Are you considering buying a manufactured home but need a loan?
When you’re ready to own a home, a manufactured home can be a great option. Not only can they be as beautiful and spacious as a traditional stick built home, but they are a fraction of the price. In today’s housing economy, this can be the difference towards owning your own home. A new manufactured home averages about $81,000. Compare that with around $300,000 for a site-built home.
Despite the obvious value, it is often necessary for aspiring homeowners to seek loans when purchasing their new manufactured home.
What do you need to know when financing a new manufactured home purchase?
For starters, there’s some recent good news. Freddie Mac will now allow conventional financing for manufactured housing. That wasn’t always the case.
The program, which is called CHOICEHome, is a two-year pilot that will allow for conventional financing for certain manufactured homes
The government-sponsored enterprise announced Friday that it is rolling out a new financing program for manufactured housing that will bring conventional financing to factory-built housing.