Manufactured Homes
Expanding homeownership opportunities to more borrowers
Freddie Mac is committed to purchasing mortgages secured by manufactured homes in support of our commitment to expand homeownership opportunities. Our requirements for manufactured homes are designed so that the mortgages we purchase are originated, underwritten and serviced in a way that will better ensure that we are putting qualified borrowers into homes they can both afford and maintain.
It is important for lenders to understand the requirements for titling manufactured homes and perfecting liens on the manufactured home in each state where mortgages secured by manufactured homes are originated. This understanding will help better serve the needs of your borrowers, create more financing options for low- and moderate-income borrowers and expand your market opportunities.
If you are originating mortgages secured by manufactured homes, it is important that you review our complete requirements in Single-Family Seller/Servicer Guide (Guide) Chapter H33.
| Feature |
Requirements |
| Property Type |
- 1-unit primary residences
- Second homes
- Eligible properties must meet special requirements in Guide Section H33.2.
|
| Eligible Mortgage Products |
- 15-, 20- and 30-year fixed-rate mortgages
- 7/1 and 10/1 ARMs
- Originate with A-minus Mortgages and Home Possible 97 Mortgages.
- Mortgages for Newly Constructed Homes (Newly Built Home Mortgages and Construction Conversion Mortgages only)
|
| Transaction Type |
- Purchase
- No cash-out refinance
- Cash-out refinance
|
| Maximum LTV Ratios (without secondary financing) |
- Must comply with special LTV ratios listed in Guide Section H33.3 (d) and (e).
|
| Eligibility/Underwriting |
- All mortgages secured by manufactured homes must be submitted to Loan Prospector®.
- If the borrower owns the land on which the manufactured home is being permanently attached, the land may be used as an equity contribution.
|
| Execution Options |
- Servicing-released Cash*
- Servicing-retained Cash
- WAC ARM Cash
- Fixed-rate Guarantor
- WAC ARM Guarantor
- MultiLender Swap
* See our selling system availability matrix [PDF 72K] for a list of specific fixed-rate mortgages eligible for sale best efforts or mandatory, servicing released. |
| Delivery Fees |
- Special delivery fees will be assessed and billed in conjunction with the sale of mortgages secured by manufactured homes.
- See Guide Exhibit 19 [PDF 380K] for details on these fees and all other applicable fees.
|
| Special Delivery Requirements |
- See Guide Section 17.33 for additional special delivery requirements for mortgages secured by manufactured homes.
- You must deliver all mortgage data required by Form 11 or Form 13SF, as applicable, including Property Type Code 4.
|
| Single-Family Seller/Servicer Guide |
- Refer to GuideChapter H33.
|
Download a Manufactured Homes Mortgage fact sheet [PDF
204K] for more details.
Lender Benefits
Mortgages secured by manufactured homes help you:
- Expand your homeownership opportunities to low- and moderate-income borrowers.
- Meet your Community Reinvestment Act goals.
- Streamline your process with Loan Prospector automated underwriting technology.
Benefits for Your Borrowers
Mortgages secured by manufactured homes help you borrowers:
- Take advantage of conventional financing terms when you originate mortgages secured by manufactured homes legally classified as real property.
- Leverage financing flexibility with a choice of fixed-rate, 7/1 ARMs or 10/1 ARMs.
- Expand their homeownership options with Home Possible 97 Mortgages and the Loan Prospector A-minus offering.
For More Information
Training Opportunities
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