Tag: Manufactured Home

Age of Property Eligible for USDA Manufactured Financing

Question: My client is interested in purchasing a manufactured home with USDA-RD financing.  It was built in 2012 and the guidelines state that anything newer than 2006 is acceptable.  Another lender is telling the listing agent that USDA only accepts new construction.  Who is correct? Answer: You’re right and the other lender is incorrect. Tennessee […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

USDA-RD Extends Manufactured Home Pilot Program to August 31, 2021

Written by: David Hail, Staff Writer Good News!…USDA Rural Development announced that they will extend the pilot program for financing existing manufactured homes to August 31, 2021.  The pilot program for the financing of existing manufactured homes under the Section 502 Guaranteed Single Family Housing program was set to expire August 31, 2020. The extension […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Moving a Manufactured Home from the Original Site

Question: I have a manufactured home that was moved onto its permanent site, from the site it was originally built on by the manufacturer. Will Fannie Mae or Freddie Mac allow this? Answer: Unfortunately, Fannie Mae and Freddie Mac clearly mention that this is not allowed, which leaves no options for you on conventional financing. Fannie […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Freddie Mac- Multiple Selling Guide Updates – Bulletin 2019-9 – Dated May 1, 2019 [NEW Worksheet – Freddie Mac Verification of Funds for Income After Note Date]

Written By: Lloyd Rutherford, Staff Writer This month’s Freddie Mac Bulletin contains some little changes that could have a big impact on your business, so read through this article to stay up to date. Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on the topics […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Fannie – Manufactured Homes – Land Equity as Down Payment – Can equity of land owned by borrower be used as their down payment for a Manuf. Home Loan? [Manufactured Homes Reference Chart & New MTP™ – Using Land Equity for a Down Payment]

Answer: Yes! When a borrower owns a lot, which will have the manufactured home permanently attached to it, this value/equity may be credited toward the borrower’s minimum down payment requirement. Reference: Fannie Mae-Delivering Manufactured Housing Loans FAQ-Attached below for your convenience Here’s How it Works: If the land was purchased 12 months or less from […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top