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CHOICEHome and MH Advantage: What You Should Know
At Ma Williams our task is not just to help you find the manufactured home of your dreams, but to work with you through the loan process so you can acquire your home with the most advantageous financing terms possible.
This year there are two additional options available in this area, each offered by one of the government-sponsored enterprises, Freddie Mac and Fannie Mae. These programs are called CHOICEHome and MH Advantage.
We profiled each one previously in this blog, but as they are gaining prominence we thought this was a good time to revisit each one, offer some details about what they provide, and why we may recommend them to you.
Both programs have the same objective – to make affordable manufactured housing more available to potential buyers.
As the quality of manufactured homes has risen dramatically, the cost has gone up as well. However, someone who is house-hunting may find a great house for $300,000, and a manufactured home that offers comparable quality and amenities for $200,000. If he chooses the manufactured home, he might have more limited options when it comes to financing – and that may steer him back toward the site-built house. With CHOICEHome and MH Advantage, he won’t have that problem.
These are loans eligible only on manufactured homes with high-quality, real-property factory-built residences built to HUD code, and that share many of the features of a site-built home. Both offer high loan-to-value ratios, up to 97%, and the manufactured home loan-level pricing adjustment doesn’t apply.
You’ll have other options as well, of course – VA loans, FHA loans, and even reverse mortgages. We know much of this can be confusing and that’s why we take the time to discuss all of your options with you, the pros and the cons, so you can make an informed decision on what is best for you and your family.
