Many buyers who are looking to purchase new construction homes in the starter-home price range are looking into manufactured housing, since these homes are now eligible for 30 year mortgage financing through programs being offered by both Fannie Mae and Freddie Mac. The Fannie Mae named it’s mortgage initiative for this type of home, “MH Advantage” while Freddie Mac has chosen the name, “Choice Home”. This housing product is becoming a Bit Hit in the Texas Housing Market. See the full story in the October issue of “Tierra Grande”, a publication by the Real Estate Center from Texas A & M University.
Although in the past, many have considered manufactured homes a poor investment, but manufacturers hope to change that perception through upgrades such as higher-pitched roofs, higher-quality cabinetry, drywall throughout, and increased energy efficiency. For those who are looking for acreage lots and sites outside of the city limits, manufactured homes has been a nice option to choose.
Both these government sponsored entities, GSEs, have established their own minimum specifications for the upgrades to qualify for 30-year financing eligibility, but they are similar. These structures must be attached to permanent foundations, and financed with land as real property. I was recently introduced to this concept this past summer when my seller sold an acreage lot to a buyer, who used this new 30-year financing program as a VA veteran. My seller sold her lot, and the buyer had the whole transaction(manufactured home and lot) financed together.
With new appraisal standards established, both GSEs have agreed that appraisers should select the best available sales as comparables in their appraisal reports.If sales of new offsite-built product are unavailable, they can include sales of site-built, modular, or manufactured homes. For more information on how to find land for these type homes, or to learn more about this new housing product that is making its debut in Texas, Contact Jerry Today at 210-789-4216 . Visit my website to search for vacant lots or land with acreage.