manufacturedhomelivingnews.com Manufactured Home Living News
Freddie Mac recently announced an initiative allowing the Government Sponsored Enterprise (GSE) to make mortgages available on manufactured homes.
Freddie sees manufactured homes as key to affordable housing. John Cannon, senior vice president, stated: “It broadens our geographic footprint and creates a more balanced approach.”
The program will offer loans on manufactured homes sold as real property at conventional mortgage market rates. In their public statement, Freddie Mac said:
“Freddie Mac is committed to purchasing mortgages secured by manufactured homes in support
of our commitment to expand homeownership opportunities. Our requirements for manufactured homes are designed so that the mortgages we purchase are originated, underwritten and serviced to help qualified borrowers buy homes they can both afford and maintain.
Lenders need to understand the requirements for titling manufactured homes and perfecting liens on the manufactured home in each state where mortgages secured by manufactured homes are originated. This understanding will help better serve the needs of your borrowers, create more financing options for low- and moderate-income borrowers and expand your market opportunities.”
Among the benefits to home buyers and lenders, their press release noted:
Mortgages secured by manufactured homes help you borrowers:
- Take advantage of conventional financing terms when you originate mortgages secured by manufactured homes legally classified as real property.
- Leverage financing flexibility with a choice of fixed-rate, 7/1 ARMs or 10/1 ARMs.
- Expand their homeownership options with Home Possible Mortgages.
Mortgages secured by manufactured homes help you:
- Expand your home ownership opportunities to low- and moderate-income borrowers.
- Meet your Community Reinvestment Act goals.
- Streamline your process with Loan Prospector automated underwriting technology. ##
Additional information issued by the mortgage giant is available on the download, linked here.
(Image credit: Freddie Mac Logo. Photos: ManufacturedHomeLivingNews)
