Modular homes. Is really a home that is modular manufactured house for purposes of Regulation C?
Answer: For Regulation C reporting, a manufactured house is just the one that fulfills the HUD rule, 12 CFR 203.2(i). The staff that is official shows that modular homes being prepared for occupancy if they leave the factory and satisfy all the HUD rule requirements are contained in the concept of “manufactured house”. 203.2(i)-1. The remark, and a previous FAQ on this web site, have actually raised questions regarding whether a modular house should always be reported as a manufactured home or as a single- to four-family dwelling. A modular home as either a one- to four-family dwelling or as a manufactured home until the Board provides further guidance regarding modular homes, lenders may, at their option, report.
Conditional approvals—customary loan-commitment or loan-closing conditions. The commentary suggests that the organization states a “denial” if an institution approves that loan at the mercy of underwriting conditions (except that customary loan-commitment or loan-closing conditions) while the applicant will not satisfy them. See remark 4(a)(8)-4. Exactly what are customary loan-closing or loan-commitment conditions?
Answer: Customary loan-commitment or loan-closing conditions consist of clear-title requirements, appropriate home study, appropriate name insurance coverage binder, clear termite assessment, and, in which the applicant intends to utilize the arises from the purchase of 1 house to shop for another, money declaration showing adequate arises from the purchase.
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