Industry News

Fannie Mae bolsters manufactured housing

Partners with lenders to offer borrowers 5% down payment option

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Fannie Mae today joined with nine lenders to provide purchasers of manufactured homes nationwide access to affordable 30-year mortgage financing with down payments as low as 5 percent. The low-cost financing will be available through a network of lenders that have demonstrated the high levels of expertise necessary to understand the property, titling, appraisal and servicing issues associated with manufactured homes, according to a press statement. The participating lenders include AgFirst Farm Credit Bank; Flagstar Bank; GMAC Manufactured Housing; Huntington Mortgage Group; Origen Financial; RBC Mortgage; 21st Mortgage; Vanderbilt Mortgage; and Washington Mutual. Fannie Mae also pledged to work with its lender partners over the next year to develop a pilot effort to save consumers at least 10 percent of the cost of buying and financing a manufactured home. Fannie Mae invests in manufactured housing as part of its mission to expand affordable housing by providing liquidity to a m...