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Wer cost funds available for the purchase of affordable housing. Manufactured homes play an important role in providing affordable housing for many low- and moderate-income borrowers, especially in high-cost or rural areas. Fannie Mae invests in mortgages secured by manufactured housing as part of its mission to expand affordable housing by providing liquidity to a market segment that is crucial to many homebuyers. We remain committed to providing funding for this important segment of the housin.

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Determining whether you qualify: Many cash-out refinance lenders require a credit score of at least 620 and at least 20 percent equity in your home. You might find lenders with looser requirements, but you could pay a higher rate as a result.

Manufactured homeowners typically need at least 5% equity in the home for a conventional refinance. Fixed-rate mortgages and adjustable-rate mortgages are both available. Cash-out refinancing may be an option if you own a “multi-width manufactured home (single-width are not permitted),” ing to Fannie Mae.

Manufactured homes are constructed ing to a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, unlike conventional building codes, requires manufactured homes to be constructed on a permanent chassis. Manufactured Housing and Standards- Frequently Asked Questions - HUD hud.gov https://.hud.gov › housing › rmra › mhs › faqs hud.gov https://.hud.gov › housing › rmra › mhs › faqs

Borrowers who own a mobile home or manufactured home have the ability to refinance their mobile home loan. They may want to refinance to get a better interest rate or do a cash-out refinance and pull money out of their equity. How A Mobile Home Refinance Works | Rocket Mortgage rocketmortgage.com https://.rocketmortgage.com › learn › mobile-home... rocketmortgage.com https://.rocketmortgage.com › learn › mobile-home...

Fannie Mae does not require the cost approach to value except for the valuation of manufactured homes. However, USPAP requires the appraiser to develop and report the result of any approach to value that is necessary for credible assignment results. Cost and Income Approach to Value | Fannie Mae - Selling Guide fanniemae.com https://selling-guide.fanniemae.com › sel › cost-and-inco... fanniemae.com https://selling-guide.fanniemae.com › sel › cost-and-inco...

Permanent foundations must be con- structed of durable materials; i.e. concrete, mortared masonry, or treated wood - and be site-built.

Fannie Mae now purchases mortgages secured by single-width manufactured homes. Single- width manufactured home mortgages must meet our standard MH requirements, plus: Single-width MH is ineligible for cash- out refinance.

Fannie Mae defines a “manufactured home” as a dwelling of at least 400 square feet and at least 12 feet wide, constructed to the “HUD Code” for manufactured housing, that is built on a permanent chassis, installed on a permanent foundation system, and titled as real estate. Manufactured Housing Product Matrix - Fannie Mae fanniemae.com https://singlefamily.fanniemae.com › mortgage-products fanniemae.com https://singlefamily.fanniemae.com › mortgage-products

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232