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MacMortgage
67 Posts |
 Posted - 05/13/2008 : 2:50:30 PM
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Rate term refi on a mobile home. Going from a subprime loan into a 30 fix, great savings, low ltv, dti lower than 33%.
I'm being asked for a structural engineer's report on the property. Never seen this type of stip before and I've done a few MOHO's in the past. Is this common? |
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nowbroker
934 Posts |
Posted - 05/13/2008 : 2:55:06 PM
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| FHA requires this on all Moho's, need an engineer to certify that the foundation meets HUD's minimum standards for a manufactured home. |
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MacMortgage
67 Posts |
Posted - 05/13/2008 : 3:22:18 PM
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| Fair enough. I wonder why I've never been asked for it before? |
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nowbroker
934 Posts |
Posted - 05/13/2008 : 3:31:53 PM
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| It would not be required on a conventional loan, but if it was FHA, the lender screwed up. |
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BB
972 Posts |
Posted - 05/13/2008 : 3:38:18 PM
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You can read about it at the HOC site http://www.hud.gov/offices/hsg/sfh/ref/sfhp1-09.cfm
In my area the inspection runs around $300 plus follow up inspection if work is required. The last few I had done required around $1,000 - $1,500 worth of work, but it could run considerably more or possibly nothing if all is OK. |
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