Fannie Mae (FNMA)

[navycmdr]

Fannie MH (manufactured Homes) Pilot Program Could Boost This Niche Market

By Carisa Chappell ... [e-mail]



Fannie Mae has launched a new pilot program in New Hampshire that allows buyers of manufactured homes access to 30-year conventional fixed-rate mortgages. The initiative, which kicked off late last month, caters to buyers in qualified resident-owned communities (ROCs).

The Home Preferred Manufactured Housing ROC loan, created in conjunction with the New Hampshire Community Loan Fund, gives both buyers and current ROC homeowners affordable financing and low-cost mortgage insurance options.

New Hampshire was the perfect place to pilot the program because of the way it treats MH in ROCs, said Patrick McCarthy, Fannie’s vice president of alternative real estate-owned dispositions. “It treats them as real property whereas in many other states MH in an ROC would be treated as chattel or personal property,” he told Inside The GSEs.

While the pilot is limited to New Hampshire home buyers, Fannie thinks the program could open the door to other states doing something similar.