Fannie Mae makes buying a mobile home easier
By Ron Trujilloemail@example.com
Consumers looking for an affordable housing option may want to consider manufactured and mobile homes.
And Fannie Mae is making getting into a mobile home easier. Fannie Mae’s new MH Advantage loan requires only a 3% down payment, compared to the previous 5% minimum.
Fannie Mae is also not charging the 50-basis-point loan-level price adjustment that often applies to manufactured housing loans, saving buyers hundreds or even thousands of dollars, depending on the money borrowed.
In order to qualify for an MH Advantage loan, the mobile home must be “designed to meet specific construction, architectural design and energy-efficiency standards,” according to Fannie Mae.
The Federal Housing Finance Agency’s Duty to Serve requires Fannie Mae and Freddie Mac to expand their support for manufactured housing, affordable housing preservation and rural housing.
Fannie Mae lenders can provide more information about the MH Advantage loan program.
Mobile homes are an often-overlooked housing option for many in the state. But manufactured and mobile homes account for about 4% of housing in the state – or almost 500,000 units, according to the California Department of Housing and Community Development.
Riverside County has 45,365 mobile homes, the most in the state, followed by San Diego County at 44,774 (see chart, right).
Housing and Community Development has established a Fee and Tax Waiver Program – also known as the consumer-friendly name Register Your Mobilehome California – that helps mobile home owners to properly register their properties. The program, which ends Dec. 31, 2020, can waive hundreds or even thousands of dollars in back fees and taxes.
Mobile homes: Not what you think
- California has 4,335 mobile home parks, with almost 10% in San Diego County
- Average age of mobile home owners: 42.6 years old
- Average household income of mobile home owners: $59,733
Photo of Ventura County mobile home park by Joseph Sohm/Shutterstock