The driveway must consist of blacktop, pavers, bricks, concrete, cement, or gravel (gravel must have a minimum depth of four inches), and; the presence of a sidewalk connecting either the driveway, or a detached garage or carport, to a door or attached porch of the home. attached, the value of the land may be credited toward the borrowers minimum down to appraisers of MH Advantage properties. If it is determined the property A certification of completion must be obtained before the mortgage is delivered to Fannie Mae. A "manufactured home" for the purposes of Fannie Mae's program is a dwelling that is built on a permanent chassis and installed on a permanent foun-dation system. The HUD Data Plate is a paper document located on the interior of the subject property that contains, among other things, the manufacturers name and trade/model number. hTmo0+oIHRM*0TD Fannie Mae has issued new guidance regarding their manufactured housing guidelines and credit standards including the language in the a ppraisal standards subsection. See the MH Product Matrix for more information about MH Advantage and Standard MH Financing. A hard refresh will clear the browsers cache for a specific page and force the most recent Limited cash-out refinance transactions may involve the following scenarios: payoff of an existing personal property lien on a new manufactured home (or an existing the manufactured home and/or land; finance closing costs (including prepaid expenses); and. Were expanding secondary market purchases of conventional single-family mortgage loans for manufactured housing titled as real property. Having Issues with Seeing this Page Correctly? subdivision, the LTV ratio(and CLTV/HCLTV ratio, if applicable) for a loan secured Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. The appraiser must analyze the contract(s) and the manufacturers invoice for new manufactured homes, and provide a summary in the appraisal report. The Manufactured Home Appraisal Report (1004C),Appraisal Update and/or Completion Report (Form 1004D), or completion alternatives must include photos of the MH Advantage Sticker, HUD Data Plate, HUD Certification Label(s), and the site showing all driveways, sidewalks, and detached structures located on the site. MH Community that limits residents to those who are over a particular age (e.g., persons who are age 62 or older, or at least 80% of the Manufactured Homes occupied by at least 1 person who is age 55 or older). As a reminder, & Insights, Pricing & second home dwellings (multi-width only). Manufactured Home Subdivision Development. does not necessarily mean the property is a manufactured home, nor does the absence (For best result, pose your search like a question. if the manufactured home was built in the 12 months preceding the loan application American Financial Resources made homeownership accessible for more borrowers with single-width MH financing. Center, Apps home and land. Part E Default-Related Legal Services, Bankruptcy, Foreclosure Proceedings, and Acquired Properties. Part D Providing Solutions to a Borrower. They can also provide a business growth opportunity. The resources youll find here will walk you through Fannie Maes MH appraisal requirements, from a high-level checklist to an in-depth continuing education course co-developed with McKissock. the land if they are encumbered by separate liens. the current appraised value of the manufactured home and land; or. The loan amount may include the following costs: bona fide and documented transportation costs. be completed by the original appraiser if possible, or if not possible, by a substitute appraiser as provided for in B4-1.2-04, Appraisal Age and Use Requirements; verify and state that the improvements were completed and all other requirements and conditions of the appraisal have been satisfied; include previously unavailable information, and a summary of the appraisers analysis of any previously unavailable dealer invoice; and. version of a page. The dwelling must assume the characteristics of site-built housing. version of a page. MH Advantage offers innovative and affordable financing on specially designed manufactured homes. To originate a mortgage for manufactured housing eligible for sale to Fannie Mae, it must be titled as real property in a process that varies from state to state. B2-1.5-02, Loan Eligibility. Appraisers must use MH Advantage homes for the comparable sales when available. identify sales of manufactured homes that are similar enough to the subject property to use as comparable sales. the property meets the MH Advantage requirements and the loan meets the requirements The borrower's equity in the land is considered the borrowers own funds. The HUD Certification Label(s), sometimes referred to as a HUD seal or tag, is a metal plate located on the exterior of each section of the home. These summary descriptions of the titling process do not constitute legal advice, and Fannie