Their key objective should be to establish a flow program where all chattel loans that meet minimum underwriting requirements can be purchased by Fannie and Freddie, along with a program for efficient securitization of those loans
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MHI looks forward to implementation of last week’s initiative - and has some suggestions on how to build on those efforts.įirst is financing. Last week’s announcement commended the Federal Housing Finance Agency (FHFA) for recently authorizing Fannie Mae and Freddie Mac to purchase loans for single-section manufactured homes. But there is more that FHFA - and the GSEs - can do.įannie Mae and Freddie Mac have a statutory “Duty to Serve” (DTS) manufactured housing and are both developing their DTS plans for the next three years. Unfortunately, their preliminary DTS plans actually call for a decrease in loan purchases of real estate manufactured homes. These plans should be revised to increase purchase of such loans - consistent with last week’s announcement.Īlso, since chattel loans (home-only manufactured homes) make up 75% of new manufactured homes, it is critical that Fannie and Freddie DTS plans have a strong chattel loan component. The median household income of manufactured home residents is $30,000 per year, which is less than half of the median household income of an owner of a single-family home. Last year, manufactured homes accounted for almost 10% of new single-family home starts.Īccording to a 2020 HUD report, “Factory-built housing has undergone many physical changes that have made it more similar to, and in many ways indistinguishable from, conventional site-built housing…Quality improvements in construction and installation practices have increased durability so that the life expectancy of factory-built housing increasingly is comparable to that of site-built or onsite housing.” Manufactured homes are often available at lower monthly payments than other rental options. More than 22 million people have chosen manufactured housing because of its affordability and value.
We also hope that broad initiatives in the plan, such as down payment assistance, rehab and retrofit of existing homes, and the Federal Financing Bank will be focused on this market segment. Last week, the Biden Administration rolled out a major initiative to take immediate, tangible steps to increase the supply of affordable housing. The Manufactured Housing Institute (MHI) is encouraged that two important components of this package are steps to boost the supply of manufactured homes and a commitment to work with local governments to reduce exclusionary zoning.
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