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Foundation system
Posted: Mon Jul 21, 2003 6:28 pm
by thumbcat
Hi,
We're thinking about buying a mobile home that's on a foundation system.
The mobil home is 32 years old.
Would this be approved for Fannie Mae Loan?
What is the criteria for a perminit foundation for the loan to be approved as a real home loan?
Thanks.
Thumbcat
Re: Foundation system
Posted: Mon Jul 21, 2003 8:54 pm
by rmurray
In addition to a "permanent" foundation...Fannie Mae also requires the home be HUD certified...Which a 32 year old home is not...
You should check with mortgage lenders in your area....but you will have some problems finding a mortgage...Sorry
Re: Foundation system
Posted: Tue Jul 22, 2003 1:14 am
by thumbcat
Thank you for replying.
Why is it that 32 year old mobil home isn't approved by HUD?
Even when the electrical and piping has been replaced?
Thanks
Thumbcat
Re: Foundation system
Posted: Tue Jul 22, 2003 4:15 am
by rmurray
The HUD certification program began with the 1877 model year...No home built before this time could possibly meet the program..simply because the program did not exist..
There is NO provision in the law to retrofit a home to meet the code....Sorry
Re: Foundation system
Posted: Tue Jul 22, 2003 3:59 pm
by thumbcat
Thank you for all your help.
Now I understand, why it's not worth to buy this property.
Thumbcat.