Mobile Home Park Loans: 35 Fannie Mae Loans, 7.51% Median Rate
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Quick Answer
As of November 10, 2026, the only loan-level federal data on mobile home park loans is the FHFA Enterprise Public Use Database, and it holds 35 Fannie Mae loans on manufactured home parks acquired in 2023 (13) and 2024 (22): $110.7 million of principal, a median balance of $2.36 million, a median note rate of 7.51% (middle half 7.27% to 7.89%), a median loan-to-value of 60.5% (range 45.7% to 72.9%) and a median term of 86 months (our arithmetic). That is about 1.4 to 1.5 points above the median rate of Fannie Mae's site-built multifamily loans of $5 million or less originated in the same years (6.00% in 2023, 6.14% in 2024). The file flags no Freddie Mac park loan in 2023 (0 of 2,597 records), 2024 (0 of 2,800) or 2025 (0 of 3,449), and no Fannie Mae park loan in 2025 (0 of 3,039), even though Freddie Mac's Guide has a whole chapter for them. The programs' own rules: Fannie Mae requires at least 50 sites and no more than 35% tenant-occupied homes; Freddie Mac requires five or more home sites, a loan of at least $1 million and stabilized occupancy of generally 85% or more; both require written site-lease protections, including 30 days' notice of a rent increase and 60 days' notice of a sale or closure.
Key Takeaways
- 35 Fannie Mae records in the FHFA Enterprise Public Use Database (Multifamily Census Tract File) carry construction method 2, “Manufactured home park/community”: 13 acquired in 2023 and 22 in 2024. Total balance at acquisition $110.7 million; 27 are under $5 million and 8 are $5 million or more (our arithmetic).
- Median note rate 7.51% (2023: 7.49%, 2024: 7.51%), range 7.10% to 8.47%. Fannie Mae site-built loans of $5 million or less originated in the same year had medians of 6.00% (2023, 838 loans) and 6.14% (2024, 605 loans), so park loans cost about 1.5 and 1.4 points more (our arithmetic). The file does not say why.
- Median loan-to-value 60.5%, highest 72.9%. Median term 86 months (59 to 120); 14 of 35 are flagged interest-only. The file has no amortization, debt service coverage or occupancy field.
- Freddie Mac: zero park-flagged records in the 2023, 2024 and 2025 files (8,846 records in all), although Chapter 22 of its Multifamily Seller/Servicer Guide sets terms for them: minimum loan $1 million, five or more home sites, stabilized occupancy generally at least 85%, amortization up to 30 years.
- Fannie Mae's Guide (effective October 26, 2026): at least 50 MH sites, a quality rating of at least Level 3, no more than 35% tenant-occupied homes, no master leases. Freddie Mac bars a borrower, its affiliates and third-party investors from owning more than 25% of the homes.
- Tenant protections are a condition of both: one-year renewable site leases, 30 days' written notice of rent increases, 60 days' notice of a sale or closure. They differ on selling a home in place after eviction: 30 days for Freddie Mac, 45 days for Fannie Mae.
- Our arithmetic on the 2024 median park loan ($3.105 million, 7.51%, 30-year amortization assumed): $260,783 of debt service a year; $325,978 of net operating income to reach an illustrative 1.25x coverage; at 6.14% the debt service would be $226,757, $34,025 a year less.
CSV · 237 rows
Mobile home park loans in federal data: 35 Fannie Mae manufactured housing community loans (2023-2024), site-built comparison and agency program rules
237 rows: each Fannie Mae park loan in FHFA's 2023 and 2024 public use files (rate, balance, loan-to-value, term), summaries by year and size, Freddie Mac and 2025 counts, site-built comparison rates, and the park rules of Freddie Mac Chapters 17 and 22 and Fannie Mae Part III Chapter 6.
What the 35 Fannie Mae park loans look like
The Federal Housing Finance Agency (FHFA) publishes a yearly Public Use Database of the multifamily loans Fannie Mae and Freddie Mac bought. One of its fields is the construction method of the property, and the value “2 = Manufactured home park/community” is how a mobile home park shows up. Loan balances and note rates are given for each record; names, addresses and the lender are not. We read the 2023 and 2024 files (Multifamily Census Tract File C) and kept the Fannie Mae records with that value. The number of records is small, so treat every median as a description of 35 loans, not as the market.
Fannie Mae loans on manufactured home parks, by year of acquisition
| Measure | 2023 | 2024 | Both years |
|---|---|---|---|
| Loans (records) | 13 | 22 | 35 |
| Total balance at acquisition | $33.7 million | $77.0 million | $110.7 million |
| Median balance | $2.36 million | $2.56 million | $2.36 million |
| Median note rate | 7.49% | 7.51% | 7.51% |
| Middle half of note rates | 7.14% to 7.99% | 7.32% to 7.73% | 7.27% to 7.89% |
| Median loan-to-value | 55.4% | 61.8% | 60.5% |
| Median term at origination | 92 months | 77 months | 86 months |
| Flagged interest-only | 9 | 5 | 14 |
| Parks with more than 149 sites | 9 | 10 | 19 |
Source: FHFA Enterprise Public Use Database, Multifamily Census Tract File C, 2023 and 2024 releases, Fannie Mae records with construction method 2, read November 10, 2026. Medians, sums and ranges are our arithmetic. The balance is the unpaid principal when Fannie Mae acquired the loan, reported as the midpoint of a $10,000 interval.
The loans are small. Median balance $2.36 million, 27 of the 35 under $5 million and the largest $9.67 million. By the file's size band for the property (number of units, which for a park means sites), 19 are over 149 sites, 7 have 100 to 149, 5 have 51 to 99 and 4 have 25 to 50. Five records each are in Michigan, Pennsylvania and Texas, three in New York and two each in Washington and New Jersey.
The same 35 loans by balance
| Balance at acquisition | Loans | Median balance | Median note rate | Median loan-to-value | Median term |
|---|---|---|---|---|---|
| Under $2 million | 13 | $1.08 million | 7.51% | 64.8% | 75 months |
| $2 million to $4.99 million | 14 | $2.84 million | 7.93% | 58.6% | 90.5 months |
| $5 million and over | 8 | $6.19 million | 7.31% | 58.1% | 82.5 months |
Source and method as above; our arithmetic. Eight to fourteen loans per row is too few to rank the rows; the pattern is that no size band is below 7.3%.
Three notes on reading the file. In four records the note amount is larger than the balance Fannie Mae acquired, which looks like a share of a larger loan secured by more than one park; we use the acquisition balance. The file's property value field for some park records is far out of line with the balance and the reported loan-to-value, so we use the loan-to-value as reported and leave the value alone. And 5 of the 35 loans were originated in an earlier year than the one in which Fannie Mae acquired them; the 30 originated in the acquisition year have the same median rate, 7.51%, and a median balance of $2.69 million (our arithmetic).
Park loans against Fannie Mae's other small loans
A rate on its own says little. The comparison that matters is with what Fannie Mae and Freddie Mac paid for ordinary apartment loans of similar size in the same years. We took every site-built record originated in the same year as it was acquired and a balance of $5 million or less.
Median note rate: park loans against site-built multifamily loans of $5 million or less
| Year | Fannie Mae park loans | Fannie Mae site-built, up to $5 million | Freddie Mac site-built, up to $5 million | Freddie Mac park-flagged records |
|---|---|---|---|---|
| 2023 | 7.49% (13 loans) | 6.00% (838 loans) | 6.08% (1,101 loans) | 0 of 2,597 |
| 2024 | 7.51% (22 loans) | 6.14% (605 loans) | 6.01% (695 loans) | 0 of 2,800 |
| 2025 | None flagged (0 of 3,039) | Not compared | Not compared | 0 of 3,449 |
Source: FHFA Enterprise Public Use Database, Multifamily Census Tract File C, 2023, 2024 and 2025 releases, read November 10, 2026. Park-loan medians use all flagged records; site-built medians use records originated in the acquisition year with a balance of $5 million or less. Our arithmetic.
On this evidence a small Fannie Mae park loan in 2023 and 2024 had a note rate about 1.5 points (2023) and 1.4 points (2024) above a small apartment loan (our arithmetic). The data cannot say whether that is the property type, the borrower, the loan size, the term, or when the rate was locked. Park loans are only 35 of 5,596 Fannie Mae records in the two years, 0.6% (our arithmetic).
The empty Freddie Mac and 2025 rows are the second finding. Freddie Mac says in its Guide that it buys loans on manufactured housing communities, and its own investor page counts 661 K-deals; but its records in the three yearly public files carry no park flag, and neither does a single Fannie Mae record for 2025. We cannot tell from the file whether the field was not populated, the loans were left out of the public release, or none were acquired. So the file shows Fannie Mae's park lending in 2023 and 2024 and nothing else. For the private securitization market, where manufactured housing is one of the property types in SEC asset-level filings, see commercial real estate loan rates.
What each agency requires of the park
The yearly data tells you what was bought; the Guides tell you what a park must be. Both agencies publish their rules. Fannie Mae's Multifamily Selling and Servicing Guide is effective as of October 26, 2026; the Freddie Mac chapters we read carry bulletin dates of April 22, 2025 (Chapter 22) and August 25, 2026 (Chapter 17).
Manufactured housing community eligibility, as published by each agency
| Item | Fannie Mae (Guide Part III, Chapter 6) | Freddie Mac (Guide Chapters 17 and 22) |
|---|---|---|
| Minimum size | At least 50 MH sites (Section 603.01C) | Five or more Home Sites (22.2(f)); principal amount of at least $1 million (22.3(a)) |
| Occupancy | Underwritten on actual rents plus market rent for vacant sites, less physical vacancy (Section 606); no minimum percentage in this chapter | Stabilized for no fewer than three consecutive months; generally at least 85 percent of home sites (22.2(e)) |
| Quality | At least Level 3 on the MH Community Quality Rating table (paved roads, concrete, rock or dirt under the home, patio or porch entries, 100% professionally skirted, at least two parking spaces a site) (603.02) | Paved roads and parking, monument signage, on-site office, consistent landscaping, no abandoned homes, initial leases of at least 12 months (22.2(a)) |
| Homes owned by the borrower or tenants | Tenant-occupied homes may not exceed 35%; above 25% a plan to convert them to owner-occupied and an affiliate to handle home sales and rentals (603.01B) | Not eligible if the borrower, affiliates and third-party investors own more than 25 percent of the homes (22.2(b)) |
| Borrower experience | Not stated in this chapter | At least one key principal with two years of prior ownership, operation or management of MHCs, or owning another MHC (22.2(d)) |
| Term and amortization | Not stated in this chapter | Term five to 30 years (17.2(c)); amortization up to 30 years (22.3(c)); interest-only up to 10 years (17.2(e)) |
| Reserves | Section 607 (replacement reserve) | At least $50 a home site a year, plus $250 a year for each borrower-owned home (22.2(i)) |
| Other conditions | No master leases (603.05A); site leases in writing with no option to purchase the site (603.05B); HUD Code homes (603.03); flood-zone sites treated as non-income producing where there is moving water (603.04B) | Not eligible: recreational vehicle campgrounds, leases with options to purchase sites, a borrower in retail sales or financing of homes (22.2(b)); no subordinate financing except a supplemental loan (22.2(k)) |
Source: Fannie Mae Multifamily Selling and Servicing Guide, Part III, Chapter 6, effective October 26, 2026; Freddie Mac Multifamily Seller/Servicer Guide Chapter 22 (Bulletin Update 04/22/25) and Chapter 17 (Bulletin Update 08/25/26), read November 10, 2026. The right-hand cells are the Guides' words condensed.
What we could not get: the debt service coverage and loan-to-value limits. Fannie Mae's chapter refers to a “minimum Tier 2 standard” set in its Multifamily Underwriting Standards, and Freddie Mac's chapters point to its general underwriting; the term sheets that state the ratios sit on pages that blocked our download. We therefore do not quote a coverage floor. The observed loan-to-value in the 35 loans, 45.7% to 72.9%, is what the file supports. For the coverage levels lenders ask of rental loans in general, see DSCR minimums for Fannie Mae, SBA, HUD and rental lenders.
The tenant protections you must put in the leases
Both agencies now require the owner to put resident protections in writing before they will buy a loan on a park. They overlap almost word for word, with one difference in days.
Tenant site lease protections required by each agency
| Protection | Fannie Mae (Tenant Site Lease Protections) | Freddie Mac (MHC Tenant Protections, rider revised on or after April 25, 2022) |
|---|---|---|
| Lease term | One-year renewable lease at the tenant's election, unless good cause for nonrenewal | One-year renewable lease unless good cause for non-renewal |
| Notice of rent increase | Minimum 30-day written notice | At least 30 days' prior written notice |
| Late rent | 5-day grace period; right to cure within the cure period, or 10 days if none is specified | 5-day grace period; right to cure within the lease's cure period, or within 10 days after the grace period if the lease has none |
| Selling the home | Sell without first relocating it out of the community; sublease or assign the site lease to a qualifying buyer | Sell to a qualifying new tenant without relocating; sublease or assign the site lease without unreasonable restraint |
| Sale in place after eviction | Within 45 days | Within 30 days |
| Notice of sale or closure of the park | At least 60 days | At least 60 days |
| When it must be in place | By the end of the first loan year (Section 603.05B) | Within 12 months after the origination date (22.2(p)) |
| Exempt owners | Not stated in this chapter | Resident-owned, government-owned and non-profit-owned communities |
Source: Fannie Mae Guide Part III, Chapter 6, glossary entry “Tenant Site Lease Protections” and Section 603.05B; Freddie Mac Guide Chapter 22, Sections 22.1(b)(10)(b) and 22.2(p), read November 10, 2026.
