Manufactured Home Loans
- Manufactured home must be considered real property (permanently affixed to the foundation) as of closing.
- The manufactured home cannot have been previously installed at any other site/location and then relocated to the subject property location, other than at the manufacturer or dealer lot as a new unit.
- Manufactured home must have been built on or after June 15, 1976
- 2-4 units are NOT permitted.
- Subordinate financing is NOT permitted.
- Purchases: The manufactured home and land must be purchased simultaneously on ONE purchase agreement. This means the borrower cannot purchase a home for land they already own.
- Refinances: The manufactured home and land must be affixed prior to or at closing and owned by the borrower.
- FHA/LP/DU: Must own manufactured home and land for at least 12 months prior to loan application date (case number assignment date for FHA)
- DU ONLY: The above requirement needs to be met on cash-out refinances only.
- Conventional: ONLY primary residences and secondary homes
- Second homes and cash-outs are not permitted on Fannie Mae single-wide properties and Freddie Mac single-wide SFRs.
- Conventional: NO variances may be used besides the MH-specific variance.
- See LP/DU Variances List – UND for the complete list of variances.
- DU loans: MH Advantage NOT offered.
- FHA: the subject property cannot be located in a flood zone. The product will invalidate if in flood zones that contain the letters ‘A’ or ‘V’ is indicated for the subject property.
- USDA: Only purchases of new manufactured homes allowed.
In order to be considered new, the borrower must be purchasing the home from the dealer and the home cannot have a manufacture date greater than 12 moths as of the purchase agreement contract.
