Financing A Home Of Your Own May The Possible Dream Thanks to The Manufactured Housing Institute
It's been a busy week - we've been touring new home communities and seeing what beautiful new manufactured homes are available - there are choices at almost any price point. Most of us need to secure financing before we can buy our dream homes - with new people in the Senate, House of Representatives and the White House is the American Dream about to slip through our fingertips?
Fortunately, the Manufactured Housing Institute President and CEO Richard Jennison, his staff and members have been hard at work educating people who will be voting on issues that can directly affect our industry. We received two Housing Alerts from MHI this week that were great resources not only for Washington but for consumers who want to learn more about the topics covered.
MHI is encouraging Fannie Mae and Freddie Mac to implement a chattel lending program. For those of you unaware of what a chattel loan is, simply put a chattel loan finances "moveable property" - the loan is on the home and isn't tied to the land the home sits on. This type of loan is critical to land lease community homeowners and makes purchasing a home much more affordable when chattel lending is available.Think about how much more home you could afford if you were only buying the home and not the land!
MHI shared that they had "submitted its response to the Federal Housing Finance Agency's (FHFA) request for input (RFI) about chattel manufactured home loans, urging the FHFA to require the Enterprises (Fannie Mae and Freddie Mac) to include a chattel lending program in their Duty to Serve (DTS) Underserved Markets Plans.
Throughout the regulatory process on DTS, MHI and its members have been pressing Fannie Mae and Freddie Mac to develop and implement a chattel lending program. MHI has engaged in a multi-year effort to educate FHFA, Fannie Mae and Freddie Mac on the fundamentals of the manufactured housing finance market and the importance of a secondary market for chattel loans." They also stated that "this letter is another step in MHI's continuing efforts to include chattel loans as a part of the Enterprises' duty to serve manufactured housing. At the FHFA's Listening Sessions held in Chicago, San Francisco and Washington, D.C., MHI and its members made a strong case that Fannie Mae and Freddie Mac must include a commitment to purchase a substantial volume of chattel loans as a part of their duty to serve manufactured housing. Speakers stressed the disadvantages consumers have when seeking financing for a manufactured home due to a lack of a secondary market for chattel loans." We are so fortunate to have MHI standing up for us and representing our best interests - we are hoping with their leadership the leaders in Washington will understand why the manufactured housing industry is so important in fighting the affordable housing crisis.
If you would like to read MHI's submission to the FHFA click here. There is also an MHI Action Center on their website that allows everyone to contact their members of Congress and to find out the facts about current bills, reforms, and tax credits that affect all of us. It's an easy way to have your voice heard and to make a difference!
We love the fact that MHI is about looking forward and finding solutions, not dwelling on "fake news", personal attacks, and media that isn't interested in all of the wonderful things that make our industry so special. If you would like to share your support with the new MHI Housing Initiative committee please fill out the form at the bottom of this page - we'll be presenting all of the names and your goodwill to the committee members at the MHI Congress and Expo in May. Let's all have our voices heard and make sure that financing is available for all types of housing!