Housing and Community Development (HCD) Practice Exam

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What is the maximum time frame allowed for a buyer to secure third-party financing for a Mh-Unit?

15 days
30 days
45 days
60 days

The correct answer is: 30 days

In the context of the financing process for manufactured homes, buyers are typically given a specified period to secure financing from third parties. By industry standards, the maximum time frame often allowed for this process is 30 days. This period is set to ensure that transactions move efficiently, preventing significant delays that could occur if the timeline were extended. The 30-day window provides buyers with a sufficient duration to shop around for loans that best meet their needs, gather necessary documents, and complete any required credit checks with lenders. This timeframe also balances the interests of sellers, who want a timely sale process, and buyers, who require some breathing room to secure the necessary funds. As a result, 30 days serves as a widely accepted standard in housing transactions involving manufactured homes.