603.03

Code Standards

Requirements

You must:

  • determine if all Manufactured HomesManufactured HomesFactory-built home complying with the Manufactured Home HUD Code. in the MH CommunityMH CommunityResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure. meet the requirements of the Manufactured Home HUD CodeManufactured Home HUD CodeNational Manufactured Home Construction and Safety Standards Act of 1974 (HUD Code) (42 USC 5401 et seq) and the Manufactured Home Construction and Safety Standards (24 CFR Part 3280), as amended. ; and 
  • ensure the Loan DocumentsLoan DocumentsAll executed Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. require BorrowerBorrowerPerson who is the obligor per the Note. certification that no additional Manufactured HomesManufactured HomesFactory-built home complying with the Manufactured Home HUD Code. predating the Manufactured Home HUD CodeManufactured Home HUD CodeNational Manufactured Home Construction and Safety Standards Act of 1974 (HUD Code) (42 USC 5401 et seq) and the Manufactured Home Construction and Safety Standards (24 CFR Part 3280), as amended. will be added to the MH CommunityMH CommunityResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure. during the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. term.

Guidance

Fannie Mae may allow Manufactured HomesManufactured HomesFactory-built home complying with the Manufactured Home HUD Code. predating the Manufactured Home HUD CodeManufactured Home HUD CodeNational Manufactured Home Construction and Safety Standards Act of 1974 (HUD Code) (42 USC 5401 et seq) and the Manufactured Home Construction and Safety Standards (24 CFR Part 3280), as amended. if

  • they are BorrowerBorrowerPerson who is the obligor per the Note. -owned Manufactured HomesManufactured HomesFactory-built home complying with the Manufactured Home HUD Code. or Affiliate-Owned HomesAffiliate-Owned HomesManufactured Home or park model home located on an MH Site that is owned by an Affiliate of the Borrower.  that comply with local codes with no identified life safety issues, and
  • you document the number of Manufactured HomesManufactured HomesFactory-built home complying with the Manufactured Home HUD Code. predating the Manufactured Home HUD CodeManufactured Home HUD CodeNational Manufactured Home Construction and Safety Standards Act of 1974 (HUD Code) (42 USC 5401 et seq) and the Manufactured Home Construction and Safety Standards (24 CFR Part 3280), as amended. . 

Fannie Mae may allow rental units that do not comply with the Manufactured Home HUD CodeManufactured Home HUD CodeNational Manufactured Home Construction and Safety Standards Act of 1974 (HUD Code) (42 USC 5401 et seq) and the Manufactured Home Construction and Safety Standards (24 CFR Part 3280), as amended. (e.g., certain park model recreational vehicles) if the rental income is included as commercial income in Part III, Chapter 6: Manufactured Housing Communities, Section 606: Property Income and Underwritten NCF.