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OKEMOS, Mich., — The Michigan Manufactured Housing Association is encouraged by the recently announced “All For Home” program by Freddie Mac, and the positive effect it could have on the manufactured housing industry. Freddie Mac is working to change the perception of affordable lending by providing research, resources and solutions to enable lenders to reach more people who want to own homes, including manufactured homes.
The industry’s national association, the Manufactured Housing Institute, has partnered with Freddie Mac and is working with leading manufactured home industry members to expand homeownership opportunities to more borrowers. Freddie Mac requirements for manufactured homes are designed so the mortgages purchased are originated, underwritten and serviced to help qualified borrowers buy homes they can both afford and sustain. The program currently supports financing for real property manufactured homes (those sited on private property).
The new initiative is focused on the following four pillars:
Insights: Provide research and data on the affordable lending market to advance industry perspectives on the future of homeownership.
Education: Host community-based homeownership education and outreach events, lender and real estate professional trainings, and help housing counselors to reach and inform underserved audiences.
Mortgage Offerings: Develop additional lending and down-payment solutions for special groups, including first-time homebuyers and manufactured home buyers, very low- to moderate-income borrowers and those buying energy efficient properties.
Business Solutions: Provide lenders with expanded opportunities to enable technology-driven lending processing services.
Freddie Mac is currently exploring opportunities to purchase personal property, or “chattel” loans (for homes sited within communities). They are working with industry members to develop new sustainable capabilities to buy and securitize personal property loans, and are conducting a test pilot program to better understand manufactured homes, and provide consumer education to help borrowers navigate their financing options. To learn more about this program, visit http://www.freddiemac.com/singlefamily/duty-to-serve/manufactured.html.
Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their statutory mission is to provide liquidity, stability and affordability to the U.S. housing market.
The Michigan Manufactured Housing Association (MMHA) is a nonprofit association representing the manufactured and modular home industry in Michigan. MMHA works to improve the image of manufactured and modular housing by educating consumers, media and government about the quality, affordability, design and beauty of the homes.