Both agencies offer dedicated manufactured housing community programs financing pad-rental communities (resident-owned homes on rented lots). Underwriting reviews lot rents, occupancy stability, infrastructure (water/sewer/electric) quality, and the proportion of resident-owned versus park-owned homes. Pricing is competitive with conventional multifamily.
What property profile qualifies?
Three-star or four-star MHC in a non-flood-zone location with stable occupancy (typically 90 percent plus), separately metered or sub-metered utilities, paved roads, and adequate community amenities. Smaller communities (under 50 sites) face limited lender appetite; larger communities have broad agency pricing.
How does park-owned home stock affect underwriting?
Park-owned homes produce home-rent revenue (in addition to lot rent) but introduce operating risk and depreciation. Most agency lenders cap park-owned home revenue inclusion at 20 to 25 percent of total revenue and may apply a haircut to the home-rent component for sizing purposes.
Sources
- Delegated Underwriting and Servicing (DUS) program disclosures · Fannie Mae · current
- Optigo lending program disclosures · Freddie Mac Multifamily · current