A manufactured home is factory built on a permanent chassis and meets a federal building code administered by HUD.

Residential Lending Services will fund Purchase and Refinance Loans meeting the following criteria:

• Principal residences and Secondary Homes only - no investment properties
  
• No subordinate financing permitted with manufactured homes
  
• Purchase up to and including 95% LTV on FNMA fixed rate
  
• Rate and Term refinances up to and including 90% LTV
  
• Cash-out refinances are allowed for FNMA fixed rate loans only. Maximum 65% LTV with a loan term of 20 years or less. Borrower must have owned both the manufactures home and land for at least 12 months preceding the date of the loan application on any cash-out refinance transaction.
  
• The unit must be permanently affixed to a foundation and must assume the characteristics of site-built housing
  
• The wheels, axles, and trailer hitches must be removed on its permanent site
  
• Residential Lending will not purchase loans secured to single-wide manufactured homes