Selling Guide

Published August 29, 2017

B4-2.2-08: Additional Requirements for Review of Condo, Co-op, and PUD Projects Comprised of Manufactured Homes (04/25/2017)

This topic contains information on additional requirements for reviewing condo, co-op, and PUD projects comprised of manufactured housing, including:

Submission to Fannie Mae

All condo and co-op projects comprised of manufactured homes must be submitted to Fannie Mae for review and acceptance through the PERS submission process. Any PUD project comprised of single-wide manufactured homes must also be submitted to Fannie Mae for review and acceptance through the PERS submission process. Lenders that would like to submit a project comprised of manufactured housing for Fannie Mae review must contact the Project Standards team (see E-1-03, List of Contacts) to discuss the project and Fannie Mae’s project submission requirements.

Lender Requirements

Before submitting a project consisting of manufactured homes for a Fannie Mae PERS approval, the lender must perform the following pre-submission project review requirements.

Lender Pre-PERS Submission Review Requirements –

For Projects Consisting of Manufactured Homes

Review all aspects of the project to determine that it satisfies Fannie Mae condo eligibility requirements as stated in B4-2.1-01, General Information on Project Standards.
Review all aspects of the project to determine that it meets all eligibility requirements for the Full Review for condos or co-ops, requirements for PUDs, and any other applicable requirements.
Review the manufactured housing unit to confirm that it meets all requirements of B4-1.4-01, Factory-Built Housing: Manufactured Housing.
Perform a thorough underwriting analysis of the project.

Note: The lender must provide its underwriting analysis conclusion when the project is submitted to Fannie Mae for consideration.

Delivering Loans Secured by Manufactured Home Units Accepted by Fannie Mae PERS Project Review

When delivering mortgage loans secured by units in manufactured home projects reviewed under the Fannie Mae PERS Project Review process, the lender must report the Project Type Code T and SFC 235 as part of the delivery data.

Note: A project review is not required for Fannie Mae to Fannie Mae limited cash-out refinances that meet the criteria for a waiver of project review. See B4-2.1-01, General Information on Project Standards, for additional information.

Related Announcements

The table below provides references to the Announcements that have been issued that are related to this topic.

Announcements Issue Date
Announcement SEL-2017-04 April 25, 2017
Announcement SEL-2014–13 November 10, 2014
Announcement SEL-2012–06 June 26, 2012