Special requirements for manufactured homes.

CFR · 2024-01-01 · US · Title 7

Loans may be guaranteed for manufactured homes if all the requirements in this section are met. (a) (1) Purchase of a new manufactured home, transportation, permanent foundation, and installation costs of the manufactured home, and purchase of an eligible site if not already owned by the applicant; and (2) Site development work properly completed to HUD, state and local government standards, as well as the manufacturer's requirements for installation on a permanent foundation. (b) (1) A loan will not be guaranteed if it is used to purchase a site without also financing a new unit. (2) A loan will not be guaranteed if it is used to purchase furniture, including but not limited to: movable articles of personal property such as drapes, beds, bedding, chairs, sofas, divans, lamps, tables, televisions, radios, and stereo sets. Furniture does not include wall-to-wall carpeting, refrigerators, ovens, ranges, washing machines, clothes dryers, heating or cooling equipment, or other similar items. (3) A loan will not be guaranteed to purchase an existing manufactured home and site unless: (i) The unit and site are already financed with an Agency direct single family or guaranteed loan; (ii) The unit and site are being sold by Rural Development as REO property; (iii) The unit and site are being sold from the lender's inventory, and the loan for which the unit and site served as security was a loan guaranteed by Rural Development; or (iv) The unit was installed on its initial installatio

official document · source cfr-2024 · id 7:§ 3555.208