Manufactured homes have come a long way over the years in terms of quality, energy efficiency and style, and tend to be more affordable than site-built homes. If you're thinking about becoming a homeowner in Kentucky, you might benefit from a new program that helps get people ready to buy manufactured homes.
It's getting harder to tell the difference between a factory-built and a site-built home. Except that the average price of a new manufactured home is $71,600 versus $372,900 for a new site-built home, according to the U.S. Census Bureau.
That's still a big investment. A program developed collaboratively by Freddie Mac and Kentucky-based housing intermediary Next Step could help you prepare to get a mortgage on a manufactured home and to be a successful homeowner.
As part of the program, 33 manufactured home retailers are raising awareness of Next Step's SmartMHSM, an initiative led by lenders, retailers, manufacturers, not-for-profits, and public stakeholders committed to increasing access to energy-efficient manufactured homes across Kentucky. If you're interested in learning more about these homes, you'll be paired with one of two housing counseling agencies approved by the U.S. Department of Housing and Urban Development (HUD) – Frontier Housing or In Charge Debt Solutions – who will help you understand the buying process, which is different from the process for a site-built home.
To deepen your understanding and help you navigate the buying process, the counselor will give you access to an education curriculum developed by Next Step and eHome America, an online homebuyer education platform. You can complete it online at your own pace. If you need extra help strengthening your credit to be able to buy a manufactured home, your assigned housing counseling agency can also provide one-on-one homeownership counseling.
To start on your path to owning a manufactured home, call 1-844-MHTODAY and use the code NEXTSTEP.
Find out how Freddie Mac also supports manufactured housing communities.