Hope this is helpful for some of you! Not sure how complex meeting the foundation criteria is but conventional financing would be a big boost for the industry.
I don’t believe this applies to mobile homes on leased land though so it won’t be helpful for park owners. Correct me if I’m wrong but that’s what I’ve heard. When it comes to chattle Freddie & Fannie keep kicking the can down the road.
HollyH may be right. I read this last year…Here is more confirmation-
That is from 2017. I remember at the time it was big news and Fannie/Freddie sounded confident in it. Most recently, at a mobile home park conference at SkySong in Phoenix (Where Kevin Clayton spoke) they mentioned that Fannie & Freddie were rolling something out for mobile homes on private land. From what they were talking about regarding chattel lending it appears it is much further off then we thought in 2017.
The homes that will be eligible for the program have features like permanent foundations and pitched roofs.
Does this effect homes in parks?
If reports are true.