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Fannie Mae Manufactured Community Housing Loan Program

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Fannie Mae Manufactured Housing Loan Program Overview

The Fannie Mae Manufactured Housing financing program provides financing options with flexible financing terms and competitive pricing for ground lease manufactured housing communities with a minimum of 50 sites.

Fannie Mae Manufactured Community Housing Loan Program Guidelines

Eligible Properties Existing, stabilized high quality, professionally managed
manufactured housing communities or mobile home parks, with a minimum of 50 pad sites.
Eligible Locations Nationwide - secondary and tertiary markets considered.
Loan Size $1,000,000 minimum with no maximum.
Fixed Rate Term 5-30 years.
Amortization 30 years.
Maximum LTV 75%-80%.
Minimum DSCR 1.25.
Interest Only Available.
Interest Accrual Actual/360 or 30/360.
Prepayment Penalty The greater of 1% or yield maintenance.
Guarantee Non-recourse for most loans subject to standard carve-outs.
Assumable Yes, subject to lender approval.
Supplemental Loan Available 12 months from date of closing of first loan.
Rate Lock At commitment. Extended rate lock up to six months available.
Impounds Tax and insurance escrows required.
Replacement Reserves Required at $25 per pad/year, but may be waived for parks in above average condition.
Minimum Occupancy 85%.
Property Requirements
  • 50 pad minimum
  • Minimum of 75% tenant owned homes
  • Prefer more than 50% double-wide homes
  • Park must be paved
  • Off-street parking
  • Homes must be skirted
  • Hitches jackposts must be concealed
  • Amenities preferred but not required
  • Homes should conform to applicable Manufactured Housing HUD Code standards
  • Leases can not contain the option to purchase pad sites
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Visit Crefcoa's home page to learn more about all of our commercial real estate loans for mobile home parks and manufactured community housing properties.