Manufactured Housing Product Matrix
Fannie Mae invests in manufactured housing (MH) loans to serve its mission of expanding affordable housing by providing liquidity to a market segment that is crucial to many Americans. MH offers a low-cost alternative to site-built homes for millions of American households, especially in high-cost and rural areas. We purchase eligible mortgage loans secured by manufactured housing titled as real estate via our approved lender partners.
The matrix below summarizes our eligibility guidelines for standard MH and MH Advantage®. For detailed information, refer to the Selling Guide B-5-2.
(Single- and Multi-Width) |
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| Definition and Property Eligibility |
Fannie Mae defines a “manufactured home” as a dwelling of at least 400 square feet and at least 12 feet wide, constructed to the “HUD Code” for manufactured housing, that is built on a permanent chassis, installed on a permanent foundation system, and titled as real estate. NOTE: The sales price of a new manufactured home may include bona fide and documented costs associated with transportation, site preparation, and dwelling installation at the site. |
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| Note: As of December 14, 2022, we no longer require the date of manufacture to be ten years or less (found on the Data Plate) as of the effective appraisal date of the original appraisal for single-width MH loans to be eligible for delivery to Fannie Mae. |
MH Advantage is manufactured housing that meets the definition above and is designed to meet certain construction, architectural design, and energy efficiency standards that are more consistent with site-built homes. To be eligible for MH Advantage financing, the home must have an MH Advantage sticker applied by the home’s manufacturer pursuant to an agreement with Fannie Mae (see MH Advantage Appraisal Requirements summary). Note: Single-width MH is not eligible for MH Advantage. |
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| Loan Purpose, Occupancy, and Max LTV/CLTV |
Principal Residence (1 unit)
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Principal Residence (1 unit)
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Multi-Width Principal Residence (1 unit) *cash-out refinance: 65% LTV/CLTV *Note: Single-width MH is not eligible for cash-out refinance Second Home (1 Unit, Multi-Width Only) Purchase/Limited cash-out refinance: 90% LTV/CLTV Investment Property: Not Eligible |
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| Loan Type | Fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs) (7/6 and 10/6) | ||||
| Loan Term | Up to 30-year term | ||||
| Pricing | 0.50% Loan-Level Price Adjustment (LLPA) all other LLPAs per the LLPA Matrix apply | Standard MH LLPA not applicable; all other LLPAs per the LLPA Matrix apply | |||
| Loan-Level Price Adjustments (LLPAs) are waived for borrowers that meet certain income requirements, including Duty to Serve Loans. See LLPA Matrix and Duty to Serve requirements for details. | |||||
| Temporary interest rate buydowns | Permitted on loans for Standard MH and MH Advantage (excluding cash-out refinances and investor properties). See buydown policies | ||||
| Underwriting | Desktop Underwriter® (DU®) only | ||||
| Select Manufactured Home or Manufactured Home: Condo/PUD/Co-op in the Subject Property Type field | Select MH Advantage in the Subject Property Type field (even if the property is located in a project) | ||||
| Appraisal Requirements | Multi-width: Minimum of 2 similar MH comparable sales; third comparable may be site-built or modular home. Single-width: Minimum of 2 similar MH comparable sales; one of the MH comparables must be a sale, active listing, or under contract sale with the same single-width configuration; third comparable may be site-built or modular home. |
Appraisers must use other MH Advantage homes, when available, for the comparable sales. If fewer than three MH Advantage sales are available, then the appraiser must supplement with the best and most appropriate sales available, which shall include a minimum of two site-built homes. The Manufactured Home Appraisal Report (1004C) or Appraisal Completion Report (1004D) must include photos of the MH Advantage Sticker, HUD Data Plate, HUD Certification Labels, and the site showing all driveways, sidewalks, and detached structures located on the site. Lender must review the appraisal photos to confirm MH Advantage eligibility. Refer to the MH Advantage Appraisal Requirements summary for more information. |
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| Mortgage Insurance Coverage | LTV Range | All terms, FRM and ARM | LTV Range | FRM only, term <=20 years | ARM any term; or FRM >20 years |
| Refer to the Selling Guide B7-1-02 for MI + LLPA option details, coverage requirements for MH HomeReady, and other information | 80.01–85.00% 85.01–90.00% 90.01–95.00% |
12% 25% 30% |
80.01–85.00% 85.01–90.00% 90.01–95.00% 95.01–97.00% |
6% 12% 25% 35% |
12% 25% 30% 35% |
| Financed MI | Up to 95% CLTV | Up to 97% CLTV | |||
| HomeReady® Eligible | Yes (Learn more about HomeReady) | ||||
| Title Insurance | American Land Title Association (ALTA®) Endorsement 7, 7.1, or 7.2 or any other endorsement required in the applicable jurisdiction for MH to be treated as real property must be included in the file. | ||||
| Special Feature Codes (SFCs) | Single-width: SFC 791 and SFC 235 |
SFC 235 and SFC 859 (SFC 859 required to get MH Advantage pricing – waiver of standard MH LLPA) | |||
| Other Delivery Information |
MH loans are delivered using:
Single-width manufactured homes must be located in a Fannie Mae-approved subdivision or PUD when the project is a new project or when it is subject to resale restrictions or located on leasehold estate or a community land trust. If the property is located in a condo, co-op, or PUD, the related project data points are also required. |
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| Servicing | Special servicing and default management are required for mortgages secured by manufactured homes. Servicers must ensure that all MH mortgages they service are properly identified in their systems and follow the requirements of the Fannie Mae Servicing Guide. | ||||
