The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 17th, 2015

Guy looking up in color

GREATER PEARL CITY HAWAII

The Home Buyer’s Korner

Google+ RE Community

Google+ Mortgage Lender Community

Google+ General Contractor Communities

FHA & Manufactured Homes

Gray ModularFHA mortgages aren’t just offered for single family homes. They ensure FHA approve condominiums projects, two to four unit properties, townhomes and yes both new and existing manufactured homes, as well as modular homes. Each has unique qualifying requirement, but none is difficult to achieve and an experience FHA lenders can assist you with any type of these properties you are interested in.

Newly manufactured homes are sold and transported in sections to be assembled on-site. These homes are regulated under the rules known as Federal Manufactured Construction/Safety Standards and must be labeled accordingly. To be eligible for FHA financing, the manufactured home must be built after June 15, 1976 and there must be a certification label to prove it. Manufactured home floor space should not be smaller than 400 square feet and must be classified as real estate and not chattel or personal property.

To be classified as real estate or real property, the manufactured unit must have a permanent foundation built to FHA standards. They must be considered a “permanent dwelling” or the home is considered personal property for tax purposes.  To be eligible for a 30-year mortgage, FHA requirements the mortgage to include both manufactured unit and its site.

If you own the land you want to have you manufacture home on, any equity you have on the property can be used for the three and one-half percent down payment FHA requires. Manufactured homes offer many advantages home buyers want to take advantage of.  They offer affordable housing for less per square foot that traditionally stick built homes and they can be installed on your property relatedly fast, as compared to a home’s made of brick and mortar or wooden construction.

If you own or plan to buy land for your manufactured home, there are several matters you should consider.

In cities, suburban areas and even in some semi-rural areas, you may face zoning requirements that must be met. In certain areas, there may be a prohibition against manufactured homes or certain requirements regarding their size and exterior appearance. You can find out if there are any restrictions or requirements by contacting the local community’s planning and land use department.

Restrictive covenants are limitations in property deeds that control how you can use the land. These may include a requirement that homes be a certain size or a prohibition that lands not be used for certain purposes. A title search should be performed when you buy the land to ensure it doesn’t reveal information about any restrictions that would prevent you from constructing your manufactured home. Sometimes, restrictions are described in ways that are difficult to understand and you should consult with an experienced real estate attorney/title agent to see if there are any restrictive covenants that would keep you from placing your home on the land you are considering.

Although a manufactured home comes complete with plumbing, electrical, and heating systems, it must, like all homes, be connected to electrical, water, and sewerage facilities. If your site is in a well-developed area, all necessary utilities may be available, subject to connection charges. Find out exactly what utilities are available and how much it will cost to connect your home to all utility sources and ensure these costs are included in your total purchase price, so the cost can be financed with your FHA mortgage.

Electricity is usually available in all areas, but if the area where you plan to live does not have ready access to electric power, a connection could be quite expensive. Check with the local power company. 

In many locations, there may not be local government-supplied water lines. If there is no water, you may have to drill a well. Do not assume that all drilling will provide water. You and your dealer should check with a local well-drilling company about costs and whether success is guaranteed. Also, check with local health authorities to make certain there are no problems with the quality of the water in the area.

If you cannot connect your home to a sewerage system, you must check with local authorities about installing a septic tank. Properly installed septic systems can work quite well, but sometimes they cannot be used; for example, where the soil is not able to absorb the discharged waste. For more information, contact the local health department or the office responsible for granting building permits.

FHA will require inspections for all these utilities, as well as a final inspection of the property by a licensed inspector and a certificate of occupancy by an applicable local building authority. Be sure your land meets all these requirements at a reasonable cost. If it becomes cost prohibitive or available utilities can’t be accessed at a reasonable cost your plans to build on your land can be dashed.

It’s important to note that FHA will finance up to 97.5 percent of the total sale priced, which can include normal cost to improve your site, but an FHA value must meet or exceed the total cost of your manufactured home and its site value to ensure maximum financing.  If it the cost to connect is so prohibitive, it’s without a doubt that the total appraised value will not be sufficient to cover the cost to connect, you will have to pay the difference in cash.  To find out more about manufactured home purchasing read our post on FHA One-Time Close, Cisterns and Well & Sewer Systems.

VISIT OUR GREATER PEARL CITY AREA

HOMES FOR SALE LISTINGS

Livingston Homes for Sale

FIND HOMES THROUGHOUT PEARL CITY HAWAII

HUD FORECLOSED HOMES IN & AROUND THE GREATER PEARL CITY HI AREA

USDA FORECLOSED HOMES IN & AROUND THE GREATER PEARL CITY HI AREA

FNMA HOMEPATH FORECLOSED HOMES IN & AROUND PEARL CITY HI

FIND MORE FORECLOSURES IN & AROUND PEARL CITY HI

HAWAII HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen you will

have the option to “Create A Printable PDF of the Presentation”.

