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Government Financing Options
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Fanne Mae
Manufactured housing provides affordable homes for many low- and moderate-income borrowers, especially in high-cost and rural areas. Fannie Mae invests in manufactured housing to expand affordable housing by providing liquidity to a market segment that is crucial to many Americans. We define a "manufactured home" as any dwelling that is built on a permanent chassis and installed on a permanent foundation system. Fannie Mae purchases manufactured housing mortgages titled as real estate via our approved lender partners.
Fannie Mae is committed to provide low cost capital to lenders active in the manufactured housing sector. By standardizing underwriting, valuation, and documentation processes, we can provide a steady source of funding to lenders.
MH Select
Generally in the mortgage industry, eligibility and underwriting guidelines for manufactured housing are more restrictive than for site-built housing. Fannie Mae's MH Select™ Initiative offers more financing flexibility for high-quality manufactured housing for which manufacturers and dealer/retailers commit to specific design and service standards. In recognition of the high design standards and value appreciation that is projected to be on par with site-built housing, MH Select financing offers more favorable terms for the borrower than standard manufactured housing finance, and offers an opportunity for lenders to serve more borrowers.
Learn more by visting the Fannie Mae website at https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/manufachousing/
U.S. Department of Agriculture
Rural Housing Loans
The U.S. Department of Agriculture’s Rural Housing Program has two programs with loan monies available for the manufactured and modular homes industry in Ohio. The section 502 Direct Loan Program and Section 502 Guaranteed Rural Housing Loan program provide monies to finance the purchase of homes including manufactured and modular in rural areas of Ohio with populations of 10,000 or less and towns and cities with population of 10,000-25,000 under certain conditions. Last year, the Direct Loan program provided loans to Ohio homeowners totaling nearly $36 million. The Guaranteed Rural Housing Loan program lent out over $99 Million in Ohio through more than 100 participating lenders.
Homes are required to be on a permanent foundation on private land and will need to meet other aesthetics criteria. The Direct Loan program is administered directly by USDA. Retailers and homeowners can apply directly to USDA offices throughout the State. Prospective homeowners with incomes up to 80% of the area’s median income can qualify for the USDA Direct Loan. Potential purchasers making up to 115% of an area’s median income can acquire loans from more than 100 lenders in Ohio participating in the USDA Guaranteed Rural Housing Program.
For additional information, please contact a local participating lender or Rural Development at (614) 255-2400 or visit USDA on the Internet at http://www.rurdev.usda.gov/
VA Home Loans
The U.S. Department of Veteran’s Affairs (VA) offers guaranteed loans through private lenders. The VA will guarantee 40% of the loan amount up to a maximum of $20,000 for manufactured home loans. The VA loans are for manufactured homes in land lease communities or on private property.
For more information or questions contact the VA Regional Loan Center for Ohio is located in Cleveland.
Department of Veteran Affairs
VA Regional Loan Center
1240 E. Ninth Street
Cleveland, OH 44199
http://www.vba.va.gov/ro/cleveland/index1.htm
CHIP Programs
Community Housing Improvement Programs (CHIP) are administered at the local level. Those programs provide would be home buyers as well as those in land lease communities with assistance to purchase and repair homes including manufactured and modular homes. The programs can provide low income consumers with counseling as well as down payment assistance. Not all local CHIP programs service manufactured homes but many do.
Manufactured Home retailers have reported success in obtaining down payment assistance for buyers of manufactured homes. In these challenging times, every source of financing should be considered to close more customers. Visit the Ohio Department of Development website for additional background on the program.
http://www.odod.state.oh.us/cdd/ohcp/hssp.htm
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