What a great way to start the new year – new options in financing!
Freddie Mac has announced that it will start financing manufactured housing, which it hopes will help make homes more affordable to buyers. The mortgage financing giant says it will conduct a two-year pilot called CHOICEHome to grant conventional financing for manufactured homes with certain features, such as permanent and pitched roofs. Many of the manufactured homes also have energy-saving features, such as Energy Star Qualified Low-E windows, programmable thermostats, and minimum insulation values.
Factory-built homes that meet Freddie Mac’s specifications will be eligible for a CHOICEHome certification and CHOICEHome financing. Freddie Mac’s HomeOne and Home Possible loan programs will also be available for manufactured housing. Freddie Mac also says appraisers will now be able to use site-built housing as a comparable valuation. “Today’s manufactured homes can deliver outstanding quality at prices that are up to 50 percent less per square foot than conventional site-built homes,” Freddie Mac notes. “These savings can enable more Americans to own their own home, even in the face of an ever-widening housing affordability gap.”
Currently, more than 22 million families live in factory-built housing. That number is expected to grow, says Mike Dawson, vice president of single-family affordable lending strategy and policy at Freddie Mac. “There’s an opportunity for factory-built homes to address the housing supply shortage and quality housing overall,” Dawson says. “This new generation of manufactured housing might just be the best option for first-time home buyers, millennials, and empty-nesters looking to downsize.”
Source: Freddie Mac
I read this article at: Realtor Magazine
Got Real Estate Questions? The Caton Team is here to help.
We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!
The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the upmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.
A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.
Email Sabrina & Susan at: Info@TheCatonTeam.com
Call us at: 650-568-5522 Office: 650-365-9200
The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?
Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team
Thanks for reading – Sabrina
Berkshire Hathaway HomeServices – Drysdale Properties
Sabrina DRE# 01413526 / Susan DRE #01238225 / Team DRE# 70000218/ Office DRE #01499008
The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.