Manufactured Housing Community Loans

Manufactured Housing Community Loans
FHA, Freddie Mac & Fannie Mae Loans For Manufactured Housing Communities

Manufactured Housing Community Loans Overview

Confidential Loan Quote RequestDespite what are often very strong project metrics, manufactured housing community loans remains surprisingly difficult to secure. Most commercial banks and portfolio lenders don’t want mobile home park loans on their books. Whether the shy away from manufactured housing community loans because it lacks glamour or because they lack experience with manufactured housing┬álending, the result is the same, commercial banks are not a ready source of mobile home park loans.

Most commercial lenders treat manufactured housing community financing as a separate, specialized lending niche or, even worse, a real estate pariah they simply don’t want in their portfolios. Our position couldn’t possibly be more different. We originate manufactured housing community financing in all 50 states with these loan programs.

FHA Mobile Home Park Financing
FHA Manufactured Housing Community Loans
FHA 207m loans for mobile home parks & manufactured housing communities
Fannie Mae
FNMA Manufactured Housing Community Loans
Fannie Mae insured loans for manufactured housing communities & mobile home parks
Fannie Mae Mobile Home Park Financing
FHLMC Manufactured Housing Community Loans
Freddie Mac insured loans for mobile home parks & manufactured housing communities

Embracing manufactured housing community Lending

We understand manufactured housing communities and manufactured housing communities, and the obstacles faced by borrowers in this market segment. We think of manufactured housing community loans as just another type of multifamily financing. We recognize that there are more than 38,000 manufactured housing communities in the United States and each, at one time or another, will require manufactured housing community financing, and we intend to be in a position to provide manufactured housing community loans for every one of them.

We are already in a position to provide manufactured housing community loans in all 50 states, due, in large part, to the strength of our relationships with FHA, Fannie Mae and now, since they have entered the market, Freddie Mac. With numerous options available through FHA and the Government Sponsored Enterprise lenders Fannie Mae and Freddie Mac, we can structure manufactured housing community loans with a wide range of loan terms and low interest rates to help make manufactured housing communities and their investors more successful. In fact, we offer manufactured housing community loans with favorable terms and low interest rates for ground lease manufactured housing communities and manufactured housing communities which is similar to mortgage loans provided in our multifamily financing programs.

FHA manufactured housing community loans

FHA Mobile Home Park Financing Image

FHA manufactured housing community loans, pursuant to the FHA 207m program, is available for new construction or substantial rehabilitation of manufactured housing communities and manufactured housing communities nationwide in both primary and secondary housing markets. FHA manufactured housing community loans are self-amortizing and provide very attractive mortgage rates. FHA 207m loans are non-recourse with standard carve-outs and are underwritten for 30-40 years. Learn more about all FHA loan programs we offer.

  • Minimum loan amount $1 million
  • Non-recourse with standard carve-outs
  • Amortization terms from 30-40 years
  • Loan to value ratio 90%
  • Supplemental loans are available
  • Debt Coverage Ratio 1.11x

Fannie Mae manufactured housing community loans

Fannie Mae manufactured housing community loans is available for the acquisition or refinancing of manufactured housing communities and manufactured housing communities nationwide in both primary and secondary housing markets. Fannie Mae manufactured housing community loans are non-recourse with standard carve-outs and are underwritten for up to 30 years. Learn more about all Fannie Mae loan programs we offer.

  • Minimum loan amount $1 million
  • Non-recourse with standard carve-outs
  • Amortization terms from 5-30 years
  • Loan to value ratio 80%
  • Supplemental loans are available
  • Debt Coverage Ratio 1.25x
Fannie Mae Mobile Home Park Financing Image

Freddie Mac manufactured housing community loans

Freddie Mac Mobile Home Park Financing

Freddie Mac manufactured housing community loans is available for the acquisition or refinancing of stabilized, professionally managed manufactured housing communities and manufactured housing communities nationwide in both primary and secondary housing markets. Freddie Mac manufactured housing community loans are non-recourse with standard carve-outs and are underwritten for up to 30 years with loan terms up to 10 years. Freddie Mac manufactured housing community loans is available for communities with as few as 5 home sites. Learn more about all Freddie Mac loan programs we offer.

  • Minimum loan amount $1 million
  • Non-recourse with standard carve-outs
  • Amortization terms up to 30 years
  • Loan to value ratio 75%
  • Supplemental loans are available
  • Debt Coverage Ratio 1.25x
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Mobile Home Park Loans That Make Deals More Successful
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manufactured housing community loans Eligibility

Apartment Financing America offers manufactured housing community loans which is insured by FHA and the government sponsored enterprises Fannie Mae and Freddie Mac, each with their own eligibility requirements. manufactured housing community loans eligibility requirements that generally apply to all three loan programs we offer is summarized as:

  • Eligible manufactured housing communities require a minimum of 50 pad/home sites
  • Paved roads are strongly preferred although gravel packed roads will be considered on a case by case basis
  • No more than 25% of the homes can be park owned homes (tenants must own at least 75% of the homes)
  • Homes must be fully skirted and tongues and towing hitches cannot be visible
  • Off-street parking for residents and visitors strongly preferred
  • manufactured housing communities with less than 10 units per acre preferred
  • Community amenities such as swimming pools and clubhouses preferred

Economics Of manufactured housing community loans

Freddie Mac, who entered the manufactured housing community loans market in the last year, expressed the belief that factory built manufactured housing, which is installed in a manufactured housing community or manufactured housing community, is a small market segment, but one that is growing in response to increasingly unaffordable multifamily and single-family housing. We share this position on manufactured housing community lending and have also observed these favorable market segment metrics.

  • Barriers To Entry. It is virtually impossible to build new manufactured housing communities because they cannot secure approvals from municipalities.
  • Room For Rental Increases. Rent for manufactured housing is more than 40 percent lower than rent for traditional multifamily housing.
  • Product Concentration. More than half of manufactured housing units are concentrated in six states in the Southeast, California and Texas.
  • Limited Competition. Manufactured housing communities are more prevalent in smaller cities and municipalities, and rural areas.
  • Occupancy Trending Upward. Occupancy dropped meaningfully during the recession, but are now trending up.

manufactured housing community loans Key Takeaways

  • We offer manufactured housing community loans insured by FHA, Fannie Mae and Freddie Mac
  • Communities must have a minimum of 50 home sites (5 for Freddie Mac loans)
  • manufactured housing community loans is available with $1 million minimum
  • Amortization ranges from 30-40 years
  • Loan terms range from 7-10 years (40 years for FHA)

Related Loan Products

  • FHA manufactured housing community Loans
  • Fannie Mae manufactured housing community Loans
  • Freddie Mac manufactured housing community Loans

We offer FHA, Fannie Mae and Freddie Mac manufactured housing community loans nationwide. To get started, request a loan quote