![]() ![]() This is yet another exciting advancement in Manufactured / Mobile Home Financing and New Horizon Mortgage Concepts is optimistic about the increased business that may transpire as a result of this evolution. The resulting information allows an Underwriter to make a determination as to whether a Property is acceptable for Financing or not. Upon completing a Survey, an Engineering Firm provides an Engineer’s Certificate that reflects how high the Home is above the BFE. having a Survey of the Property done) in order to get Manufactured / Mobile Homes approved for Government Insured Financing. New Horizon Mortgage Concepts is exploring using this same process (i.e. Each flood zone is defined in the legend of the NFIP map on which it. All flood zones beginning with the letter 'A' or 'V' are considered to be in the SFHA. In general, the higher the elevation, the lower the Flood Insurance Premium will be. If any part of the building or mobile home is within the Special Flood Hazard Area (SFHA), the entire building or mobile home is considered to be in the SFHA. In order to get Flood Insurance, a Survey of the Property is generally required in order to determine how high above the Base Flood Elevation a Structure / Improvement is located. FEMA keeps track of these events and have established Data that includes Base Flood Elevations (BFE) based on historic 100 year flood conditions. There are areas known as “Flood Zones” where, in the past, flooding conditions have been known to occur. Currently FEMA (the Federal Emergency Management Agency) oversees Flood Data and Information throughout the United States. A manufactured (mobile) home located within an SFHA must be anchored to a permanent foundation to resist flotation, collapse, or lateral movement by providing over-the-top or frame ties to ground anchors or in accordance with manufacturer’s specifications or in compliance with the community’s floodplain management requirements. However, the ever evolving Manufactured Home Financing trajectory has recently made the possibility of Government Insured Financing a possibility at New Horizon Mortgage Concepts. In the past, although New Horizon Mortgage Concepts has usually been able to secure “Conventional Financing” for Manufactured Homes in a Flood Zone…Government Insured Financing (such as FHA and VA) has not been an option. In addition to what ever “perceived risks” Manufactured Homes in general have posed to Lenders…the Scenario of a Manufactured / Mobile Home being located in a Flood Zone has always been a non-starter. Historically, a Manufactured Home in a Flood Zone has been problematic.
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