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Conventional Manufactured Home Loans
Freddie Mac recently announced CHOICEHomeSM conventional financing for manufactured housing to help increase the availability of the quality affordable homes that borrowers want!
Conventional Manufactured Home Loan
A CHOICEHome by Freddie Mac is required to meet certain minimum standards. In addition to meeting HUD code, CHOICEHomes have:
- Higher pitched roof lines. A higher-pitched roof allows for better drainage.
- Energy-efficient features. These may include programmable thermostats and Energy Star-qualified Low-E windows.
- A permanent foundation. The permanent foundation must have a masonry perimeter or perimeter blocking.
- Drywall throughout the home.
- A garage or carport.
These features, along with meeting HUD code, ensure that manufactured homes can stand up to severe weather conditions.
Freddie Mac defines a “manufactured home” as any dwelling unit built on a permanent chassis and attached to a permanent foundation system.
- The Manufactured Home must have been built on or after June 15, 1976.
- The Manufactured Home must be built on a permanent chassis in compliance with the applicable HUD Codes for Manufactured Homes (HUD Codes) in effect as of the date the Manufactured Home was constructed.
- The Manufactured Home must be legally classified as real property; it must be a 1-unit dwelling that is permanently affixed to a permanent foundation in a way that makes it part of the real property.
- The anchoring system must comply with the HUD Codes. If the Manufactured Home was installed prior to October 20, 2008, the anchoring system must comply with the manufacturer’s design or a design by a licensed (registered) professional engineer. Anchoring systems refer to all components of the anchoring and support systems such as piers, footings, ties, anchoring equipment, anchoring assemblies, and any other equipment, materials, and methods of construction that support and secure the Manufactured Home to the ground.
- The permanent foundation must be designed for the site conditions, home design features, and the loads the home was designed to withstand in accordance with the manufacturer’s instructions or a design by a licensed (registered) professional engineer. The foundation must meet all local, State or federal codes, as applicable.
- The Manufactured Home must be at least 12 feet wide and have a minimum of 600 square feet of gross living area.
- If any structural modifications or add-ons have been made to a 1-unit dwelling and any portion of the dwelling is a Manufactured Home, the Mortgage securing such property must be delivered as a Manufactured Home in compliance with the all Freddie Mac requirements.
- The Manufactured Home must be a 1-unit dwelling comprised of multiple sections (a “multiwide Manufactured Home”); AFR does not permit “singlewide” units.
- The wheels, axles, and towing hitches must be removed from the Manufactured Home.
- The land on which the Manufactured Home is situated must be owned by the Borrower in fee simple. A Mortgage secured by a Manufactured Home located on a leasehold estate is not eligible.
- The Manufactured Home must be permanently connected to utilities in compliance with the HUD Codes. Utilities include power, water, and a sewage disposal system.
- The Mortgaged Premises must conform to all applicable use restrictions and must be zoned for residential use, and not commercial or business uses.
- The square footage and room dimensions must be acceptable to typical purchasers in the market area.
- The Manufactured Home must be permanently affixed to the permanent foundation, in compliance with the HUD Codes. If the installation was prior to October 20, 2008, the foundation must be designed for the site conditions, home design features, and the loads the home was designed to withstand in accordance with the manufacturer’s instructions or a design by a licensed (registered) professional engineer. The foundation must meet all applicable local, State or federal codes. Any structural modifications to an existing Manufactured Home must be approved by a licensed professional engineer or the local, State or federal authority
- Any improvements, modifications or repairs that affect the safety, soundness or habitability of the Manufactured Home must be completed prior to closing.
Fidelity Home Group has experienced Mortgage Experts who are experts in the field of Freddie Mac Manufactured and Modular Loan Program. We offer top tier technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership. We can be contacted several ways to help answer any questions you may have:
Call us at toll free at 888 259 2257
Email us at click to email
Text us at 407 955 4575