A new Fannie Program, in which New Hampshire
is the sole participant, provides for smaller down payments, lower interest
rates and 30-year loan options for manufactured homes located in approved
resident-owned communities. So far, Fannie Mae has approved eight
resident-owned communities for participation with plans to add more. In New
Hampshire, 123 of 450 mobile home parks are resident-owned, and the Fannie Mae
program will only boost the number of potential buyers.
With
lower interest rates, low and middle income borrowers will have the opportunity
to afford better manufactured homes, or have more disposable income, which levels
the playing field with single-family residences. The program was approved only
for New Hampshire because majority of the mobile home parks in the state are
resident-owned. Some park managers, like Adam Gidley of Salem Manufactured
Homes, are asking the question: “Why do resident-owned communities get a benefit
that other communities don’t?” According to Ignatius MacLellan, resident-owned
communities offer a better chance that Fannie Mae would get its money back if
it needs to foreclose on a property. With interest rates going from 8-12% down
to 4-5% with the Fannie Mae program, it’s currently a “sellers market” right
now in New Hampshire according to Gidley.
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