Carrington Wholesale Lending

FHA Price Improvement Today (20bps) & Expanded Guidelines

Carrington Mortgage has improved pricing 20bps on FHA Loans, purchase and refinance (including Streamline). Already in Pipeline Manager, submit a loan today.

Expanded Guidelines on FHA Programs Just Released

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FTHB (First Time Home Buyer), FHA Purchase:

  • No overlays with DU Approve/Eligible

Manufactured Housing, FHA Purchase and Refinance: Eligible Property/Collateral

  • Property must meet MPR (Minimum Property Requirements) or MPS (Minimum Property Standards) on manufactured housing per HUD’s guidelines.
  • The foundation must follow FHA guidelines as published in PFGMH (The Permanent Foundation Guide for Manufactured Housing). 
  • Property must have been constructed after 1993 – cannot be > 20 years old.
  • Must have minimum 400 sq ft floor area
  • Property must be classified as real estate and must be permanently affixed to the foundation.  The title policy must clearly state the manufactured home and land are classified as real estate.  Certification of purged title is required.
  • Any changes to the original home after leaving the factory require an inspection by the State Administrative Agency. 
  • The finished grade elevation beneath the manufactured home/lowest finished exterior grade (ie: basement) adjacent to the perimeter enclosure must be at or above the 100-year return frequency flood elevation (flood zones A or V) and flood insurance is required. 
  • The perimeter wall must be a continuous wall, adequately secured to the unit, separates the crawl space from back fill, allows for proper ventilation of the crawl space and keeps out vermin and water. 
  • Termite report is required
  • New construction requires final inspections completed in accordance with HUD’s Architectural Processing and Inspections for Home Mortgage Insurance.
  • Appraisal is to be completed of Fannie Mae Form 1004C or 1073 (if located in a condominium project).
  • Appraisal must demonstrate the marketability of the property and contain comparable sales of manufactured homes.
  • Engineers Certification on Foundation Compliance is required unless transaction is a Streamline Refi or HUD REO.
  • Maximum mortgage term is 30 years
  • No mobile homes allowed.
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