A manufactured home is a factory-built home, constructed to the
Federal Manufactured Construction and Safety Standards implemented June
15, 1976. The structure is transportable in one or multiple sections to
the permanent site and is permanently affixed to the foundation and
taxed as real estate.
To be eligible for an FHA mortgage all manufactured homes must comply with the following:
have a floor area of not less than 400 square feet
be
constructed after June 15, 1976, in conformance with the Federal
Manufactured Home Construction and Safety Standards, as evidenced by an
affixed certification label in accordance with 24 CFR
3280.11(manufactured homes produced prior to that date are ineligible
for insured financing)
be classified as real estate (but need not be treated as real estate for purposes of state taxation)
the
mortgage must cover both the manufactured unit and its site and shall
have a term of not more than 30 years from the date amortization begins
built and remains on a permanent chassis
designed to be used as a dwelling with a permanent foundation built to FHA criteria
the
finished grade elevation beneath the manufactured home or, if a
basement is used, the grade beneath the basement floor shall be at or
above the 100-year return frequency flood elevation