Mae makes no representations or warranties as to their correctness, completeness, or suitability for any particular purpose. payoff of a first lien mortgage secured by an existing manufactured home and land (or existing mortgages for the home and land if encumbered by separate liens). QYe]]p< s2 F$kR`% X] "k the property type as a manufactured home or MH Advantage, and identify whether it The LTV, CLTV, and HCLTV ratios will be based on the current appraised value of the manufactured home and land. While sources such as MLS and public records are important and may contain some data, appraisers must utilize other data sources, such as manufactured home dealers and construction companies/builders experienced in the installation of manufactured homes. the current appraised value of the manufactured home and land. Whatever format the appraiser chooses to report the cost approach, the information must be sufficient to allow the lender to replicate the cost figures and calculations. This type of information may be used as additional supporting documentation. If you dont currently receive our updates, click on the. Our adoption of the ANSI standard: transaction. In this Paper, we refer to loans secured only by HUD-certified manufactured homes as "Chattel Loans" and loans secured by a mortgage on real property improved with HUD-certified manufactured homes as "Real Property Loans." In all instances, the manufactured home is assumed to be a borrower's principal residence. For condos, both the land and dwelling, including those located on leasehold estates, must be subject to the condo regime. specific architectural and aesthetic features such as distinctive roof treatments (eaves and higher pitch roofline), lower profile foundation, garages or carports, porches, and dormers; construction elements including durability features, such as durable siding materials; and. pay off the outstanding principal balance of an existing personal property lien or first lien mortgage secured by the manufactured home and land (or existing liens if the home and land were encumbered by separate first liens); Lenders must research the subject property type. ]wJ!'\(cPv&5q>{?xs|4$%vk9W^=P)nLt2"ldz|%=]liko 3 p2wVnNw-@Q^T'(# :1 the presence of a driveway leading to the home (or to the garage or carport, if one is present). Fannie Mae affords modular, prefabricated, panelized, or sectional housing homes the same treatment as site-built housing. may be previously owned by the borrower, either free of any mortgage or subject to MH Advantage properties are built to meet construction, architectural design, and energy efficiency standards that are more consistent with site-built homes. appraised value of the land, or the lowest sales price at which the land was sold The loan must be secured by both the manufactured home and the land on which it is situated, and both the manufactured home and the land must be legally classified as real property under applicable state law. An appraiser that is unable to locate sales of manufactured homes that are truly comparable to the subject property may decide it is appropriate to use either older sales of similar manufactured homes or sales of similar manufactured homes that are located in a competing neighborhood to establish a baseline for the sales comparison analysis and determine sound adjustments to reflect the differences between comparable sales that are available and the subject property. Loans made through the Fannie Mae MHC Loan Program are part of Fannie Mae's mission driven platform to provide financing for properties with low or affordable rents and may qualify for interest rate reductions. enables the property owner to obtain a mortgage on a property that does not already Key Takeaways: Existing home sales rose 0.2 percent to a seasonally adjusted annualized rate (SAAR) of 4.30 million in May, according to the National Association of REALTORS (NAR). In addition, the legal description should include the make, model, vehicle identification number, and the language, which is permanently affixed and attached to the land and is part of the real property., Manufactured home titling process by state*. Todays factory-built homes offer quality amenities and value, making them an affordable alternative to site-built options. MH Advantage for Retailers & Manufacturers, Appraisers must include photos of the HUD Data Plate, HUD Certification Labels, and. provide cash back to the borrower in an amount not to exceed the lesser of 2% of the balance of the new refinance mortgage or $2,000. Manufactured Housing Term Sheet When entering the property information into DU, the lender must correctly identify Home / Selling Guide / Origination thru Closing / Subpart B4: Underwriting Property / Chapter B4-2: Project Standards / Section B4-2.3: PUD and Co-op Eligibility Requirements Learn About Manufactured Home Appraisals Our new course, developed in collaboration with McKissock, is among the best resources for learning about MH Advantage and traditional manufactured home appraisals. *Totals reflect 2018-2022. A checklist of information lenders and retailers should provide to appraisers. 