START YOUR PATH TO HOME OWNERSHIP TODAY

FNMA HomeStyle FNMA My Community Mortgage FHA One-Time Close Construction Portfolio or VA home loan Homes for Sale REO Short Sales FNMA HomePath Properties HUD Homes USDA Homes Condominiums Co-OpsTownhomes Manufactured Homes Modular Homes Mobile Homes Log Homes Second Homes Investment Property 2-4 Family Custom Home Builders Custom Built Homes Luxury Homes General Contractors Home Improvement Experts Kitchen & Bathroom Renovations Real Estate Brokers & Agents Mortgage Lenders Federal Credit Unions Community Bankers Real Estate Listings Pearl City Heights-Crest-Crown Estates Hoomaemae Street Estates Pearl City Ewa-Schofield Junction Kalauao Pacific Palisades Waiau A Rd Aalii Pl Aamaka Pl Aamanu St Aamomi St Aaniu Loop Aaniu Pl Aapi Pl Aapi Way Acacia Rd Aeo Pl Ahaiki Pl Ahaiki St Ahakapu St Ahakuhina Pl Ahakuka Pl Ahamoa St Ahapule St Aikoo Pl Ailolo Pl Aimama Pl Akaikai Loop Akalakala St Akepa St Akeukeu St Akiki Pl Alaulau St Aloha Ave Aluka Loop Amikamika Pl Amikuku Pl Amokemoke Pl Amokemoke St Amoomoo St Anakole Pl Anapanapa St Anihinihi St Anini Pl Anini Way Aniuniu St Apaakuma Pl Apaakuma St Apapa St Apoepoe Pl Apoepoe St Ashley Ave Auhuhu Pl Auhuhu St Aumakua St Austin Ct Awahiwa St Awalii St Awikiwiki Pl Awikiwiki St Birch Cir Cedar Dr Coral Ave Curtis Ct Date Dr Elm Cir Elm Dr Etcell Ct Farm Ave Farm St Haawi Way Hila Pl Hinu Pl Hoohaaheo Pl Hoohai Pl Hoohai St Hoohakanu Pl Hoohaku Pl Hoohaku St Hoohale St Hoohalia St Hoohalike St Hoohamo Pl Hoohana Pl Hooheke St Hooheno Pl Hooheno St Hoohiamoe St Hoohie Pl Hoohiki Pl Hoohiki St Hoohoa Pl Hoohoihoi Pl Hoohoihoi St Hoohonua St Hoohuali Pl Hoohui St Hoohulili St Hoohulu Pl Hoohulu St Hooia St Hooikaika Pl Hooiki St Hookahi St Hookahi Way Hookahua St Hookala St Hookani St Hookano St Hookena St Hookiekie St Hookoe St Hookumu Pl Hookupa St Hoola Pl Hoolaa Pl Hoolaa Way Hoolana Pl Hoolana St Hoolaulea St Hoolauna St Hoolawa Pl Hoolehua Pl Hoolehua St Hoolele St Hooli Cir Hooli Pl Hooluu St Hoomaemae St Hoomahie Loop Hoomahilu St Hoomaike St Hoomailani St Hoomalimali St Hoomalolo St Hoomalu St Hoomoana Pl Hoomoana St Hoomoana Way Hoomoe Pl Hoomoe St Hoona Pl Hoona St Hoonipo St Hoono St Hoopai Pl Hoopai St Hoopuloa Pl Hooui Pl Hoowae St Hoowali St Hualau Pl Huaono Pl Hugh St Huikahi St Inia Pl Kalai Pl Kalauipo Pl Kalauipo St Kaleilani Pl Kaleilani St Kaluamoi Dr Kaluamoi Pl Kamahao Pl Kamahao St Kanaeha Pl Kanihi St Kauhihau Pl Kaulike Dr Kaumahana Pl Kaumoli Pl Kaumoli St Kaweloka Pl Kaweloka St Kawelu St Kipaipai St Kirkbride Ave Kirkbride Pl Koaheahe Pl Koaheahe St Komo Mai Pl Kuahaka St Kuahao Pl Kuala St Kuleana Pl Kuloko St Kumano St Kumoana St Kuokoa St Laauhuahua Pl Laauhuahua Way Lanikeha Pl Lanikeha Way Laniwai Ave Lehua Ave Leomele St Ley Ct Loch St Lowella Ave Luehu Pl Luehu St Maiha Cir Maiha Pl Maiki Pl Makamua Pl Makamua St Makolu St Maluawai St Mililani Cemetery Rd Mililani Memorial Park Rd Nanakai Pl Nanakai St Noelani Pl Noelani St Nola St Paaaina Pl Paaaina St Paailuna Way Paakamaa St Palamoi St Palekaiko St Palm Ave Panee St Parker Ct Pearl City Exit Rd Puananala St Puu Alani Way Puu Hina Pl Puu Kala St Puu Kipa St Puu Kula Dr Puu Momi St Puu Poni Pl Puu Poni St Puu Ulaula St Robinson Ave Upalu St Victor Wharf Access Rd Wahinani St Waianiani Ct Waiauau Ct Waiawa Rd Waiea Ct Waihona Pl Waihona St Waikahe Ct Waimano Home Rd Waipuna Ave

Join us at Real Estate Social

Comments are closed.