Plaza home mortgage has expanded their guidelines on properties with manufactured homes on them; the once impossible scenario to finance now has two loan options
First Option: Stick built SFR and PERMANENTLY affixed Manufactured Home on the same property; since both are taxed as real property the following requirements are allowed
- Appraiser must support it is common to the market with at least three closed sales with a stick built SFR and permanently affixed Manufactured Home
- The property must be appraised as a 2-unit property. It cannot be appraised as an SFR with the manufactured home as an accessory unit
- Loan program must be Fannie Retained
- Rental Income can be considered to guidelines
Second Option: Stick built SFR and a NON-permanently affixed manufactured home on the same property.
- Manufactured home can remain on the property as long as it was taxed as personal property
- The wheels and axle are still attached to the Manufactured Home
- If people are living in the unit (either indicated by appraiser or the Home Owners policy with some type of “renter/tenant” description, then it must be documented that the Manufactured Home is permitted by local code
- Fannie Retained program only
- Rental income cannot be considered from the Manufactured Home. The Manufactured Home is considered personal property and even if they are allowed on the property with some type of “use permit”; the Manufactured Home unit is still personal property. If the lender foreclosed on the stick built dwelling they are not foreclosing on the Manufactured Home, the lender has no rights to the Manufactured Home; the borrower could continue to collect rent on the Manufactured Homes after foreclosure, which is NOT okay with Fannie.