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Expanding Manufactured Home Financing

If you have not heard yet, Fannie Mae and Freddie Mac have developed loan programs specifically for manufactured homes. This a first step to providing more financing opportunities for manufactured homes. These programs were created to help reach an underserved population and offer more opportunities for Americans to become homeowners. Both programs are for homes on private land and each has requirements. A summary of each program is below.

Fannie Mae MH Advantage

Home Design Requirements

  • Home must be designed as a multi-section property
  • Eaves that are 6 inches or greater
  • Roof pitch at a ratio 4/12 or greater
  • Home designed with one of the following: Dormers and covered porch, dormers and attached garage/carport, or covered porch and attached garage/carport
  • Designed with low-profile finished floor
  • One of 3 energy standards: Overall U-Value of 0.076 or less, 2009 IECC, or Energy Star
  • Design that accommodates all foundation criteria: masonry perimeter wall, HUD’s Permanent Foundation Guide, or certified engineered foundation
  • Interior has all these features: drywall, solid wood or veneered cabinets, fiberglass, solid surface, acrylic, composite, porcelain/enamel coated steel, or tile in shower and tubs
  • Exterior siding with one of the following: fiber cement, hardwood, engineered wood, masonry, stone, stucco, or vinyl backed with OSB

Site Installation Requirements

  • Driveway leading to the home consisted of blacktop, pavers, bricks, concrete, cement, or gravel.
  • Sidewalk connecting driveway or detached garage/carport to a home door or attached porch. Sidewalk must consist of blacktop, pavers, flagstone, bricks, concrete, or cement.

You can find more information about this program on the Fannie Mae MH Advantage Retailer Guide and Talking Points or visit the Fannie Mae website.

Freddie Mac CHIOCEHome

Eligible Property Types

  • 1 unit, factory-built HUD-Code home
  • Primary Residence
  • Composed of multiple sections
  • Meets CHOICEHome minimum specifications

CHOICEHome Minimum Specifications

  • Higher-pitch roof
  • Garage or carport
  • Permanent foundation that includes the presence of a masonry perimeter or “perimeter blocking”
  • Drywall throughout, including closets
  • Energy-efficient features, such as additional insulation and windows with a low E-rating

You can find more information about Freddie Mac’s CHOICEHome program including videos, fact sheets and more on the Freddie Mac website.

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