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FHA 207 Manufactured Housing
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FHA 207 Manufactured Housing Loans

FHA Insured Loans For Mobile Home Parks With Very Low Interest Rates

FHA 207 Manufactured Housing Loans are one of the few lending programs available in the marketplace for manufactured housing projects. Proceeds from FHA 207 manufactured housing loans can be used to acquire and rehabilitate home parks, construct new, or to refinance existing mortgages. All FHA mortgages are assumable and transferable at any time for a 1.00% fee.

FHA Manufactured Housing Loan Overview

GSE Loan Program FHA Section 207 Manufactured Housing Community Loans Program | Mobile Home Park Loans
Eligible Properties Professionally operated and managed, stabilized, existing manufactured housing communities or mobile home parks with at least 50 home/pad sites that are rated at least Four Star that have had 90% or better occupancy for the preceding 3-month period.
Eligible Borrowers For-profit individuals and entities and not-for-profit single asset entities.
Eligible Locations Mobile home park loans and manufactured housing community loans are available nationwide in both primary and secondary housing markets; tertiary markets will be considered.
Minimum Loan Amount Manufactured housing/mobile home park loans have a $1,000,000 minimum loan amount per Fannie Mae charter, but loans of $3 million and up are preferred.
Maximum Loan Amount Manufactured housing/mobile home park loans have no statutory maximum loan amount. Maximum loan amounts are determined by loan to value ratio (LTV) and and debt service coverage ratio (DSCR) of 1.00x debt service for adjustable rate loans using the sum of the note rate plus either 3% or the lifetime cap, whichever is greater, or 1.25x debt service coverage for fixed-rate loans.
Loan Term Manufactured housing/mobile home park loan terms rang from 5 to 30 years.
Amortization Term 25 or 30 year amortization is standard, depending on property age, with balloon payment terms of 5, 7, 10, 15, 18 years or full term loans of 20 years, 25 years or 30 years.
Loan to Value Ratio Maximum loan to value ratio for manufactured housing community loans is limited to 80.0% of appraised value.
Required DSCR or DCR 1.25 X minimum debt service coverage ratio (DSCR) for fixed-rate loans or 1.00x debt service for adjustable rate loans using the sum of the note rate plus either 3% or the lifetime cap, whichever is greater.
Interest Rate Market interest rates change daily. Visit our Interest Rates page or call for quote.
Loan Origination Fee Negotiable, but generally based on property condition and strength of borrower.
Interest Only Interest only repayment terms are available for a portion of the loan term.
Interest Accrual Either actual/360 or 30/360 are acceptable.
Prepayment All Fannie Mae manufactured housing community loans or mobile home park loans are subject to a prepayment penalty calculated using either a yield maintenance or defeasance formula for all but the last six months of the term of the loan. Loan terms can be modified by adjusting the interest rate.
Personal Liability Fannie Mae manufactured housing community loans or mobile home park loans are non-recourse as to the borrower for most loans, subject to standard carve-outs.
Loan Assumption All Fannie Mae loans are assumable, subject to lender approval and payment of 1% assumption/transfer fee.
Supplemental Financing Fannie Mae manufactured housing community loans or mobile home park loans permit supplemental loans beginning 12 months from date of closing of first loan.
Interest Rate Lock Fannie Mae issues and interest rate lock at commitment and extended rate lock up to six months is available.
Escrows Escrows for the payment of taxes and insurance are required with all Fannie Mae manufactured housing community or mobile home park loans.
Replacement Reserves Reserves for replacement are required at $25 per pad/year, but the requirement may be waived for mobile home parks in above average condition as determined by the underwriter.
Minimum Occupancy 85% minimum occupancy required
PropertyRequirements
  • Project must have 50 pads minimum
  • Minimum of 95% tenant owned homes
  • Prefer more than 50% double-wide homes
  • Community streets must be paved
  • Off-street community and visitor parking required
  • Homes must be fully skirted
  • Hitches and jack posts must be concealed
  • Additional community amenities preferred but not required
  • Homes should conform to applicable manufactured housing HUD Code standards
  • Leases with residents cannot contain an option to purchase pad sites
Preliminary Submission Package
  • Location map and property description and photos (or website info)
  • Unit mix showing type, number, size, and current rent of all units
  • Description of commercial space if any
  • Last three months rent rolls along with year-to-date financial statements
  • Last full 36 month operating statements or pro-forma if recently completed construction
  • Business resume and financial statement of principals and entity
  • Terms of existing debt if any
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Maximum Loan Term

40 years – not to exceed 75% of remaining economic life

Commercial Space

20% of net rentable area and 20% of effective gross income.

Personal Liability

None. Non-recourse for monetary default but “carve-outs” are required

Eligible Borrowers

For-profit individuals and entities and not-for-profit single asset entities

Prepayment

Typically closed for 2 years then pre-payable year 3 at 108% of par declining 1% per year. Shorter lock-outs are obtainable at a higher note interest rate

Maximum Loans

  • $20,065 per space (as defined by FHA). This amount can be increased up to 240% in selective areas
  • 90% of the value of the property after improvements
  • The amount that can be debt serviced by 90% of the stabilized NOI
  • If Substantial Rehabilitation, these limits will also be applied:
  • For property held in fee but no land or structures involved, the loan cannot exceed 100% of cost
  • If the proceeds will be used to satisfy an existing mortgage, the loan amount may not exceed the sum of the estimated repair and rehab costs plus the lesser of (i) the outstanding indebtedness or (ii) 90% of the estimated “as-is” value prior to rehabilitation
  • If the property is being acquired and rehabbed, then the loan amount cannot exceed (i) 90% of the cost of repairs plus (ii) 90% of either the purchase price or “as-is” value whichever is lower.

