A manufactured home borrower wants to obtain FHA financing. The home was built in 1995 and will be placed on a permanent foundation on land the borrower owns. What additional requirement must be met?
Correct Answer
C) The home must be classified as real property
For FHA financing of manufactured homes, the home must be classified as real property, meaning it must be permanently affixed to a foundation and the land and home must be conveyed together. The HUD certification label is required for all manufactured homes, but the key FHA requirement is the real property classification.
Why This Is the Correct Answer
For FHA financing of manufactured homes, the home must be classified as real property, meaning it must be permanently affixed to a foundation and the land and home must be conveyed together. The HUD certification label is required for all manufactured homes, but the key FHA requirement is the real property classification.
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