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FHA loans and Manufactured homes....uuugghhh!
Well, unfortunately, I found out the hard way yesterday that getting an FHA loan on a manufactured home wasn't going to be easy. I knew there were stipulations, but the lender never disclosed or announced to my buyer or myself that there may be an engineering certification of the foundation that needs to be approved by FHA. What is that you might ask? That is what I said too (especially since we were supposed to get docs yesterday). Apparantly an engineer must inspect the foundation and certify that it is correctly attached to the ground in order for FHA to approve the loan. OK, so that is my first hurdle that I am working on today.
Secondly, just found out yesterday that most banks have pulled loans on manufactured homes, period. OK, so now what? We are looking for banks that will do a loan on a manufactured home that is located in a 55+ community. Any suggestions?
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