MH FINANCING: Required Features to Qualify for Fannie Mae Advantage Financing

MH FINANCING: Required Features to Qualify for Fannie Mae Advantage Financing

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In Fannie Mae, Manufactured Home Financing
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In 2017-18 Fannie Mae engaged with manufactured home producers to develop MH Advantage to offer a new affordable housing option. MH Advantage properties are built to meet specific construction, architectural and energy efficiency specifications and include features such as garages, carports, and dormers, giving an appearance that is more similar to traditional site-built homes. Following are those required features;

Home must be designed as a multi-section (i.e.no single wide homes)

Eaves that are 6 inches or greater (which may be eaves no less than 4 inches to which site-completed gutters of 2 inches or more are added).

Roof pitch, following installation on site in accordance with the home’s plans, will be a ratio of 4/12 or greater (Does not apply to triple wide homes, which may have any roof pitch.

The home is designed with one of the following pairs or features;

  • Dormers and Covered Porch (minimum 72 square feet; OR
  • Dormers and Attached Garage/Carport OR 
  • Covered Porch; (minimum 72 square feet) and attached garage/carport.

Designed with low profile finished floor set that does not exceed  30 inches from bottom of floor joint to the exterior grade for the front or entry elevation  (Note, this is design standard only – topography of site or other considerations may affect actual placement of home on site and does not disqualify home from MHAdvantage).

One of three energy standards; Overall U-Value of 0.076 or less, or Energy Star. Manufacturer may seek Fannie Mae prior approval of alternative specifications that it can demonstrate meet or exceed one of the three energy standards.

The design will accommodate a foundation that meets the following criteria (note, actual foundation is the responsibility of retailer and does not disqualify the home from MHAdvantage):

  • Masonry perimeter wall;
  • HUD’s Permanent Foundation Guide to Manufactured Housing; AND 
  • Engineered Foundation certified by a registered architect or professional engineer.

Interior has all features listed below:

  • Drywall (tape and textured) throughout the home (including closets);
  • Kitchen and bath cabinets with fronts of solid wood or veneered wood AND
  • Fiberglass, solid surface, acrylic, composite, porcelain/enamel coated steel’or tile for all showers and/or tile for all showers and/or tubs in the house.

Exterior siding is comprised of one of the following  – Fiber Cement Board, Hardwood siding, Engineered Wood siding, Masonry, stone, Stucco, or Vinyl siding backed with Orient Strand Board,

 

Source: Fannie Mae Lending for MH Advantage Retailer Guide and Talking Points

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