FHA foundation? - Posted by Fred

Posted by Mike/nc on April 24, 2006 at 05:56:36:

Bruce, Im in Wilson. An hour east of Raleigh.

FHA foundation? - Posted by Fred

Posted by Fred on April 22, 2006 at 16:40:45:

I have seen the term FHA foundation here and elsewhere. I would appreciate an explanation, what does it do for the owner? Will FHA gaurantee a MH loan if it is on FHA Foundation? This may be worth it on a L/H.

Re: FHA foundation? - Posted by mike/nc

Posted by mike/nc on April 23, 2006 at 19:59:18:

Fred, FHA doesnt necessaraly guarentee a MH loan if it has the FHA foundation. Its something FHA requires in order for a MH to qualify for a loan.To retro fit an existing Dw with an FHA foundation the piers have to be faced with a material to give the blocks a solid surface. If is doesnt have brick underpinning then that would have to be added. If it already has brick underpinning then the footing under the bricks have to meet code. As far as thickness and width of the footing. This can vary some at the descrition of the engineer when retro fitting the underpinning. Usually more tie downs will need to be added and also the piers have to have a solid footing under each one. Youll have to get an engineer to state what needs to be done by the contractor and then sign off on it when the work is done. These cost can vary widely from 12-15 hundred up to 7-8K.

Re: FHA foundation? - Posted by bruce berger

Posted by bruce berger on April 22, 2006 at 17:50:01:

Fred, the specs are in the HUD website at www.hud.gov.Be aware that a HUD cert. engineer (PE) must approve it. There are many other tripwire rules, e.g., well and septic spacing, road maint. agreements, that can kill the loan. We use it with our L/H deals and it is fantastic for the retail buyer. Truly no money down for them!!!

Re: FHA foundation? - Posted by Larry

Posted by Larry on April 22, 2006 at 17:11:16:

I believe the foundation or underlayment has to be concrete and it has to be anchored to it somehow for it to be viable for FHA loans. This is not first hand information, though. Just through a mobile home seller. I am not sure if recycled concrete would qualify, since anchoring to it would be less effective.
I used a recycled loose asphault mixture for my underlayment, just for cheapness. I now wish I had used at least hot, rolled asphault.

Bruce a ? - Posted by mike/nc

Posted by mike/nc on April 23, 2006 at 17:57:22:

Bruce, are you L/Os your Land Homes to an eventual FHA end buyer useing the program where the buyer can get in with No money down. If so is it fairly easy to get someone qualified? Thanks, Mike

Re: FHA foundation? - Posted by Fred

Posted by Fred on April 22, 2006 at 22:30:38:

Thanx for the info and speedy response

Re: FHA foundation? - Posted by Fred

Posted by Fred on April 22, 2006 at 22:33:23:

Thanx for the quick reply & info

Re: Bruce a ? - Posted by bruce berger

Posted by bruce berger on April 23, 2006 at 21:16:53:

Mike: Both on L/O and direct sale. Buyer must have no late payments or defaults in last 12 mos. and income to cover the debt. FICO not an issue. It’s often harder to get the property qualified than the buyer. Appraisal is critical as well. Where are you located in NC?