Selling Guide

Published December 16, 2020

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What are the additional eligibility requirements for condo projects consisting of manufactured homes?

Additional Requirements - For Condo Projects Consisting of Manufactured Homes

When determining the eligibility of condo projects consisting of manufactured homes on the basis of a Full Review, lenders must ensure the property and project meet the eligibility requirements described in the following table.

Additional Requirements for Condo Projects Consisting of Manufactured Home Units
  As described in B4-2.2-06, Project Eligibility Review Service (PERS), certain manufactured home projects must be submitted to PERS. Lenders must perform a pre-PERS submission review to confirm the project meets the Full Review and other requirements.
  The condo project must meet all Full Review requirements, as applicable.

CPM should not be relied upon to complete the Full Review because it does not contain all the requirements that apply to condo projects consisting of manufactured homes.

  The project must not contain campgrounds or other facilities for transient or mobile units.
  The project legal documents must require a provision for land-lease “hold-out” units to be converted into the condo structure upon transfer, sale, or refinance of property. Land lease “hold-out” units are limited to 25% or less of the total units in the project.

Land-lease hold-out units are units where the structure is owned by an individual, but the land is leased from the HOA or project sponsor. These units were not converted to condo ownership when the project converted to a condo regime.

For complete details, see B4-2.2-02, Full Review Process.

 

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