Fannie Mae Updates MH Guidelines
Late last week, Fannie Mae announced a series of changes to its Sellers Guide for mortgages secured by manufactured homes. The new guidelines are detailed in Announcement 7-06, available by clicking here. Among the changes, Fannie said it will require a perfected lien (or liens) on both the manufactered home and the land it occupies. Fannie also said that MH mortgages must be underwritten through Desktop Underwriter and must receive an â€œApprove/Eligible,â€? an â€œEA-I/Eligibleâ€? or â€œEA-II/Eligibleâ€? recommendation inorder to be sellable. Fannie Mae also revised its appraisal standards manufactered housing to clarify that a lenders are now required to provide a copy of the manufacturer's invoice with an appraisal. To see a full description of all changes to the Sellers Guide, be sure to read the full announcement.