Fannie Mae Pud Requirements

[Wally Jones]

The underwriter sent a condition on a recent appraisal that I can't seem to find a reference to. The subject property is a multi-width manufactured home located in a PUD. The underwriter says that, per Fannie guidelines, the appraiser must provide a statement that there are no single-width manufactured homes within the subject's development or the loan is not eligible.

Has anyone heard of this? I looked through Fannie's June 3, 2003 letter (Announcement 03-06) but couldn't find this subject referenced. Maybe I just missed it?

Thanks for any help.

 

[john eickhoff]

In Fannnie Mae Seeling Part VII, Section 304-Manufactured (and Factory-Built) Housing Units there is a part that states:

Single-width manufactured housing units must be located in a Fannie Mae-approved project: a multi-width unit may be located on an idividual lot or in any project (although, in certain areas, our regional office may require subdivision approval for units on individual lots.)

This is the closest I can come to what you are asking about.

 

[Otis Key]

Originally posted by Wally Jones@Oct 7 2005, 03:21 PM
The underwriter sent a condition on a recent appraisal that I can't seem to find a reference to. The subject property is a multi-width manufactured home located in a PUD. The underwriter says that, per Fannie guidelines, the appraiser must provide a statement that there are no single-width manufactured homes within the subject's development or the loan is not eligible.

Has anyone heard of this? I looked through Fannie's June 3, 2003 letter (Announcement 03-06) but couldn't find this subject referenced. Maybe I just missed it?

Thanks for any help.

Wally, sounds like one of those, he said - she said - you said - it all got changed around routines. Ask, no TELL, the UW to send you a copy of that Fannie guideline and you'll be happy to comply.







I wouldn't hold my breath!

BTW, here's what I found:

Ann. 03-06: Mortgage Eligibility and Servicing Procedures for Mortgages Secured by Manufactured Homes (06/03/03)

Project acceptance is required for multiwidth and single-width manufactured homes if the project development is a cooperative or condominium. Project acceptance is also required if the property is a single-width manufactured home and the project is a PUD. In the case of cooperatives, both the land and dwelling must be owned by the cooperative. In the case of condominiums, both the land and dwelling must be subject to the condominium regime. For further information about project acceptance requirements, see Part XII of our Selling Guide.

VII, 102.07: Factory-Built Housing (04/30/02)

Single-width manufactured homes must be located in a Fannie Mae-approved project development. When a mortgage secured by a single-width manufactured home is located in a condominium, PUD, subdivision, or cooperative project, we must have accepted the project before we will purchase or securitize the mortgage. A multiwidth manufactured home may be located on an individual lot or in any project development. We generally do not require our project acceptance for a mortgage secured by a multiwidth manufactured home that is located on an individual lot in a subdivision, but our regional offices may choose to do so in some instances.

I'd bet that they read this section and crossed it over to PUD's as this has to do with condo developments: XII, Introduction (06/30/02)

 

[Wally Jones]

Thanks for the replies.

Otis, I had the same feeling as you about misreading the condo section. I asked for the specific reference from the UW on Tuesday. I'm turning pretty blue..............