603.04B

Moving Water

Requirements

For an MH CommunityMH CommunityResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure. located in a flood zone with the potential for flooding due to moving water (e.g., typically in flood zone A and AE and located next to a stream, river, etc.), you must ensure:

  • your underwriting assumes that MH SitesMH SitesDeveloped lot within an MH Community on which a Manufactured Home can be located. located in the flood zone are considered non-income producing MH SitesMH SitesDeveloped lot within an MH Community on which a Manufactured Home can be located. ; and
  • the BorrowerBorrowerPerson who is the obligor per the Note. notifies all HomeownersHomeownersFor an MH Community, a tenant of the Borrower who pays ground rent to the owner for use and occupancy of the MH Site and for use of the MH Community’s utilities and amenities. and all tenants of BorrowerBorrowerPerson who is the obligor per the Note. -owned 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. occupying an MH SiteMH SiteDeveloped lot within an MH Community on which a Manufactured Home can be located. located in the flood zone before the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. .