In October Research, LLC’s webinar, “Manufactured Housing Supply and Financing featuring HUD and FHA,” U.S. Department of Housing and Urban Development (HUD) Office of Manufactured Housing Programs Administrator Teresa Payne, and Federal Housing Administration (FHA) Santa Ana Homeownership Center Housing Program Officer Esther Yamashiro discussed their department’s involvement with the manufactured housing industry, along with providing pertinent information on how to maintain compliance with government regulations.
Payne reviewed the definition of a manufactured home, HUD’s regulatory authorities by federal statute, and the impact of manufactured housing on the housing market. For example, 96 percent of manufactured housing homeowners have an annual household income of $50,000 or less.
HUD is “the only federally preemptive standard for building homes,” Payne said, adding, “All manufactured homes, as defined in the law, are required to be manufactured in compliance with HUD standards — regardless of any pre-existing state or local code.”
Additionally, Yamashiro shared vital information regarding why someone may need federal housing, who qualifies, how to adhere to FHA regulations, appraisal requirements, and more about HUD and FHA compliance.
“Manufactured homes are eligible for government-insured loans offered by the FHA, the Veterans Administration, and the Rural Housing Services under the U.S. Department of Agriculture” she said.
To view the free webinar and gain full access to the speakers’ presentation, click here. For upcoming webinars, click here.
The information provided by Yamashiro does not take precedence over the FHA handbook and is subject to change.