This means the home must be sufficiently enclosed with walls and a roof to protect it from the elements before the loan funds, ensuring the interior framing is safe and dry. Securing an FHA loan for a modular home and land purchase requires a team of experienced professionals.
FHA Loan Modular Home Land Construction Timeline and Dry-In Inspection Requirements
Unlike conventional loans that rely on a "completion" inspection, the FHA often requires a "dry-in" inspection. Appraisers will look for a label from the Department of Housing and Urban Development (HUD) to confirm the structure meets these requirements.
5% of the total purchase price of the home and land. Borrowers must own the land outright or hold a long-term leasehold interest; FHA loans generally do not finance the land separately from the home.
FHA Loan Modular Home Land Construction Timeline and Dry-In Inspection Requirements
The property must comply with the Federal Manufactured Home Construction and Safety Standards, also known as the HUD Code. The home must be built on a permanent chassis, but unlike a traditional mobile home, it is designed to be a permanent residence.
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