Modular/Prefabricated Housing – Revised

Bulletin 13-40 originally issued July 23, 2013 has been revised. Refer to the underlined highlights.

HomeBridge is pleased to announce that modular/prefabricated housing will now be an eligible property type on the Agency Conforming and High Balance, FHA, VA and USDA programs.

Modular (aka prefabricated) housing is defined as a factory-built home not built on a permanent chassis.

Modular housing must be:

  • 1-unit single family property,
  • Permanently affixed to the foundation,
  • Legally classified as real property,
  • Conform to all local building codes,
  • Assumes the characteristics of stick-built housing (i.e. permanent connection to water, electrical and waste disposal systems.

The appraiser must address the marketability of the property in the appraisal report.

Manufactured/Mobile Homes Reminder

Manufactured/mobile homes continue to be ineligible with HomeBridge. Manufactured housing is defined by Fannie Mae as any dwelling built on a permanent chassis. Manufactured homes are ineligible even if the towing hitch, wheels and axles have been removed.

The Agency Conforming and High Balance, FHA, VA and USDA program matrices have been updated with this information and posted on the HomeBridge website at www.homebridgewholesale.com.

If you have any questions, please contact your Account Executive.