Any dwelling unit built on a permanent chassis and attached to a permanent foundation system is a manufactured home for purposes of Fannie Mae’s guidelines. This includes properties meeting the MH Advantage requirements described in B2-3-02, Special Property Eligibility and Underwriting Considerations: Factory-Built Housing
The manufactured home and the land on which it is situated must be titled as real property.
Other factory-built housing (not built on a permanent chassis)—such as modular, prefabricated, panelized, or sectional housing—is not considered manufactured housing and mortgage loans secured by such housing are eligible under the guidelines stated in Subpart B2, Eligibility.
Government insured or guaranteed manufactured housing loans are not subject to conventional guidelines for manufactured housing and therefore are subject to the provisions set forth in Chapter B6–1, Government Insured and Guaranteed Mortgages.
Lenders are not required to obtain specific approval to deliver mortgages secured by manufactured homes. However, lenders must obtain Fannie Mae’s project acceptance for the following projects if they are composed of manufactured homes:
Any condo project — Both the land and the dwelling must be subject to the condo association.
Any co-op project — Both the land and the dwelling must be owned by the co-op corporation.
Any PUD project composed of single-width manufactured homes.
Unless specifically stated in the terms of the contract, variances or other terms contained in any lender’s contract are not eligible for use with mortgages secured by manufactured homes.
Lenders are subject to all indemnification obligations as described in A2-1-03, Indemnification for Losses.
The table below provides references to the Announcements that have been issued that are related to this topic.