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This topic contains details on factory-built real estate, including: Fannie Mae defines a "manufactured house" as any home system constructed on an irreversible chassis that is connected to an irreversible structure system and evidenced by a HUD Data Plate and HUD Certification Label(s). For extra details, see B5-2-02, Manufactured Housing Loan Eligibility.
The table listed below provides extra made housing home eligibility requirements. The produced house needs to be developed in compliance with the Federal Manufactured House Building And Construction and Security Standards that were established June 15, 1976, as amended and in force at the time the house is made; and extra requirements that appear in HUD guidelines at 24 C.F.R.
Compliance with these standards will be evidenced by the presence of existence a HUD Data Plate and the HUD Certification LabelAccreditations).
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In addition to the information needed by Fannie Mae, the Data Plate consists of important information about the system, including a list of factory-installed devices. The HUD Certification Label(s), often described as a HUD "seal" or "tag," is a metal plate located on the exterior of each area of the home.
As an alternative to the initial HUD Accreditation Label(s), the lender may have the ability to get a verification letter with the same info contained on the HUD Accreditation Label(s) from the Institute for Building Innovation and Safety (IBTS). A duplicate HUD Data Plate may be available from IBTS or by getting in touch with the In-Plant Primary Inspection Company (IPIA) or the maker.
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A single-width manufactured home can be no older than 10 years, measured from the manufacture date on the HUD Data Plate to the efficient date of the initial appraisal. The produced house must be a one-unit residence that is legally classified as real home and can not consist of an accessory residence system.
The home must assume the characteristics of site-built housing. The borrower needs to own the land on which the produced house is located in fee simple, unless the produced home is situated in a co-op or apartment project.
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HomeRenovations
Otherwise, mortgages secured by made houses situated kitchen renovations on leasehold estates are not eligible. A manufactured home may be located on an individual lot or in a task advancement. A project evaluation is typically not required for a loan secured by a multi-width manufactured home situated in a PUD job. Lender approval, or in some cases Fannie Mae PERS approval, is needed for condo and co-op projects that include multi-width manufactured homes.
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For more information about job review requirements, see Chapter B4-2, Job Standards. The made home needs to be at least 12 feet large and have a minimum of 400 square feet of gross living area. Except for MH Advantage residential or commercial properties, Fannie Mae does not define other minimum requirements for size, roof pitch, or any other particular building and construction details for HUD-coded manufactured houses.
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HomeRenovations
The produced house should be connected to a permanent structure system in accordance with the manufacturer's requirements for anchoring, assistance, stability, and upkeep. The structure system should be appropriate for the soil conditions for the site and fulfill regional and state codes. The produced house must be completely connected to a septic system or sewer system, and to other energies in accordance with local and state requirements.