General Loan Eligibility Criteria
Fannie Mae purchases mortgage loans secured by manufactured homes that meet the following general criteria:
- first-lien mortgages only,
- fully amortizing fixed-rate mortgages or
- fully amortizing adjustable-rate mortgages with initial fixed-rate periods of 7 years or 10 years,
- principal residences and second home dwellings.
Refer to the Eligibility Matrix for maximum allowable LTV, CLTV, and HCLTV ratios.
Ineligible Manufactured Housing Criteria
The following are ineligible for mortgage loans secured by manufactured homes:
- temporary buydowns;
- investment properties;
- single-width manufactured homes, unless located in a Fannie Mae-approved co-op, condo, or PUD project development;
- homes located on leasehold estates, unless located in a Fannie Mae approved condo project.
For additional information, see B5-2-02, Manufactured Housing Loan Eligibility.