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Fannie Mae Mobile Home Park Loan Program

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Fannie Mae Manufactured Housing (Mobile Home Park) Loan Program Overview

The Fannie Mae Mobile Home Park Loan Program is widely considered to offer the most aggressive rates and terms for eligible mobile home parks and manufactured housing communities. Loans made through the Fannie Mae MHC Loan Program are part of Fannie Mae's mission driven platform to provide financing for properties with low or affordable rents and may qualify for interest rate reductions. Park quality is important and park should be a 4 or 5 star park. 3 star parks are considered on a deal by deal basis. Learn more about the star rating system.
  • Up to 80% LTV
  • 30-year amortization
  • Fixed rates from 5-30 years
  • Interest only payments available
  • Interest rates up to 30bps below standard rates
  • Non-recourse
  • Assumable
  • Flexible prepayment options
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Fannie Mae Manufactured Housing Community 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. Parks with 40+ pads are eligible on an exception basis.
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 - waivers available for parks with fewer pads
  • 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
  • Density is based on market norms and generally should not exceed 12 Manufactured Homes per acre for an existing community and 7 Manufactured Homes per acre for a new community.
Property Condition Eligible parks must meet a minimum level of quality. While not published for decades, but still relevant, most lenders and park owners refer to a Star rating (1-5) to define a park's quality and condition. 1 and 2 Star parks are ineligible with Fannie Mae and 3 Star parks are eligible on a deal by deal basis. Review the Woodall MHP Star Rating Guidelines
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