Underwriting Requirements for
Manufactured Housing/ Manufactured
Homes
A certification label or HUD data plate must be affixed to:
The tow vehicle of a manufactured house
The rear bumper of manufactured housing
Each section of manufactured housing
The front window of a manufactured house - ANS Each section of manufactured
housing
For manufactured housing, Fannie Mae requires the proceeds from a limited cash-out
refinance of a primary or second home to be used for all of the following EXCEPT:
Financing closing costs
Paying off mortgage insurance
Providing cash back to the borrower - WRONG
Paying off a first lien - ANS
On a loan secured by a manufactured home loan that receives an Accept Risk Class
recommendation, which of the following is Freddie Mac's maximum LTV for a primary
home purchase with secondary financing?
95%
90%
85%
80% - ANS 90%
Select two. When underwriting manufactured housing, what documentation is required
to prove the home complies with federal requirements for manufactured construction
and safety standards?
HUD Certification Label
Manufacturer's Certification of Compliance
HUD Data Plate/Compliance Certificate
Inspection records from applicable state or local authority - ANS HUD Certification
Label
HUD Data Plate/Compliance Certificate
The Nelsons have owned their current manufactured home for two years and are
seeking mortgage financing on a new manufactured home. They will be using trade
, equity from their current home as part of the down payment. According to Freddie Mac
guidelines, the maximum equity contribution from the traded manufactured home is
what percentage of its retail value?
80
90
95
100 - ANS 90
Which of the following documents does Fannie Mae require in conjunction with the
Manufactured Home Appraisal Report (Form 1004C) for NEW manufactured homes?
Copy of the manufacturer's invoice
Copy of the executed purchase contract for the manufactured home and land (both if
purchased separately)
Certificate of Completion
Opinion of value based solely on the real property as completed (home, land, site
improvements only)
All of the above - ANS All of the above
Manufactured homes became less mobile due to:
Tongue and hitch restrictions
Negative stereotypes
Changes in buyer preference
Their increasing size - ANS Their increasing size
Following Freddie Mac guidelines, which of the following are ineligible on loans secured
by manufactured housing?
7/6 ARM
Second home
Balloon mortgage
30-year fixed-rate mortgage - ANS Balloon mortgage
A manufactured home is factory built.
True
False - ANS True
Freddie Mac does NOT require a detailed cost approach with an appraisal for a
manufactured home.
True
False - ANS False
Manufactured Housing/ Manufactured
Homes
A certification label or HUD data plate must be affixed to:
The tow vehicle of a manufactured house
The rear bumper of manufactured housing
Each section of manufactured housing
The front window of a manufactured house - ANS Each section of manufactured
housing
For manufactured housing, Fannie Mae requires the proceeds from a limited cash-out
refinance of a primary or second home to be used for all of the following EXCEPT:
Financing closing costs
Paying off mortgage insurance
Providing cash back to the borrower - WRONG
Paying off a first lien - ANS
On a loan secured by a manufactured home loan that receives an Accept Risk Class
recommendation, which of the following is Freddie Mac's maximum LTV for a primary
home purchase with secondary financing?
95%
90%
85%
80% - ANS 90%
Select two. When underwriting manufactured housing, what documentation is required
to prove the home complies with federal requirements for manufactured construction
and safety standards?
HUD Certification Label
Manufacturer's Certification of Compliance
HUD Data Plate/Compliance Certificate
Inspection records from applicable state or local authority - ANS HUD Certification
Label
HUD Data Plate/Compliance Certificate
The Nelsons have owned their current manufactured home for two years and are
seeking mortgage financing on a new manufactured home. They will be using trade
, equity from their current home as part of the down payment. According to Freddie Mac
guidelines, the maximum equity contribution from the traded manufactured home is
what percentage of its retail value?
80
90
95
100 - ANS 90
Which of the following documents does Fannie Mae require in conjunction with the
Manufactured Home Appraisal Report (Form 1004C) for NEW manufactured homes?
Copy of the manufacturer's invoice
Copy of the executed purchase contract for the manufactured home and land (both if
purchased separately)
Certificate of Completion
Opinion of value based solely on the real property as completed (home, land, site
improvements only)
All of the above - ANS All of the above
Manufactured homes became less mobile due to:
Tongue and hitch restrictions
Negative stereotypes
Changes in buyer preference
Their increasing size - ANS Their increasing size
Following Freddie Mac guidelines, which of the following are ineligible on loans secured
by manufactured housing?
7/6 ARM
Second home
Balloon mortgage
30-year fixed-rate mortgage - ANS Balloon mortgage
A manufactured home is factory built.
True
False - ANS True
Freddie Mac does NOT require a detailed cost approach with an appraisal for a
manufactured home.
True
False - ANS False
