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November 16, 2016

Considering A Manufactured Home?

Homeownership
Considering A Manufactured Home?

If you've dismissed manufactured homes in the past, think again.

When properly constructed and sited, the quality of manufactured housing is comparable to the quality of site–built housing. It also uses resources more efficiently. Manufactured housing construction generates 30% to 45% less waste than comparable site–built housing, according to the Corporation for Enterprise Development (CFED).

And "mobile home" is a misnomer. The majority of manufactured homes are never moved once they're installed. "Properly installed on land with long–term security, manufactured housing can be an asset builder for homeowners," CFED notes.

If that's not enough to change your mind, consider this: The average price of a manufactured home is $71,300 compared to $353,600 for a site–built home, according to the U.S. Census Bureau.
To learn more, check out CFED's "Top 10 Truths" about manufactured homes.

With the limited supply of homes under $200,000, manufactured housing is an important and popular affordable option for many borrowers, especially those in rural areas. In fact, manufactured housing makes up 6% of all occupied residences in the U.S., according to the Consumer Financial Protection Bureau (CFPB). In 112 U.S. counties—predominately in Southern and Western states—over one–third of residences are manufactured housing.

Your down payment on a manufactured home can be as little as 5%. If you own the land on which it'll be placed permanently, you may be able to use the land as an equity contribution, in certain circumstances.

If you're thinking about buying a manufactured home — or any home — start with My Home by Freddie Mac®. It offers information and resources to help you make informed decisions and support your success.

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