0 The table below provides additional manufactured housing property eligibility requirements. The appraiser must support their opinion about both the quality and the condition of the manufactured home because they play a very important role in the value and marketability of manufactured homes. Note that loans secured by MH Advantage properties are afforded a number of flexibilities over standard manufactured housing, including higher LTV ratios, standard mortgage insurance, and reduced loan-level price adjustments. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The table below provides references to recently issued Announcementsthat are related to this topic. Note: The borrower does not receive any cash back with a purchase money transaction. endstream endobj startxref c4G,`H8D``D%ee0qsYT?V:+h1N,"WiQLB, x_lOR0J4WqeG2#W|V'U.,]Mua2rCO"p44Hh~-2hE"b"a0oriqf p3Ldp7[[lL/r.NW`Sx Note: DU will issue a message reminding the lender to ensure that the MH Advantage or single-width the lowest price at which the land was sold during that 12-month period (if there Lenders and appraisers responsibilities relating to MH Advantage loans are detailed below. See Primary Change Updated Part III, Chapter 6: Manufactured Housing Communities, Section 603.03: Code . if the manufactured home was owned by the borrower for less than 12 months on the loan application date and: if the home and land are secured by separate liens, the lowest price at which the home was previously sold during that 12-month period plus the lower of the current appraised value of the land, or the lowest sales price at which the land was sold during that 12-month period (if there was such a sale); if the home and land are secured by a single lien, the lowest price at which the home and land were previously sold during that 12-month period. It must also have competitive utilities, street improvements, adequate vehicular access, and other amenities. the purchase of the manufactured home or the manufactured home and the land. & Insights, Pricing & Trade equity from the borrowers existing manufactured home may be used as part of Fannie Mae purchases or securitizes co-op share loans for units in co-op projects from lenders specially approved to sell such loans to Fannie Mae. home must provide proof of title transfer and satisfaction of any existing liens on Must use MH Advantage comps if available. HMk@=jBqCI$Y&]Mz{zyg,lrR9x353JkY 'Ny3~|{$ (A list of IPIA offices is posted on HUDs website.). The following are ineligible for loans secured by manufactured housing: homes located on leasehold estates, unless located in a Fannie Mae-approved condo project. Therefore, lenders must consult their own legal counsel on issues concerning titling of, and obtaining liens on, manufactured homes. As of February 1, 2023, Fannie Mae will require that, in the absence of three MH Advantage homes, appraisers must include a minimum of two site-built homes as comparable sales in their appraisals for MH Advantage. Having Issues with Seeing this Page Correctly? If the project is considered a new project; has resale restrictions or shared equity; or is a community land trust project or subject to a leasehold, it must be reviewed through the Fannie Mae PERS process. Todays modern manufactured homes can help ease the affordable housing shortage in your community. More detailed information about the process in the states in which you operate is available. Updated Form 4097 series and related Job Aid. A hard refresh will clear the browsers cache for a specific page and force the most recent These resources can help you gain a more thorough understanding of the requirements in the states where you lend. or all of the borrower's minimum contribution. Execution, Learning Any costs associated with the removal of the traded home or any outstanding indebtedness If it is NOT a manufactured home, the loan may be delivered with Fannie Mae customers! (Two-closing cash-out refinances are not ), Selling, Securitizing, and Delivering Loans, Subpart B5: Unique Eligibility & Underwriting Considerations, Research See. & Technology, News & 1612 0 obj <> endobj This document reviews the titling requirements for manufactured homes on a state-by-state basis, from Alabama to Wyoming. loan casefile to DU. Find more details on the C-to-P Financing page or the MH Financing Matrix. Fannie Mae customers! This topic contains information on manufactured housing loan eligibility, including: Fannie Mae purchases loans secured by manufactured homes that meet the following general criteria: fully amortizing adjustable-rate mortgages with initial fixed-rate periods of 7 years or 10 years, and, principal residences (single- and multi-width), and. 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