Mobile Home Quiz
Ultimate Mobile Home Knowledge Quiz
Test your knowledge on mobile homes and their regulations in Texas with our comprehensive quiz! Whether you're a newcomer to the subject or looking to brush up on your expertise, this quiz covers all the essential aspects.
What you'll find in this quiz:
- Understanding important terminology
- Insights on legality and documentation
- Valuable information on property classifications
What does TDHCA stand for?
Texas Department of Housing Control and Assignment
Texas Department of Housing and Community Affairs
Texas Department of Homeowner and Condominium Associations
Texas Depo of Housing Costs and Allowances
In order to be part of our collateral, a mobile home must be elected as real property/perfected.
True
False
What must a borrower file with the TDHCA in order to elect their Mobile Home as real property?
Application to Elect Home as Real Property
Nothing, mobile homes are considered real property unless the buyer requests that it be considered personal property
Warranty Deed
Application for Statement of Ownership & Location
If the mobile home is elected as personal property, what is the best option to make it part of our collateral?
Get a title policy
Deny the loan
Don’t have to do anything, the mobile home can still be part of our collateral as personal property
You add 1% to the rate on Home Equity Loans that include Mobile Homes
True
False
What is the max LTV on purchases and refinances that include a mobile home as part of our collateral?
75%
85%
90%
80%
What is the max LTV on purchases and refinances that include a manufactured home as part of our collateral?
75%
85%
90%
80%
According to policy what is the difference between a Mobile Home and Manufactured Home?
We go by what the CAD says
We will go by what the Mobile Home Docs say from the TDHCA
A manufactured home is a pre-fab home that is permanently fixed and a mobile home is on wheels or some other non-permanent fixture
According to HUD any pre-fabricated offsite built home built before what date is considered a Mobile Home?
June 15, 1976
September 30, 1984,
March 13, 1986
August 15, 1970
If a Mobile Home is on our collateral property it must be part of our collateral.
True
False
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