Realtors: Manufactured Homes Can Be Affordable Home Options for First-Time Homebuyers
Manufactured housing represents about ten percent of all new single-family home starts, carving out a valuable chunk of the first-time homebuyer segment.
One long-held American Dream is owning your own slice of paradise. However, as our country's affordable housing shortage widens, a problem that has magnified since the start of COVID-19, would-be homeowners are left looking for options. In many cases, renting feels like the only affordable option. However, modern manufactured homes may be the solution.
More First-Time Homebuyers Investing in Manufactured Homes
According to the Manufactured Housing Institute, a trade organization representing all segments of the factory-built housing industry, manufactured housing is an important source of affordable housing for 22 million households across the country. Manufactured housing represents about ten percent of all new single-family home starts, carving out a valuable chunk of the first-time homebuyer segment. What's more - factory-built home prices can be up to 50% less per square foot than comparable site-built homes, excluding the cost of land.
Not the Manufactured Homes of Yesteryear
Manufactured housing has come a long way since the unfortunate stigma of "trailer" housing in the 1950s and 1960s. Houses are built with higher-quality materials, are more energy efficient, incorporate many upgrades found in a site-built home, and have safety standards that meet (and often exceed) traditional houses. Plus, manufactured homes can appreciate just as their site-built counterparts would.
Think all Manufactured Houses are built the same? Think again!
Click Here to Explore Manufactured and Modular Floor Plans
Many Loan Products Available for Financing a Manufactured Home
An array of loan options is available to homebuyers looking to invest in a factory-built home, and Mindful Money offers a comprehensive suite of them. Our financing options for manufactured home purchases include:
USDA Loans
The Fannie Mae MH Advantage™ Mortgage Program
The Freddie Mac CHOICEHome® Mortgage Program
With all of our manufactured home loan products, clients will benefit from a simple one-time closing. This means a buyer can finance their land purchase, any construction and site improvements, and their permanent mortgage funding in one clean transaction. Once their loan converts to a permanent mortgage, no credit re-qualifying is involved. This streamlined closing process verifies a smooth, hassle-free transaction for a client upfront. Commission can be collected in full at closing, even before construction begins. This all-in-one financing option is available for manufactured and modular homes (as well as traditional site-built new construction homes).
With any home purchase, clients need to have a choice in their financing options. It's also important to have an expert partner with them to guide them through their loan decisions in the often-scary first-time purchase of a new home. Purchasing a manufactured home is no different. Even more, clients build the home of their dreams—and their American Dream in the process.
Contact Us!
If looking to help clients achieve their American Dream of home ownership, contact Mindful Money. We'd love to partner and help buyers choose the right type of financing for their needs—whether for a factory or site-built home. Contact me anytime to discuss clients' needs and for more information on the loan programs available.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.
Mindful Money is a lending provider servicing Arizona, California, and Colorado with mortgages of all kinds. Whether it is an initial purchase or a refinance, we help buyers secure a loan to finance the home of their dreams.
