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Manufactured Housing Communities

Fannie Mae DUS®

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Fannie Mae Multifamily provides financing options for manufactured housing communities where the Borrower owns the Manufactured Housing Community (MHC) sites and associated common amenities and infrastructure.

  • Customized solutions
  • Competitive pricing
  • Certainty of execution
  • Speed in processing and underwriting


  • Existing, stabilized, professionally managed MHC, with or without age restrictions, having a minimum of 50 pad sites
  • Quality level three, four, or five communities
  • At least one Key Principal of the Borrower should have experience in operating MHC
  • Lenders experienced in financing MHC and approved by Fannie Mae for participation
Term5-30 years.
AmortizationUp to 30 years.
Interest RateFixed-rate and variable-rate options available.
Maximum LTV80%
Minimum DSCR1.25x
Property Considerations
  • MHC may be either age-restricted or all age (family community).
  • The percentage of tenant-occupied homes generally may not exceed 35%.
  • Density is based on market norms and generally should not exceed 12 Manufactured Homes per acre for an existing community and 7 Manufactured Homes per acre for a new community.
  • With limited exceptions, all Manufactured Homes should conform to applicable Manufactured Housing HUD Code standards.
  • Leases with 2-year terms or longer cannot contain a tenant option to purchase the pad site.
  • Additional pricing incentives available for non-traditional MHC ownership forms (e.g., non-profit, government entity, or resident owned).
  • Additional pricing incentives available for Borrowers implementing Tenant Site Lease Protections.
Supplemental FinancingSupplemental Mortgage Loans are available.
Prepayment AvailabilityFlexible prepayment options are available. Mortgage Loans may be voluntarily prepaid upon payment of yield maintenance for fixed-rate Mortgage Loans or graduated prepayment for variable-rate Mortgage Loans.
Rate Lock30-day to 180-day commitments. Borrowers may use the Streamlined Rate Lock option.
Accrual30/360 and Actual/360.
RecourseNon-recourse execution with standard carve-outs for “bad acts” such as fraud and bankruptcy.
EscrowsFunding of tax and insurance escrows depend on leverage level. Replacement reserve escrow is typically not required.
Third-Party ReportsStandard third-party reports required, including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment.
AssumptionMortgage Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.
Minimum Underwritten Vacancy/Collection LossMinimum 5% economic vacancy assumption.



During the HomeStreet Bank pre-qualification review, our Commercial Real Estate Group team members will estimate the loan amount and associated transaction fees. Actual loan amounts and transaction-related expenses may vary. A pre-qualification estimate is not a loan commitment.

Terms and conditions may apply.
Fannie Mae® is a registered trademark of Fannie Mae. DUS® is a registered trademark of Fannie Mae.

All loans subject to approval.

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