How Manufactured Home Loans Could Help Boost Your Volume
In the last year, the cost of housing has risen 15%, the largest rise we have seen since the late 1960s. How can your homebuyers get a good, affordable family home in today’s market? Here’s one way: Manufactured Homes.
Today’s manufactured house isn’t your grandpa’s trailer. It looks and functions very similar to a stick-built home with add-ons like a garage or porch. Manufactured homes give homebuyers the opportunity to get a high-quality home at a price they can afford.
What is the demand for manufactured homes in the United States?
According to Freddie Mac, more than 20 million Americans live in manufactured homes. Manufactured homes account for 7% of the nation’s housing stock and are most prevalent in Southern states. Aside from offering a lower-cost housing option, manufactured housing provides homebuyers with an easier opportunity to leave larger cities/suburbs’ traffic, congestion, pollution, and high property taxes.
According to Fannie Mae, the average annual income for manufactured homeowners is $35,000. That’s an income threshold nearly two-thirds the U.S. population clears. There’s a huge audience for manufactured homes – and loans.
The Fannie Mae MH Advantage program makes it easy for homebuyers to incorporate custom features. Due to their panelized nature, manufactured houses also tend to take less time to build than traditional new homes. Buyers could save seven months or more on the construction timeline.
Are manufactured home loans the next big thing?
Possibly. Manufactured homes could be the answer the mortgage industry is looking for. They can provide buyers a house that fits their needs without poking holes in their wallets. And they could give lenders a fast-growing, profitable business opportunity – a true win/win.
Ready to explore how manufactured housing could boost your volume? Call Planet Home Lending today at 800-203-5719.