Fannie Mae has partnered with nine lenders to offer financing for manufactured homes with as little as 5 percent down payment.
Fannie Mae will work with RBC Mortgage, AgFirst Farm Credit Bank, Flagstar Bank, GMAC Manufactured Housing, Huntington Mortgage Group, Origen Financial, 21st Mortgage, Vanderbilt Mortgage and Washington Mutual to originate 30-year, 95-percent loan-to-value manufactured housing mortgages. Fannie Mae will purchase all eligible loans.
The announcement came at a recent training session in Arizona for members of the White Mountain Association of Realtors and the Manufactured Housing Industry of Arizona.
“Transforming the manufactured housing market is critical to ensuring access to low-cost homeownership for a large part of the population, especially seniors and people living in rural communities,” said Ted Ahern, RBC’s senior VP of secondary marketing.
Fannie Mae also will work with the manufactured housing industry to learn more about procedures it has developed to lessen the risks associated with lending on mortgages secured by manufactured homes. Eventually, these best practices will be incorporated into Fannie Mae’s guidelines for all lenders, according to a company statement.
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