MANUFACTURED HOMES AND KENTUCKY USDA LOANS FOR RURAL HOUSING REQUIREMENTS
No Money Down for Manufactured Home Rural Buyers in Kentucky Using the USDA Rural Housing loan Program
New Manufactured Home Conventional Product
Announced at KHC’s Lender Luncheon last week, effective with reservations as of March 12, 2018, KHC will now allow manufactured homes with its conventional products, which is an exclusive for HFAs. This product has the same 660 credit score and ratios 40/50 as our conventional products, and can be used with new and existing properties.
Additionally, KHC will allow 95/105 percent CLTV. National Mortgage Insurance and Mortgage Guaranty Insurance Corporation have approved of this product, other mortgage insurance companies are currently reviewing it, but the loan can be used with our preferred risk (without mortgage insurance) product as well. KHC’s program guides have been updated to reflect this change.
When reserving the conventional program for a manufactured home, choose either Preferred MH or Preferred Risk MH with or without DAP in KHC’s loan reservation system.
Getting qualified for a home loan is easier than you may think! Talk to one of our local specialists today about which program is right for you!
Kentucky USDA guidelines to add manufactured housing as an eligible property type for USDA loans. See requirement details below.
Loans may be guaranteed for manufactured homes if all USDA, HUD and the below requirements are met:
- The unit must be property installed on a permanent foundation according to HUD standards and the manufacturer’s requirements for installation on a permanent foundation.
- A certification of property foundation is required.
- A new construction manufactured home is not allowed.
- The unit and site are already financed with an Agency direct single family or guaranteed loan.
- The unit and site are being sold by Rural Development as REO property.
- 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.
- The unit was installed on its initial installation site on a permanent foundation complying with the manufacturer’s and HUD’s installation standards.
- A loan will not be guaranteed for the purchase of an existing manufactured home that has been moved from another site.
Property Requirements:
- The land must be fee simple.
- The Manufactured Home must be a one-unit dwelling legally classified as real property.
- The towing hitch, wheels, and axles must be removed.
- The Manufactured Home must have at least 400 square footage, room dimension to be acceptable to purchasers in the subject market area.
- The Manufactured Home must have been built in compliance with the Federal Manufactured Home Construction and Safety Standards that were established June 15, 1976 as well as additional requirements that appear in HUD regulation at 24 C.F.R Part 3280 evidenced by:
- HUD Data Plates/Compliance Certificate
- HUD Certification Label
- The appraisal form 1004c must indicate evidence of the HUD Data Plate/Compliance Cert and the HUD Certification Label.
- The Manufactured Home must be attached to a permanent foundation system.
- Engineers Certificate for foundation system is required.
- The Manufactured Home must be permanently connected to all necessary utilities.
- The property must not be located in a flood zone.
Title Requirements:
- Endorsement ALTA 7,7.1 or 7.2 is required.
- Confirm property is legally classified as real property. Any certificate of title to the manufactured home must be surrendered to the appropriate state government authority.
- Owner of the Manufactured Home must also own the land on which the home is situated
- A mortgage/deed of trust must:
- Be recorded in the land records
- Must identify the encumbered property as including both the home and the land
- Must also include the VIN, Serial numbers from the HUD Data Plate of the manufactured home along with the description of the land.
Appraisal Requirement:
- Appraisal must be completed using the Manufactured Home Appraisal Report Form 1004C.
- Appraiser must use a minimum of three comparable sales of similar manufactured home.
- A detailed and supported cost approach to value is required on all Manufactured Home appraisals.
- The following are ineligible:
- If the site or manufacture home is substantially non-conforming with the neighborhood, it is ineligible.
- Creating comparable sales by combining vacant land sales with the contract purchase price of the home is prohibited.
