February 21, 2017
REMN Wholesale is pleased to announce that effective February 13, 2017 we will be offering Manufactured Homes to our eligible properties.
The Manufactured Home guidelines will be eligible for FNMA, FHLMC and FHA programs at this time.
Manufactured Home lending allows REMN Wholesale to expand on the product line for homes that have limited access to financing.
Manufactured Home (MH) Highlights:
- FNMA & FHLMC:
- Primary, purchase or limited cash-out up to 95% LTV
- Primary, cash-out up to 65% LTV
- Second home, purchase or limited cash-out up to 90% LTV (FNMA) or 85% LTV (FHLMC)
- 15, 20 or 30 year terms, fixed rate, available for purchase or limited cash-out
- 15 or 20 year terms, fixed rate, available for cash-out
- Cash-out requires 12 months or greater ownership seasoning of MH and land prior to application date
- FHA:
- Primary residence only
- Maximum LTV per FHA guidelines
- Eligible for purchase, r/t refinance, streamline refinance and cash-out
- 15 or 30 year terms, fixed rate, all FHA transaction types
- Refinances require 12 months seasoning from MH installation to permanent foundation prior to case number date
- Multi-width in PUD, Condominium, individual lot or subdivision. Condo projects must be FNMA or FHA approved. One unit only. (Single-width are not eligible)
- Land must be owned as fee simple (leaseholds are not eligible)
- MH must be constructed on or after June 15, 1976
- MH must be titled as real property prior to Clear to Close from Underwriting, must be affixed to the permanent foundation, the wheels, axel and towing hitches must be removed.
- All programs require evidence the MH has been attached to the permanent foundation in accordance with the manufacturer’s requirements by:
- Certificate of Installation from the manufacturer (available on MH installed after October 20, 2008; or
- Licensed engineer’s certification; or
- Documentation from the zoning department to confirm the foundation and installation meets applicable codes at the time of installation; and
- Certification from the company that installed the MH to certify installation in accordance with the manufacturer’s requirements.
- Must be permanently connected to utilities, and a septic tank or sewage system (cistern or “trucked in” water sources are not allowed).
- Any structural modifications to an existing MH must be approved by the local, state, or federal authority when available; if not available a licensed professional engineer’s report
- Borrower Land Equity and Trade-in Equity of a traded in MH allowed per agency guidelines
Appraisal Requirement Highlights:
- Form 1004C/70B complete in its entirety
- Photos of HUD Data Plate & HUD Certification Label
- If either are missing, broker must obtain and provide a verification letter from the Institute for Building Technology and Safety (IBTS) per product requirements (see product compare matrix)
- Requires at least two (2) comparable sales of similar manufactured homes (example: double-width to double-width)
- Cost approach is required to be completed using cost figures from a published cost service.
- Manufacturer’s invoice (if available) must be provided to the appraiser
For additional details, see product compare matrix located at www.REMNWholesale.com
If you have any questions, please contact your Account Executive.
