There’s a New Conventional-Loan Option for Manufactured Housing

February 01, 2019

More than 22 million families in the U.S. currently live in manufactured housing. Those numbers may increase soon thanks to a new conventional loan financing option from Freddie Mac for factory-built homes. This new offering is part of a two-year pilot program called CHOICEHome. Here are a few other facts about the program:

Freddie Mac will treat loans secured by CHOICEHome like loans secured by single-family site-built homes.
A factory-built home must meet certain specifications to be eligible for CHOICEHome financing, such as energy-efficient features and drywall throughout the property.
Manufacturers and lenders must follow HUD-code guidelines  for the home construction and siting of the home to meet CHOICEHome eligibility.
Lenders must follow local and state guidelines for manufactured housing titled as real property.
Appraisers will be able to use site-built housing as a comparable for valuation when no CHOICEHome sales are available as comps.

Learn more about this and other Freddie Mac affordable-housing programs.

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