13.8 ADDITIONAL LOAN PROCESSING PROCEDURES FOR PROPOSED CONSTRUCTION INVOLVING A NEW MANUFACTURED HOME (03/09/16)

Owned by Kacey Olson
Nov 17, 2018
1 min read

© RHS HB-1-3555 SFH Guaranteed Loan Program Technical Handbook

For the purpose of underwriting and for payment of the guarantee fee, a newly constructed manufactured home is considered a purchase loan transaction and is subject to the fee further outlined in Chapter 6 of this Handbook.

In addition to the documents required for a guaranteed loan, the lender must obtain the following prior to loan approval. The documentation will be retained in the lender's permanent loan file. Lenders may utilize Attachment 13-A as an option in support of applicable documentation.

  • An itemized cost breakdown of the total package, including the base unit, eligible options, site development, installation, set-up, lot costs, and any credit for wheels and axles.
  • A statement signed by the dealer indicating that any cash payment or rebate as a result of the purchase will be deducted from the price of the unit and not paid to the applicant.
  • A statement signed by the dealer that the proposed cost is the full price of the unit and if furniture is being purchased by the applicant with personal funds, that a lien will not be filed against the security property.
  • The label number of the unit shown on the FMHCSS data plate on the exterior of each section.
  • A signed statement by the dealer confirming thermal requirements in effect at the time of purchase are met.