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Modular homes. Is just a home that is modular manufactured house for purposes of Regulation C?
Response: For Regulation C reporting, a manufactured house is one which fits the HUD rule, 12 CFR 203.2(i). The formal staff commentary shows that modular houses which are prepared for occupancy if they leave the factory and fulfill every one of the HUD rule requirements are contained in the concept of “manufactured house”. 203.2(i)-1. The comment, and a previous FAQ on this website, have actually raised questions regarding whether a modular house ought to be reported being a manufactured home or as a single- to dwelling that is four-family. Through to the Board provides further guidance regarding modular domiciles, loan providers may, at their option, report a modular house as either a single- to four-family dwelling or as being a manufactured house.
This FAQ supersedes the previous FAQ on modular domiciles published in December 2003.
Conditional approvals—customary loan-commitment or loan-closing conditions. Voir la suite