The month of June is recognized as National Homeownership Month, a month that celebrates the long-held American Dream of owning your own slice of paradise. But as our country’s affordable housing shortage widens, a problem that has magnified since the start of COVID-19, would-be homeowners are left looking for options and, in many cases, feeling like renting is the only affordable option.
Not so. Modern manufactured homes may be the solution for your clients.
According to the Manufactured Housing Institute, a trade organization representing all segments of the factory-built housing industry, manufactured housing is an important source of affordable housing for 22 million households across the country.
In fact, manufactured housing represents 10% of all new single-family home starts, carving out a valuable chunk of the first-time homebuyer segment. What’s more - factory-built home prices can be up to 50% less per square foot than comparable site-built homes, excluding the cost of land.
Manufactured housing has come a long way since the unfortunate stigma of “trailer” housing laid out in the 1950s and 1960s. They’re built with higher-quality materials, they’re more energy efficient, they incorporate much of the upgrades you’d find in a site-built home, and their safety standards meet (and often exceed) those of traditional houses.
Plus, it is possible for manufactured homes to appreciate in value just as their site-built counterparts would.
There are an array of loan options available to homebuyers looking to invest in a factory-built home, and Mindful Money offers a comprehensive suite of them. Our financing options for manufactured home purchases include:
With all of our manufactured home loan products, your client will benefit from a simple one-time closing. This means, your buyer can finance their land purchase, any construction and site improvements, and their permanent mortgage funding in one clean transaction. No re-qualifying of credit is involved once their loan converts to a permanent mortgage.
This streamlined closing process ensures a smooth, hassle-free transaction for your client upfront - and you are able to collect your commission in full at closing before construction begins. This all-in-one financing option is available for manufactured and modular homes (as well as traditional site-built new construction homes).
With any home purchase, it’s important for your clients to have a choice in their options for financing. It’s also important to have an expert partnering with them to guide them through their loan decisions in the often-scary first-time purchase of a new home. Purchasing a manufactured home is no different. Moreover, you can truly help your clients build the home of their dreams - and their American Dream in the process.
If you’re a realtor helping clients achieve their American Dream of home ownership, I’d love to partner with you to help your buyers choose the right type of financing for their needs - whether it’s a factory-built home or a site-built home. Contact meanytime to discuss your clients needs and for more information on the loan programs available.