Lending for manufactured homes gets a boost

by Steve Randall04 Oct 2017
Low- and moderate- income homebuyers in California will have greater access to financing for manufactured homes.

The California Housing Finance Agency has announced an update to its guidelines to make it just as easy to use a CalHFA first mortgage insured by the FHA for the purchase of a manufactured home on a permanent foundation as it is to buy a traditional stick-built house.

“Manufactured homes play an important role in affordable housing for California,” said Tia Boatman Patterson, CalHFA’s Executive Director. “The more of these incremental steps we can take, the faster we’ll be on our way to addressing the housing shortage in our state.”

The changes mean that buyers of manufactured homes can access the same FHA loan products with the same loan-to-value as those buying traditional homes.

“We think it’s important that Californians have the opportunity to live in the home that best fits their lifestyle,” continued Patterson. “Whether they choose manufactured homes, traditional homes with or without an accessory dwelling unit, condominiums, or apartments, we think everybody deserves a safe place to call home.”

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