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One subset of mobile home parks, retirement communities, restrict residents to those age 55 and older. Another subset of mobile home parks, seasonal communities, are located in popular vacation destinations or are used as a location for summer homes. In New York State, as of 2019, there were 1,811 parks with 83,929 homes. [12]
The most well-known guideline is the size of the loan, which for 2024 was generally limited to $766,550 for one-unit single family homes in the continental US. [2] Other guidelines include borrower's loan-to-value ratio (i.e. the size of down payment), debt-to-income ratio, credit score and history, documentation requirements, etc. [3]
An FNMA loan, aka a conforming loan or Fannie Mae-backed mortgage, is a loan or mortgage that has been sold to the Federal National Mortgage Association (FNMA, or Fannie Mae) — or one that meets ...
The MHINCC distinguishes among several types of factory-built housing: manufactured homes, modular homes, panelized homes, pre-cut homes, and mobile homes. From the same source, mobile home "is the term used for manufactured homes produced prior to June 15, 1976, when the HUD Code went into effect."
Fannie Mae and Freddie Mac only buy loans that conform to the FHFA’s standards. That means they must be under a certain loan limit and borrowers must meet specific financial requirements.
Ginnie Mae is similar to Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) with the difference being that Ginnie Mae is a wholly owned government corporation whereas Fannie Mae and Freddie Mac are "government-sponsored enterprises" (GSEs), which are federally chartered corporations ...
Seasoning requirements can also apply to getting a loan after bankruptcy or foreclosure, and to mortgage refinances. For mortgages, money becomes "seasoned" after it's been in an established ...
One firm, Stockbridge Capital Group, owner of about 200 mobile-home parks throughout the US, "saw a return on investment of more than 30 percent between late 2016 and the end of 2017." [14] The company's expansion into this market was facilitated by $1.3 billion in financing from Fannie Mae, which has called mobile homes "inherently affordable."