damage, additions to the Structure, and finished attics and/or basements;

 rehabilitating, improving or constructing a garage;

 eliminating health and safety hazards that would violate HUD’s Minimum Property Requirements (MPR);

 installing or repairing wells and/or septic systems;

 connecting to public water and sewage systems;

 repairing/replacing plumbing, heating, AC and electrical systems;

 making changes for improved functions and modernization;

 making changes for aesthetic appeal;

 repairing or adding roofing, gutters and downspouts;

 making energy conservation improvements;

 creating accessibility for persons with disabilities;

 installing or repairing fences, walkways, and driveways;

 installing a new refrigerator, cooktop, oven, dishwasher, built-in microwave oven, and washer/dryer;

 repairing or removing an in-ground swimming pool;

 installing smoke detectors;

 making site improvements;

 landscaping;

 installing or repairing exterior decks, patios, and porches;

 constructing a windstorm shelter; and

 covering lead-based paint stabilization costs, if the Structure was built before 1978, in accordance with the Single Family

mortgage insurance lead-based paint rule (24 CFR 200.805 and 200.810(c)) and the U.S. Environmental Protection Agency’s (EPA) Renovation, Repair, and Painting Rule (40 CFR 745, especially subparts E and Q).

203(k) Loan Program

General Improvement Standards

All improvements to existing Structures must comply with HUD’s MPR and meet or exceed local building codes. For a newly

constructed addition to the existing Structure, the energy improvements must meet or exceed local codes and the requirements of the 2006 International Energy Conservation Code (IECC) or a successor energy code standard that has been adopted by HUD through a Federal Register notice.

Specific Improvement Standards

Any addition of a Structure unit must be attached to the existing structure. Site improvements, landscaping, patios, decks and terraces must increase the as-is property value equal to the dollar amount spent on the improvements or be necessary to preserve the Property from erosion.

Standard 203(k) Ineligible Improvements/Repairs

The 203(k) mortgage proceeds may not be used to finance costs associated with the purchase or repair of any luxury item, any improvement that does not become a permanent part of the subject property, or improvements that solely benefit commercial functions within the Property, including:

 recreational or luxury improvements, such as:

 swimming pools (existing swimming pools can be repaired)

 an exterior hot tub, spa, whirlpool bath, or sauna

 barbecue pits, outdoor fireplaces or hearths

 bath houses

 tennis courts

 satellite dishes

 tree surgery (except when eliminating an endangerment to existing improvements)

 photo murals

 gazebos; or additions or alterations to support commercial use or to equip or refurbish space for commercial use.

203(k) Loan Program

Standard 203(k) Establishing Repairs and Improvements

The Mortgagee must select an FHA-approved 203(k) Consultant from the FHA 203(k) Consultant Roster in FHAC. The Mortgagee must not use the services of a Consultant who has demonstrated previous poor performance based on reviews performed by the Mortgagee. The Consultant must inspect the Property and prepare the Work Write-Up and Cost Estimate.

The Work Write-Up refers to the report prepared by a 203(k) Consultant that identifies each work item to be performed and the specifications for completion of the repair.

Cost Estimate refers to a breakdown of the cost for each proposed Work Item, prepared by a 203(k) Consultant.

Work Item refers to a specific repair or improvement that will be performed.

Exception for Borrowers Doing Own Work

EA DOES NOT ALLOW BORROWERS TO DO OWN WORK.

Standard 203(k) Financeable Repair and Improvement Costs and Fees

The following repair and improvement costs and fees may be financed:

 costs of construction, repairs, and rehabilitation;

 architectural/engineering professional fees;

 the 203(k) Consultant fee subject to the limits in the 203(k) Consultant Fee Schedule section;

 inspection fees performed during the construction period, provided the fees are reasonable and customary for the area;

 title update fees;

 permits; and

 a Feasibility Study, when necessary to determine if the rehabilitation is feasible.

203(k) Loan

Program

203(k) Loan

Program

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