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Title II loans cannot be used for manufactured homes on leased land in manufactured home communities or mobile home parks. Down payments on a Title II loan can go as low as 3.5 percent, and terms ...
Government-backed Fannie Mae and Freddie Mac loans are being ... three mobile home parks are set to be closed ... on the table to strengthen requirements. Fannie Mae financed $11.5 billion in ...
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."
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 Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), and the U.S. Department of Housing and Urban Development government-sponsored enterprise mission team, [3] absorbing the powers and regulatory authority ...
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.
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related to: fnma guidelines on manufactured homes financing in parks