Interest Rate

Market interest rates change daily. Call for quote.

FHA Application Fee

0.3% of the loan amount due at application

Origination Fee

Negotiable

MIP

The first year 1% MIP fee due at closing, subsequently, .45% per annum

Program Overlap

Many of the FHA 221(d)4 guidelines overlap and need to be reviewed.

Additional Features

  • Certificates of Occupancy dated three years prior to date of application (subject to waiver)
  • Pre-review is required by HUD
  • Davis Bacon prevailing wage requirement do not apply
  • A replacement reserve will be funded at closing
  • Escrows for property taxes, insurance, and replacement reserves are required
  • Annual audit of operations is required
  • Hard second mortgages are not allowed. Soft seconds and stock pledge financing are allowed if properly structured.

Need manufactured housing loan for your next project? Apartment Financing America offers the most competitive manufactured housing loans in the nation.

Fannie Mae Manufactured Housing Community Loan Overview

GSE Loan Program Fannie Mae Manufactured Housing Community Loans Program | Mobile Home Park Loans
Eligible Properties Professionally operated and managed, stabilized, existing manufactured housing communities or mobile home parks with at least 50 home/pad sites that are rated at least Four Star that have had 90% or better occupancy for the preceding 3-month period.
Eligible Borrowers For-profit individuals and entities and not-for-profit single asset entities.
Eligible Locations Mobile home park loans and manufactured housing community loans are available nationwide in both primary and secondary housing markets; tertiary markets will be considered.
Minimum Loan Amount Manufactured housing/mobile home park loans have a $1,000,000 minimum loan amount per Fannie Mae charter, but loans of $3 million and up are preferred.
Maximum Loan Amount Manufactured housing/mobile home park loans have no statutory maximum loan amount. Maximum loan amounts are determined by loan to value ratio (LTV) and and debt service coverage ratio (DSCR) of 1.00x debt service for adjustable rate loans using the sum of the note rate plus either 3% or the lifetime cap, whichever is greater, or 1.25x debt service coverage for fixed-rate loans.
Loan Term Manufactured housing/mobile home park loan terms rang from 5 to 30 years.
Amortization Term 25 or 30 year amortization is standard, depending on property age, with balloon payment terms of 5, 7, 10, 15, 18 years or full term loans of 20 years, 25 years or 30 years.
Loan to Value Ratio Maximum loan to value ratio for manufactured housing community loans is limited to 80.0% of appraised value.
Required DSCR or DCR 1.25 X minimum debt service coverage ratio (DSCR) for fixed-rate loans or 1.00x debt service for adjustable rate loans using the sum of the note rate plus either 3% or the lifetime cap, whichever is greater.
Interest Rate Market interest rates change daily. Visit our Interest Rates page or call for quote.
Loan Origination Fee Negotiable, but generally based on property condition and strength of borrower.
Interest Only Interest only repayment terms are available for a portion of the loan term.
Interest Accrual Either actual/360 or 30/360 are acceptable.
Prepayment All Fannie Mae manufactured housing community loans or mobile home park loans are subject to a prepayment penalty calculated using either a yield maintenance or defeasance formula for all but the last six months of the term of the loan. Loan terms can be modified by adjusting the interest rate.
Personal Liability Fannie Mae manufactured housing community loans or mobile home park loans are non-recourse as to the borrower for most loans, subject to standard carve-outs.
Loan Assumption All Fannie Mae loans are assumable, subject to lender approval and payment of 1% assumption/transfer fee.
Supplemental Financing Fannie Mae manufactured housing community loans or mobile home park loans permit supplemental loans beginning 12 months from date of closing of first loan.
Interest Rate Lock Fannie Mae issues and interest rate lock at commitment and extended rate lock up to six months is available.
Escrows Escrows for the payment of taxes and insurance are required with all Fannie Mae manufactured housing community or mobile home park loans.
Replacement Reserves Reserves for replacement are required at $25 per pad/year, but the requirement may be waived for mobile home parks in above average condition as determined by the underwriter.
Minimum Occupancy 85% minimum occupancy required
PropertyRequirements
  • Project must have 50 pads minimum
  • Minimum of 95% tenant owned homes
  • Prefer more than 50% double-wide homes
  • Community streets must be paved
  • Off-street community and visitor parking required
  • Homes must be fully skirted
  • Hitches and jack posts must be concealed
  • Additional community amenities preferred but not required
  • Homes should conform to applicable manufactured housing HUD Code standards
  • Leases with residents cannot contain an option to purchase pad sites
Preliminary Submission Package
  • Location map and property description and photos (or website info)
  • Unit mix showing type, number, size, and current rent of all units
  • Description of commercial space if any
  • Last three months rent rolls along with year-to-date financial statements
  • Last full 36 month operating statements or pro-forma if recently completed construction
  • Business resume and financial statement of principals and entity
  • Terms of existing debt if any
Important Pages You should find these related pages helpful: