Products and Solutions Guide - Federal Home Loan Bank of Boston

Appendix A – Eligible Collateral and Collateral Valuation cont’d.Eligible Collateral and CollateralValuationOther Eligibility Guidelines (specific to fully disbursed, whole first mortgages secured by residential, owner-occupiedone-to-four family manufactured housing property):In addition to the eligibility requirements for residential first-mortgage loans listed above, to be considered as eligiblecollateral, manufactured housing loans must meet the following additional requirements:• The manufactured housing must be located in a state where applicable state law defines the purchase or holding ofmanufactured housing as the purchase or holding of real property;Please note that the Bank may require that a member that seeks to pledge loans secured by manufactured housing ascollateral deliver to the Bank a legal opinion in form and substance satisfactory to the Bank’s legal department demonstratingthat the forgoing requirement has been satisfied.• Be on land owned by the borrower consistent with existing requirements for one- to four-family site built homes (i.e., theborrower must own the home and the underlying land);• Be permanently affixed or anchored to a foundation, connected to utilities, and any wheels, axles, and trailer hitchesremoved;• The mortgage must include both the land and improvements ― including the manufactured home; and• Loan documentation must include the make, model, and serial identification number on the mortgage and all otherrequirements necessary to perfect a lien on such property.Note: If you plan to pledge eligible manufactured housing one- to four-family residential loans as collateral, pleasecontact the Collateral Department at 617-292-9729 or collateral@fhlbboston.com for specific pledging instructions.Appendix AMain Telephone: 617-292-9600 • Customer Service: 1-800-358-9709 • Money Desk: 1-800-357-3452 • Relationship Managers, MPF, and Housing & Community Investment: 1-888-424-3863 48