FANNIE MAE DUS®
Manufactured Housing Community Loans
Arbor’s DUS MH product provides competitive pricing, flexible terms, and functions as a major source of liquidity for community owners.
Loan Amount | $3,000,000 minimum. |
Loan Term | 5 to 30 years. |
Amortization | Up to 30 years. |
Minimum DSCR | 1.25x |
Maximum LTV | 80%. If cash-out, 75%. |
Rate Structure | Fixed- and adjustable-rate options available. |
Eligible Properties | Manufactured/Mobile Housing with a minimum of 50 pad sites; 50% or more double-wide sites required. Must be rated a 3 to 5 star property. |
Eligible Borrower | Single Asset Entity. |
Occupancy Requirement | 90% physical occupancy. 5% limit on non-owner occupied. |
Tax & Insurance Escrows | Monthly deposits required. |
Replacement Reserves | Underwritten at a minimum $50 per MH Site. |
Recourse | Non-recourse execution with standard carve-outs for “bad acts” such as fraud and bankruptcy. |
Commercial Space | Eligible |
Required Reports | Appraisal, Property Condition Assessment, Phase I Environmental. |
Prepayment | Yield Maintenance or declining pre-payment provision. |
Assumable | Subject to approval and 1% fee. |
Supplemental Loans | Eligible for secondary financing after 12 months. |
Pricing | Tiered Pricing Matrix. More favorable terms available for higher DSC and lower LTV. |
Rate Lock | Standard 30- to 180-day rate lock period. Borrowers may lock a rate with the Streamlined Rate Lock option. |
Application Deposit | $20,500. Covers estimated processing and legal fees. |
Origination Fee | Minimum 1%. Par pricing available. |
Good Faith Deposit | 2% of loan amount. |
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