The Manufactured Home Advantage Program is a government-sponsored housing program that provides affordable financing to people living in manufactured home communities. Participating manufacturers have to attach an MH Advantage sticker to their homes before they can leave the manufacturing facility. Lenders look for this sticker in pre-purchase appraisal documents to determine whether or not the home qualifies for the program. Buyers can also contact participating manufacturers to confirm whether their manufactured home qualifies for the program.
The Manufactured Home Owners Association has led the charge for the bill to pass, but it has failed to advance in the historically Republican-controlled State Senate. Mobile/Manufactured Homeowners Association of Suffolk Inc., a group of residents who rent their homes, is leading the charge. Peter Baldwin, vice president of the association, and Gale Baldwin, secretary, both over 65, are advocates of the bill. Both Peter and Gale Baldwin live in Riverside, Calif., where rents have doubled in the last two decades.
Government-sponsored manufactured home loans can be very advantageous for buyers. Fannie Mae’s manufactured home loan program allows those who cannot qualify for a conventional loan to buy a manufactured home. It supports new affordable developments and can blend in with existing neighborhoods. In addition, the Fannie Mae program allows the buyer to finance their manufactured home with a 3% down payment. It is also important to understand that Fannie Mae’s MH Advantage program requires manufactured homes to meet certain architectural and construction standards. However, these mortgages tend to have lower interest rates than conventional loans.
When purchasing a manufactured home, make sure to understand the costs involved. It may be more affordable to move into an established community rather than a new development. However, it may be more expensive and you’ll be bound by the rules of the development. Before purchasing a manufactured home, you should research local zoning regulations and building permit requirements. The cost of construction will affect your budget. But you should also keep in mind that you may be required to pay rent for the land and the shared services.
Another alternative to traditional financing is to apply for a personal loan to purchase a manufactured home. While most lenders won’t approve a conventional loan for a mobile home, specialized manufactured home loans can be obtained from lenders like Freddie Mac and Fannie Mae. The Manufactured Home Advantage Program allows buyers to finance manufactured homes over 30 years. To qualify for financing, manufactured homes must meet certain criteria: they must be 12 feet wide, have 600 square feet of living space, and can’t be located on leased land.
