Title I Insured Programs
Title I Manufactured Home Loan Program
Insures mortgage loans made by private lending institutions to finance the purchase or refinance of a new or used manufactured home. The program insures lenders against loss from default on loans. The loan proceeds may be used for the purchase or refinance of:
- a manufactured home unit,
- a manufactured home lot,
- or a combination of the manufactured home and lot.
Financing Manufactured (Mobile) Homes
Title I Property Improvement Loans
HUD insures private lenders against loss on property improvement loans they make. Improvements must substantially protect or improve the basic livability or utility of the property.
Under Title I Property Improvement Program loans can be used:
- To finance large and small improvements.
- For alterations, repairs, and site improvements on single family homes.
- For alterations, repairs, improvement of multifamily structures.
- For conversion of an existing multifamily structure used or to be used as an apartment or two-to four-unit dwelling.
- To finance the construction of a new exclusively nonresidential structure.
- For alteration, repair, or improvement of existing manufactured homes classified as real property or personal property.
- To finance the restoration or rehabilitation of an historic residential structure.
- To finance the purchase and installation of any device or construction feature (recognized in the latest edition of HUD’s Minimum Property Standards for Care Type Housing (HUD Handbook 4920.1) or the Fire Safety Code of the National Fire Protection Association ) to reduce the risk of death, personal injury or property damage resulting from a fire in a health care facility.
Title I Property Improvement Program requirements:
- The interest rate is a fixed rate, generally based on the most common market rate in the area and is negotiable between the lender and the borrower.
- Any loan or combination of outstanding balances of Title I loans that exceed $7,500 must be secured against the subject property.
- No prepayment penalty.
- The structure (including a manufactured home) must have been completed and occupied for at least 90 days prior to loan application.
Fixing Up Your Home and How to Finance It
Resources
Title I Information
Other Information
SFH Policy Handbook 4000.1