Freddie Mac (OTCQB: FMCC) announced the expansion of its CHOICEHome conventional financing options to include modern single-section manufactured homes.
Previously, Freddie Mac provided multi-section factory-built homes with a 3% down payment option. As of today, Freddie Mac will now include the same financing option for single-section, or single-wide, modern factory-built homes.
In a press statement, Freddie Mac said this move will encourage more buyers and builders to consider these homes as an affordable homeownership option. The mean price of the newly accepted single-section home is around $200,000 including land in most markets, while the traditional single-family site-built home can, on average, exceed $500,000.
“Freddie Mac’s support for modern single-section factory-built homes will play an important role in creating and promoting affordable housing in markets that need additional supply to help first-time homebuyers,” said Sonu Mittal, Freddie Mac’s executive vice president and head of single-family acquisitions. “Lenders can leverage our existing CHOICEHome mortgage offerings to finance these homes, and we are ready to purchase these loans now.”
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