Genesis Homes' can be built to meet the specifications of Fannie Mae’s MH Advantage® financing program. MH Advantage offers conventional financing terms for manufactured homes with features similar to those available of site-built homes. Pairing our affordable, high-quality Genesis homes with MH Advantage will offer buyers beautiful designs, popular finishes, a seamless buying process, and financing terms they expect for a new site-built home.
MH Advantage features financing terms for your buyers such as:
- A down payment as low as 3%
- A 30-year fixed rate
- Lower interest rate, compared to traditional manufactured housing rates
- Mortgage insurance coverage comparable to site-built homes
What installation features qualify a home for MH Advantage?
To be eligible for Fannie Mae’s MH Advantage financing, a home needs to meet some construction and installation requirements. Our factories will certify their portion of the home, and the local builder and lender will need to assure the foundation, installation, and required site-work meets or exceeds the guidelines of the program, including.
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A driveway leading to the home (or to the garage or carport, if one is present). The driveway must consist of blacktop, pavers, bricks, concrete, cement, or gravel. If the home does not have a garage or carport, the driveway can lead to a vehicular parking pad; AND
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A sidewalk connecting either the driveway, or a detached garage or carport, to a door or attached porch of the home. The sidewalk must consist of blacktop, pavers, flagstone, bricks, concrete, or cement.
What design features qualify a home for MH Advantage?
You may be wondering what sets MH Advantage qualifying homes apart from traditional manufactured homes. The following premium features make MH Advantage homes virtually indistinguishable from site-built homes:
Home Type
Home must be designed as a multi-section property (i.e., no single wide homes).
Eaves
Eaves that are 6 inches or greater (which may be eaves no less than 4 inches to which site-completed gutters of 2 inches or more are to be added).
Roof Pitch
Roof pitch, following installation on site in accordance with the home’s plans, will be at a ratio of 4/12 or greater (does not apply to triple wide homes, which may have any roof pitch).
Flooring
Homes are designed with low-profile finished floor set that does not exceed 30 inches from bottom of floor joist to the exterior grade for the front or entry elevation. (Note, this is design standard only – topography of site or other considerations may affect actual placement of home on site and does not disqualify the home from MH Advantage.)
Features
The home is designed with one of the following pairs of features:
- Dormer(s) and covered porch (minimum 72 square feet); OR
- Dormer(s) and attached garage/carport, OR
- Dormer(s) and attached garage/carport, OR
Energy
One of 3 energy standards on the data plate; overall U-Value of 0.076 or less, 2009 IECC, Energy Star.
Foundation
The design will accommodate a foundation that meets all the following criteria. (Note, actual foundation is the responsibility of retailer and does not disqualify the home from MH Advantage.):
- Masonry perimeter wall;
- HUD’s permanent foundations guide to manufactured housing; AND
- Engineered foundation certified by a registered architect or professional engineer
Interior
Interior has all features listed below:
- Drywall (tape and texture) throughout the home (including closets);
- Kitchen and bath cabinets with fronts of solid wood or veneered wood; AND
- Fiberglass, solid surface, acrylic, composite, porcelain/enamel coated steel, or tile for all showers and/or tubs in the home
Exterior
Exterior siding is comprised of one or more of following – Fiber Cement Board, Hardwood Siding, Engineered Wood Siding, Masonry, Stone, Stucco, or Vinyl siding backed with Oriented Strand Board.
In addition to the above features, a home must have an MH Advantage sticker attached to it before it leaves the manufacturing facility. The sticker indicates to the lender that the home is eligible, and the lender will look for a picture of it in the pre-purchase appraisal documents.
MH Advantage Resources
Learn more about MH Advantage financing and requirements at FannieMae.com/manufacturedhomes.