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3 min read

Fannie Mae Manufactured Housing Community Loans

Fannie Mae Manufactured Housing Community Loans have minimum amounts of $3 million and fixed- and variable-rate terms of up to 30 years.

In this article:
  1. Sample Fannie Mae Terms for Manufactured Housing Community Loans in 2024
  2. Eligible Borrowers
  3. Eligible Properties
  4. Advantages
  5. Disadvantages
  6. Case Study: Buying Vegas Manufactured Housing
  7. Get Financing
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It can be challenging to get affordable financing for manufactured housing and mobile home communities, but the Fannie Mae Manufactured Housing Community Loan can do the trick.

Fannie Mae Manufactured Housing Community Loans have a minimum loan amount of $3 million, and fixed and variable-rate loan terms of up to 30 years. Plus, Fannie Mae Manufactured Housing Community Loans have an LTV allowance up to 80% (75% for refinances), are non-recourse, and are fully assumable (with lender approval and a 1% fee.) 

To learn more, check out our official Fannie Mae Manufactured Housing Communities Product Sheet or keep reading below for an in-depth explanation of Fannie Mae’s Manufactured Housing Communities financing program.

Sample Fannie Mae Terms for Manufactured Housing Community Loans in 2024

Size: $3 million minimum loan amount 

Terms: Five to 30 years 

Use: Acquisition or refinance 

Amortization: Up to 30 years; interest-only options may be available 

Interest Rates: Fixed- and variable-rate options available

Maximum LTV: 80%, 75% for cash-out refinancing 

Minimum DSCR: 1.25x 

Recourse: Loans are non-recourse with standard “bad boy” carve-outs 

Prepayment Options: Yield maintenance or declining prepayment premiums

Occupancy Requirements: 90% physical occupancy, no more than 5% can be non-owner occupied

Eligible Borrowers

Borrowers typically need to be single-asset U.S. entities. At least one principal should have experience owning and operating manufactured housing communities. 

Eligible Properties

  • Properties must have at least 50 pad sites

  • 50% or more of sites must be double-wide

  • 3-5 star property rating required

  • No more than 25% of homes can be owner-occupied

  • Density must not typically be beyond 12 homes per acre (for established communities), or 7 homes per acre (for new communities)

  • Leases 2 years or longer must not come with a purchase option

  • Advantages

    • Competitive interest rates

    • Loans are non-recourse

    • 30- 180 day rate locks available (streamlined rate locks also available)

    • Supplemental financing permitted after 12 months

    • Commercial space is allowed

    • Disadvantages

      • Requires third-party reports including an Appraisal, Property Condition Assessment, and a Phase I Environmental Assessment

      • Requires replacement reserves (minimum of $250/unit per year)

      • $12,500 application deposit and $3,000 processing fee required

      • 1% minimum origination fee also required

      • 2% good faith deposit required

      • Replacement reserves required ($50 minimum per pad site/year)

      • Case Study: Buying Vegas Manufactured Housing

        Consider Victoria, a seasoned investor based in Las Vegas, Nevada. She recently identified a promising investment opportunity in a 100-pad manufactured housing community. The property met all necessary criteria, with over 50% of the sites being double-wide and having a 3-star rating. Given her extensive experience in owning and operating similar properties, she was in a favorable position to secure financing.

        The property was listed for $12 million. With plans to put down 20%, or $2.4 million, Victoria wanted to finance the remaining $9.6 million. Given the loan parameters, the proposed investment was eligible for a Fannie Mae Manufactured Housing Community Loan.

        Victoria's application was approved by Fannie Mae, and she successfully secured the $9.6 million loan at a competitive interest rate. The loan had a 30-year amortization schedule, which aligned well with Victoria's long-term investment strategy.

        With this funding, Victoria could not only acquire the property but also maintain it to a high standard, ensuring it remained a desirable location for current and future residents.

        This successful acquisition underscores the efficacy of Fannie Mae's Manufactured Housing Community Loan in supporting investors like Victoria in expanding their real estate portfolio and fostering vibrant, quality housing communities.

        This is a fictional case study provided for illustrative purposes.

        In this article:
        1. Sample Fannie Mae Terms for Manufactured Housing Community Loans in 2024
        2. Eligible Borrowers
        3. Eligible Properties
        4. Advantages
        5. Disadvantages
        6. Case Study: Buying Vegas Manufactured Housing
        7. Get Financing

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