In both programs the protections have to stay in force for the life of the loan and apply to every site. Fannie Mae's Guide also requires the loan agreement to commit the borrower to publish the rules and regulations if that is where the protections sit, and to send an annual certified copy of the current rules, notice and form of lease to the lender. These terms sit next to state law, not instead of it: Freddie Mac's text says a requirement is void where applicable law gives residents a more favorable protection. For the state rent-notice rules, see mobile home park investing.
A worked example with the median 2024 park loan
Take the 21 Fannie Mae park loans originated in 2024. Their medians are a balance of $3,105,000, a note rate of 7.51% and a loan-to-value of 61.9%. The file has no amortization field, so we assume 30 years, the longest Freddie Mac allows under Section 22.3(c). All figures below are our arithmetic.
One median 2024 park loan, three ways
| Item | Figure |
|---|---|
| Balance, rate, loan-to-value | $3,105,000 at 7.51%, 61.9% of value |
| Value implied by the loan-to-value | About $5.02 million |
| Monthly payment, 30-year amortization | $21,732 |
| Debt service per year | $260,783 |
| Interest-only debt service per year | $233,186 (the balance times 7.51%) |
| Net operating income needed for an illustrative 1.25x coverage | $325,978 a year, a yield of 6.50% on the implied value |
| Spread over 100 sites | $3,260 a site a year, $272 a month |
| Same loan at 6.14%, the 2024 site-built median for small loans | $18,896 a month, $226,757 a year, $34,025 less than at 7.51% |
The 1.25x is a number we picked to show the mechanics; it is not a floor either agency published in the documents we could read. What the example shows is the weight of the rate: at 7.51% the debt service is about 15% more than at 6.14% for the same loan (our arithmetic), and a park owner has to find that difference in the lot rent. A park of 100 sites that must produce $325,978 of net operating income to carry this loan needs about $272 a site a month after expenses.
What a reader can do with this
- If you are shopping for a loan on a park, ask the lender which program the loan would be sold into and read that Guide's park chapter. The size, occupancy and home-ownership limits above decide whether a park qualifies for agency money; a park that does not meet them is financed elsewhere, usually by a bank, a credit union or a private lender, at terms the federal files do not show.
- Check the park against the numbers. Fannie Mae wants at least 50 sites and no more than 35% tenant-occupied homes; Freddie Mac wants no more than 25% of the homes owned by the borrower, its affiliates and investors. A park that depends on home rentals may fall outside both.
- Budget for the leases. Writing one-year renewable leases, 30-day rent notices and a 60-day sale notice into every site agreement within the first year is a condition of the loan, so ask what your current leases say.
- Treat 7.51% as a description of 35 loans in 2023 and 2024, not a quote. The file is dated, the sample is small and the rate is a note rate, without fees, reserves or prepayment terms.
- If you invest in parks through someone else's loan, ask the sponsor which lender and program, the term and when the rate resets. The syndication census in mobile home park investing shows how many offerings exist, but not how they are financed.
This is analysis of public documents, not investment, legal, lending or tax advice, and not a loan offer.
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Sources, read and saved on November 10, 2026: Federal Housing Finance Agency, Enterprise Public Use Database, Multifamily Census Tract File C for 2023 and 2024 (fnma_mf2023c_loans.txt, fnma_mf2024c_loans.txt, fhlmc_mf2023c_loans.txt, fhlmc_mf2024c_loans.txt in 2023_enterprise_pudb.zip and 2024_enterprise_pudb.zip), the 2025 Multifamily Census Tract File (2025_pudb_mf_ctf.zip) and the 2023, 2024 and 2025 data dictionaries (fhfa.gov/data/pudb); Fannie Mae Multifamily Selling and Servicing Guide, Part III, Chapter 6, Manufactured Housing Communities, effective October 26, 2026 (mfguide.fanniemae.com); Freddie Mac Multifamily Seller/Servicer Guide, Chapter 22, Originating a Manufactured Housing Community Mortgage (Bulletin Update 04/22/25) and Chapter 17, Originating a Conventional Cash Mortgage (Bulletin Update 08/25/26) (mf.freddiemac.com); Freddie Mac Multifamily Securities Performance and Lookup page and MLPD registration page (mf.freddiemac.com, infofreddiemac.com). Medians, sums, comparisons and the worked example are our arithmetic from those files. Limits: the public use file is a sample with rounded balances and no lender or location detail; the park flag is empty for Freddie Mac and for 2025; coverage and loan-to-value limits were not obtainable from the agencies' term sheets. This is analysis of public documents, not investment, legal, lending or tax advice.
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