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In a bid to increase the number of “mortgage-ready” manufactured home buyers in Kentucky, Freddie Mac has partnered with Louisville-based housing intermediary Next Step Network and three nonprofit housing counseling agencies to implement an online education curriculum.
Eight manufactured home retailers are beginning to make potential buyers aware of Next Step’s SmartMH(SM) program. It will pair participating buyers with one of three Department of Housing and Urban Development (HUD)-approved housing counseling agencies: Community Ventures Corporation in Lexington, Frontier Housing in Morehead, or In Charge Debt Solutions in Orlando.
These agencies will assist people who want to purchase manufactured homes but have blemished credit histories. This includes homebuyer education and advice on strengthening their credit and navigating the finance and purchase processes. The education curriculum will be offered through eHome America, an online homebuyer education platform.
“Manufactured homes are a crucial source of housing stock, said Freddie Mac. It said supporting access to credit and affordable lending for this segment of the housing market is an “integral part” of its mission.
Figures from the Census Bureau showed that the average price of a new manufactured home is $71,600, while the average price of a new, single-family, site-built home is $372,900 in the U.S.