Financing a manufactured home requires more than finding a lender that offers the program. The property must also satisfy specific eligibility requirements, and those requirements differ slightly between Fannie Mae and Freddie Mac. We work with both agencies. This allows us to review the complete loan scenario and determine which agency offers the better path forward based on the borrower, property, and transaction.
Fannie Mae Manufactured Home Requirements
Under Fannie Mae guidelines, an eligible manufactured home must:
- Be at least 12 feet wide
- Contain at least 400 square feet of gross living area
- Have the axles, wheels, tires, and towing hitch removed
- Be permanently attached to the property
- Be located on land owned in fee simple
Freddie Mac Manufactured Home Requirements
Freddie Mac has similar requirements, but its minimum living-area standard is higher. The difference between 400 and 600 square feet may appear minor, but it can determine whether a particular manufactured home is eligible through one agency and not the other. An eligible manufactured home must:
- Be at least 12 feet wide
- Contain at least 600 square feet of gross living area
- Have the axles, wheels, tires, and towing hitch removed
- Be permanently attached to the property
- Be located on land owned in fee simple
We Work With Both Fannie Mae and Freddie Mac
Not every mortgage company takes the time to compare agency guidelines and determine the best way to structure a transaction. Structuring loans is one of the things we do best. Because we work with both Fannie Mae and Freddie Mac, we can examine the differences between their guidelines instead of attempting to force every borrower and property into the same program. A manufactured home that fails to satisfy one agency’s requirements may still have a viable path through the other.
When an Agency Loan Is Not the Answer
Some borrowers or properties will not qualify under either Fannie Mae or Freddie Mac guidelines. That does not necessarily mean financing is unavailable. We are one of the nation’s leading mortgage brokers specializing in non-QM financing. Our access to alternative loan programs allows us to evaluate scenarios involving self-employed borrowers, nontraditional income documentation, credit challenges, investment properties, and properties that may not fit standard agency requirements.
If you are purchasing or refinancing a manufactured home, contact us.
