*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options. All Information has come from Utah Housing's Website.
Utah Housing has updated their lending documents to include single-wide manufactured homes. Housing prices within the state of Utah have gone up throughout the past year, making it difficult for people to obtain affordable homes. Utah Housing's hope is that by adding single-wide lending options to their repertoire, that they can open up another avenue to help more people receive affordable financing.
In order for the single-wide residence to be eligible, it needs to have been built after June 15,1976 (per the IBTS Letter). It also needs to have a floor area that exceeds 600 Square feet and 12 feet wide. The single-wide must be on a permanent foundation and structurally sound and fit for a family residence. The land must be sold to and owned by the borrower, and the property is not acceptable if it is located in a mobile home park or has is a leased property.
Other requirements include: Receiving an approval from Utah Housing on the manufactured home, and obtaining a IBTS Label Verification Letter. This letter will include the manufactured home's serial number, and the date the home was constructed according to the HUD code safety standards.
Utah Housing will begin lending on single-wide manufactured homes on August 29, 2022. Please contact me if you'd like more information regarding Utah Housings plan to lend on single-wide manufactured homes.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options. All Information has come from Utah Housing's Website.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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