No FHA mortgage if you move your home!
Posted: Sat Jun 13, 2020 7:10 pm
Beware! If you ever move your manufactured home from its first siting, you cannot get a forward or reverse mortgage on it.
Even though the HUD/FHA website says there's no problem with moving your house, if you do, they will disqualify it for a mortgage. Doesn't matter how long ago you did it, either; appraisers are required to report any previous movement to lenders.
Federal law says they're supposed to qualify homes that have moved, but they refuse to do so. Google 12 USC 1703 to see the law; Google 24 CFR 203.43f (d) (iii) to see the regulation they use.
I used to work for a county tax collection office, and state law governs home movement, not federal law. Contact your congresspeople if you want this changed!
Even though the HUD/FHA website says there's no problem with moving your house, if you do, they will disqualify it for a mortgage. Doesn't matter how long ago you did it, either; appraisers are required to report any previous movement to lenders.
Federal law says they're supposed to qualify homes that have moved, but they refuse to do so. Google 12 USC 1703 to see the law; Google 24 CFR 203.43f (d) (iii) to see the regulation they use.
I used to work for a county tax collection office, and state law governs home movement, not federal law. Contact your congresspeople if you want this changed!