Mortgage lenders must follow HUD (Department of Housing and Urban Development) guidelines, ensuring that a manufactured home that is being purchased is properly anchored to a permanent foundation. This criteria will need to be met, prior to an applicant receiving approval for a mortgage loan.
Mobile Homes And Issues
A mobile home is a predecessor to the modern manufactured home. Mobile homes that were built a long time ago may not have been anchored to a foundation. Tie-downs were used to anchor some mobile homes. It wasn't out of the ordinary for a mobile home to be transported to various locations, especially if an older mobile home was small in size and could be easily towed to a different spot.
Manufactured homes must comply with the stabilization guidelines that have been set forth by HUD. Ensuring that a home is properly anchored is a preventative measure that will increase safety during high winds, flooding, and other weather-related events. A home that is in compliance is much more likely not to endure damages, in comparison to a manufactured product that hasn't been properly anchored.
How It Works
A manufactured home is constructed in a factory setting. A finished home is transported to a dealer. A consumer can purchase a home from a dealer or can order one from a manufacturer and make plans to have it transported to the property where it will permanently be located. An individual who purchases a parcel of land and intends to purchase a brand new manufactured home will need to hire a contractor to install the foundation that their new home will rest on.
The foundation will need to be constructed of a compliant material, such as masonry, concrete, or treated wood. A contractor will need to know the configurations of the manufactured home that will be anchored to the foundation. This will allow them to determine the size and thickness that the foundation will need to be. An inspection will need to be conducted, prior to a homeowner receiving financing for their mortgage.
Upon receiving approval, a manufactured home can be installed on the foundation. If someone chooses to purchase an existing manufactured home from a seller, they will need to go through the same inspection process. They will need to provide a lender with the address of the home. An inspection will need to be scheduled. A manufactured home that passes the inspection process will need to be labeled, showing that the home met the requirements.
For more information about manufactured home foundation certifications, contact a local company.