| Your properties subscription for USDA Single Family Housing is kentuckyloan@gmail.com as of 10/24/2017 |
| State | Days Old | Counties |
| KY | 365 | ADAIR, ALLEN, ANDERSON, BALLARD, BARREN, BATH, BELL, BOONE, BOURBON, BOYD, BOYLE, BRACKEN, BREATHITT, BRECKINRIDGE, BULLITT, BUTLER, CALDWELL, CALLOWAY, CAMPBELL, CARLISLE, CARROLL, CARTER, CASEY, CHRISTIAN, CLARK, CLAY, CLINTON, CRITTENDEN, CUMBERLAND, DAVIESS, EDMONSON, ELLIOTT, ESTILL, FAYETTE, FLEMING, FLOYD, FRANKLIN, FULTON, GALLATIN, GARRARD, GRANT, GRAVES, GRAYSON, GREEN, GREENUP, HANCOCK, HARDIN, HARLAN, HARRISON, HART, HENDERSON, HENRY, HICKMAN, HOPKINS, JACKSON, JEFFERSON, JESSAMINE, JOHNSON, KENTON, KNOTT, KNOX, LARUE, LAUREL, LAWRENCE, LEE, LESLIE, LETCHER, LEWIS, LINCOLN, LIVINGSTON, LOGAN, LYON, MADISON, MAGOFFIN, MARION, MARSHALL, MARTIN, MASON, MCCRACKEN, MCCREARY, MCLEAN, MEADE, MENIFEE, MERCER, METCALFE, MONROE, MONTGOMERY, MORGAN, MUHLENBERG, NELSON, NICHOLAS, OHIO, OLDHAM, OWEN, OWSLEY, PENDLETON, PERRY, PIKE, POWELL, PULASKI, ROBERTSON, ROCKCASTLE, ROWAN, RUSSELL, SCOTT, SHELBY, SIMPSON, SPENCER, TAYLOR, TODD, TRIGG, TRIMBLE, UNION, WARREN, WASHINGTON, WAYNE, WEBSTER, WHITLEY, WOLFE, WOODFORD, WOODFORD |
| To change your preferences, click here. |
| Address | Bed/Bath | Price | |
| 117 Dove Drive | 3/1 | $34,840.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 301 Eastview Circle | 2/1 | $51,135.00 – GovtBid | |
| Shelbyville, KY 40065 | Foreclosure Sale | ||
| 1006 Twelve Oaks Dr | 3/2 | $67,000.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 117 Western Ave | 3/2 | $26,800.00 – GovtBid | |
| Cynthiana, KY 41031 | Foreclosure Sale | ||
| 427 Earl St. | 3/1.5 | $30,150.00 – GovtBid | |
| Danville, KY 40422 | Foreclosure Sale | ||
| 200 Verde Dr. | 3/2 | $36,850.00 – GovtBid | |
| Padacah, KY 42003 | Foreclosure Sale | ||
| 136 Fuller Way | 3/1 | $28,810.00 – GovtBid | |
| Mount Sterling, KY 40353 | Foreclosure Sale | ||
| 139 Pearl Street | 2/1.5 | $30,820.00 – GovtBid | |
| London, KY 40741 | Foreclosure Sale | ||
| 609 Ridgeview Drive | 3/2 | $46,230.00 – GovtBid | |
| London, KY 40741 | Foreclosure Sale | ||
| 261 Bridlewood Ave | 3/2 | $114,330.00 – GovtBid | |
| Shelbyville, KY 400657222 | Foreclosure Sale | ||
| 265 Meadowbrook Rd. | 2/1 | $13,400.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 50 Crabtree Rd | 3/2 | $43,515.00 – GovtBid | |
| Strunk, KY 42649 | Foreclosure Sale | ||
| 412 Chestnut St. | 3/1 | $12,060.00 – GovtBid | |
| Vanceburg, KY 41179 | Foreclosure Sale | ||
| 508 Hickory Hill Drive | 3/1 | $13,400.00 – GovtBid | |
| Monticello, KY 42633 | Foreclosure Sale | ||
| 105 Woodland Place | 3/1.5 | $18,090.00 – GovtBid | |
| Mt Vernon, KY 40456 | Foreclosure Sale | ||
| 502 N. Main St. | 2/1.5 | $25,795.00 – GovtBid | |
| Brownsville, KY 42210 | Foreclosure Sale | ||
| 66 Craycraft Rd | 2/1 | $47,280.00 – GovtBid | |
| Tollesboro, KY 41189 | Foreclosure Sale | ||
| 328 E. Legend Dr | 3/2 | $40,200.00 – GovtBid | |
| Mount Sterling, KY 40353 | Foreclosure Sale | ||
| 90 Brewer Subdivision | 3/1 | $21,440.00 – GovtBid | |
| Campton, KY 41301 | Foreclosure Sale | ||
| RR 746 Box 5230 | 3/1.5 | $16,750.00 – GovtBid | |
| Campton, KY 41301 | Foreclosure Sale | ||
| 234 Gardner Lane | 3/1 | $25,460.00 – GovtBid | |
| Mt Sterling, KY 40353 | Foreclosure Sale | ||
| 221 Man O War Dr | 3/2 | $103,525.00 – GovtBid | |
| Lawrenceburg, KY 40342 | Foreclosure Sale | ||
| 111 Beechmount Drive | 3/1 | $54,885.00 – GovtBid | |
| Nicholasville, KY 40356 | Foreclosure Sale | ||
| 5915 Woodcreek Crossing W | 3/2 | $46,900.00 – GovtBid | |
| Crestwood, KY 400148229 | Foreclosure Sale | ||
 |
Click here to Reply or Forward
|
Joel Lobb (NMLS#57916)
Senior Loan Officer
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
Text/call 502-905-3708
kentuckyloan@gmail.com
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
Kentucky USDA Mortgage Lender for Rural Housing Loans 