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Another Financing Option for Manufactured Homes: CHOICEHome
Earlier this year we told you about a new manufactured home financing program called MH Advantage, provided by Fannie Mae.
Now, Freddie Mac has unveiled its own version of this program, called CHOICEHome.
The program, which debuted a few weeks ago, will allow for conventional financing for certain manufactured homes.
“If a factory-built home meets certain specifications, it will be granted a CHOICEHome certification and will be eligible for CHOICEHome financing,” Freddie Mac said.
Additionally, Freddie Mac said that appraisers would be able to use site-built housing as a comparable for valuation.
Only some manufactured homes will be eligible for the program, but as these are among the top quality structures in the market, that will almost certainly not be a hurdle for Ma Williams customers, as we work only with the best manufacturers in the industry. Our homes already are designed for placement on permanent foundations, meet all Department of Housing and Urban Development-code guidelines for the construction and siting of the home, and offer energy-saving features.
“Today’s manufactured homes can deliver outstanding quality at prices that are up to 50% less per square foot than conventional site-built homes,” Freddie Mac noted. “These savings can enable more Americans to own their own home, even in the face of an ever-widening housing affordability gap.”
“Finding a home is more difficult than ever because of the ongoing housing supply shortage in many parts of the country, especially when looking for a home at a lower price point,” said Mike Dawson, vice president of Single-Family Affordable Lending Strategy and Policy at Freddie Mac. “This new generation of manufactured housing might just be the best option for first-time homebuyers, millennials, and empty-nesters looking to downsize.”
We’re still looking into the details of how it works and whether or not it is a better option for our Ma Williams customers. We will certainly keep you posted.
