(678) 446-3600
Manufactured homes continue to provide an affordable path to homeownership for many Georgia families. We work with a wide variety of conventional mortgage programs, including those backed by Fannie Mae and Freddie Mac. While the two agencies have very similar requirements for manufactured homes, there are a few important differences that borrowers should know.
Fannie Mae vs. Freddie Mac: Minimum Size Requirements
Both Fannie Mae and Freddie Mac finance eligible manufactured homes, but they have slightly different minimum gross living area (GLA) requirements.
Fannie Mae Requirements
- Be at least 12 feet wide
- Contain a minimum of 400 square feet of gross living area (GLA)
Freddie Mac Requirements
- Be at least 12 feet wide
- Contain a minimum of 600 square feet of gross living area (GLA)
That 200-square-foot difference may not seem significant, but it can determine which financing program is available for a particular property.
Permanent Foundation Requirements
Both Fannie Mae and Freddie Mac require manufactured homes to be converted from mobile units into permanent real estate. These requirements help ensure the property is considered real property rather than personal property for mortgage purposes.
- The axles removed
- The tires removed
- The tow hitch was removed
- A permanent foundation
- Be located on fee simple land owned by the borrower
Not every manufactured home is the same. Some older homes may meet Fannie Mae’s minimum size requirement but fall short of Freddie Mac’s 600-square-foot minimum. That’s where working with an experienced mortgage company makes a difference. Rather than forcing every borrower into a single program, we evaluate your property and determine which financing option best fits your situation.
We Work with Both Fannie Mae and Freddie Mac
One of the advantages of working with us is that we don’t rely on just one set of lending guidelines. We work with mortgage programs that follow both Fannie Mae and Freddie Mac standards, allowing us to match borrowers with the financing solution that best fits their property and circumstances. If your manufactured home qualifies under one agency but not the other, we’ll help you identify the most appropriate option.
If you’re considering purchasing or refinancing a manufactured home in Georgia, contact us.
