Fannie Introduces Manufactured Housing Changes, Updates Condo Policies

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Posted To: MND NewsWire

A Selling Guide Announcement from Fannie Mae on Tuesday introduced a new initiative for loans secured by manufactured housing. The MH Advantage program is designed for those units that meet specific construction, architectural design, and energy efficiency standards that more closely approximate those used for site-built housing. The company says its goal is to help bridge the gap in affordable housing by making manufactured homes a more acceptable alternative traditional built-on-site housing. MH Advantage loans will follow the same DU eligibility requirements as manufactured homes, with the exception that the maximum LTV ratio is increased to 97% for certain purchases and limited cash-out refinances. All requirements that pertain to other loans with LTV ratios between 95.01 and 97% apply…(read more)

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