Industry News

Fannie Mae bolsters manufactured housing

Partners with lenders to offer borrowers 5% down payment option

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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...