Opinions/advice sought

[rmurray]

Somehow these things seem to be up to the lenders interpetation...Well tests are always required...but so are they for conventional loans..The other items seem to be required by some lenders and not others..

[Dan F]

My Loan is neither a VA or FHA and I did not use a nonprofit for a down. FHA wanted 5% from me and I am not a vetran. There are mortgage companies and brokers out there who will give you a 0 down loan without all the loop holes and tricks. I used a source from this site Northstar Financial they were awsome. This may also be because I had an outstanding LTV on my land home package.

[Mrs X]

Palm Harbor told me that if the M-H has a block underpinning, the FHA mandates that a structural engineer come out and certify that the underpinning is a "true foundation" - not just put there for cosmetic reasons. This makes no sense to me since the true foundation is made up of the piers and footings - isn't that right?

[rmurray]

Your sales person was not expressing him/herself very well...
The FHA does require that a structural engineer inspect the home's set up to be sure that it meets the FHA definition of permanent set up....Now this is where it gets confusing...Each engineer reads the guidelines different....

Most require
A soil compression test to determine the size of the footings..
Footings poured below frostline with # 4 rebar in them
Piers often require double blocking...not always..but the piers need to be mortared or surewalled..
Perimeter footing under frost line with # 4 rebar...
Block, brick or wood underpinning...With proper ventalation
Anchors most often have to be concreted into the ground...
Make sure all the running equipment is off the home
BUT>>>>>
Some allow vinal skirting..
Some allow alternate anchor systems..
Some do not ask about the rebar
some do not require soil test
some require vents on only 2 sides of the home..
others require vents on all 4 sides of the home
some are now requireing that the hitch not only be detached but gone from the site..
some are requiring 2 visits to the site...one to inspect the dug...but not poured footers..

The differences keep going on..

[rmurray]

I know exactly what you are talking about...but the rules lenders use are changing almost everyday..
NOW...both Fannie Mae and Freddie Mac (your loan is probalby one of these) require the land to be "seasoned" before they can use the built in equity..Seasoned means the buyer must have owned the land for 12 months prior to the closing...These are new regulations that have taken effect on Oct.1 for Fannie Mae and 1/1/03 for Freddie Mac..

You got yours at just the right time...