QUIZ: How much do you know about manufactured housing?
With the lack of affordable housing supply, it shouldn’t take long until the general public realizes the truth about manufactured housing; these homes may put their dream of homeownership within reach.
However, there are challenges for lenders and investors in this space, including differing legal standards depending on whether the home is treated as real property or personal property, a lack of accessible financial and performance data for chattel loans (homes treated as personal property), typically higher cost of borrowing for many consumers, and an overall negative brand perception.
While it’s up to the industry to collectively change the impression of manufactured housing, Fannie Mae is laying the groundwork to help the industry address some of these other challenges.
Think you’re in the know? Try our quiz to find out. And if you’re looking more, take the training.