Builder Challenges Manufactured Home Stigmas

affordable housingRemove term: affordable housing crisis affordable housing crisisRemove term: manufactured homes manufactured homesRemove term: mobile homes for sale mobile homes for saleRemove term: manufactured homes for sale manufactured homes for saleRemove term: 2017 manufactured homes 2017 manufactured homes
Photo Courtesy of Clayton Homes.

It’s no secret America has an affordable housing crisis. With homeownership outside the reach of many Americans, they are often left paying exorbitant rent prices. To fight back against the crisis, and to challenge the stigmas associated with manufactured homes, one builder has launched its biggest marketing campaign to date.

Clayton homes, one of the largest home builders in the country, launched the Have it Made initiative nationwide on Sep. 2. The 60-second commercial aired during the University of Alabama and Florida State University football game, and represents the company’s mission to provide quality homes at affordable prices, says Kevin Clayton, CEO of Clayton Homes.

“With the cost of homes skyrocketing, we want people to know that buying a beautiful new home at an affordable price is still an attainable dream for Americans,” he says.

Partnering with the Boulder, Colorado ad agency, Made, Clayton homes hopes to position itself as a solution to the growing need for affordable housing. The U.S. Census Bureau reports the average cost of a new single family site-built home with land is approaching $380,000 while today’s manufactured home can be purchased for significantly less–about $70,100 not including land.

Have It Made challenges the stigma associated with homes built in factories and delivered in sections to their final locations. Clayton Built homes are constructed indoors to avoid water damage and weather delays while creating long-term value from the use of economies of scale. The homes are built to highly regulated building standards and offer many energy-efficient features, the company says.

Clayton Homes is among the builders who have patterned with Energy Star. Their homes  must meet guidelines for energy efficiency set by the U.S. Environmental Protection Agency. In fact, their homes are 20 to 30 percent more efficient than most standard homes. To achieve this, Clayton Homes uses:

  • Top-Grade Insulation
  • Extensive caulking and tight construction to eliminate unwanted drafts
  • High-Performance Windows and Doors
  • Use of UL and Energy Star approved materials including low-escape air ducts

According to the National Association of Home Builder’s latest survey of home buyer preferences, Energy Star appliances and windows, along with an overall Energy Star rating, were among the top-5 most wanted features. Other wanted features include a programmable thermostat, which is available as an upgrade in Clayton Homes.

New manufactured homes are comparable to site-built homes in not only quality, but also style. One of Clayton’s luxury homes comes in at over 2,200 square feet and features three bedrooms, plus two full baths. The Captain Jack includes features such as granite counters, a kitchen island, a breakfast bar, glass enclosed large showers, a fireplace and more. You won’t believe the styles and upgrades that are available for new manufactured homes.

It’s time to end the stigma and make affordable housing available to Americans again.

Learn more about Clayton and their homes: https://www.claytonhomes.com/

 

 

The Bipartisan Bill That Could Make Manufactured Home Financing Easier

Manufactured homes for sale, mobile homes for sale, buying manufactured homes, buying homes, home loans, manufactured home loans
New manufactured home for sale, Ocala, FL.

In today’s hot real estate market and struggling economy, purchasing a home is a daunting task. That’s why more buyers than ever before are turning towards manufactured housing as an affordable solution.

New construction manufactured homes are built to impress, with modern stylish features and energy efficient standards that rival that of comparable site-built homes.

That said, manufactured homes were traditionally difficult to finance. A bipartisan group of senators recently introduced a bill that would protect the ability of manufactured home buyers to buy, sell and refinance homes.

The Preserving Access to Manufactured Hosuing Act, seeks to address the 2014 Consumer Financial Protection Bureau’s guidelines to expand the range of loan products considered high-cost mortgages under the Home Ownership and Equity Protection Act.

In layman’s terms, the guidelines would label many small-balance manufactured home loans “high-cost”, which results in increased lender liabilities. That means, lenders are less likely to have loans available for those seeking to purchase manufactured housing.

The bill hopes to put an end to the one-size-fits-all regulations that don’t recognize the unique nature of manufactured housing loans, according to Pat Toomey (R-PA), a sponsor of the bill.

The bill’s sponsors hope it will help families have access to affordable housing, that might otherwise be prevented under current legislation. Luckily, new lenders like Fannie Mae, Freddie Mac and Wells Fargo are looking to provide manufactured housing loans.

In 2015,  Wells Fargo hired two experienced manufactured housing executives to help expand into the industry, Matt Krasinski and Lew Grace of GE Capiutal Real Estate. Krasinski worked as the associate director for North American lending, responsible for originating loans for manufactured homes and RVs. Grace was the head of manufactured home communities lending and investments.

This comes after Wells Fargo acquired a $9 billion portfolio of commercial real estate loans from GE Capital Real Estate, a portion of which is MHC-focused. The national bank is looking to serve customers in the growing manufactured housing industry.

“Expanding our balance sheet lending in this sector, combined with Wells Fargo’s existing product capabilities, provides a full-spectrum of solutions for customers in the manufactured home communities industry,” says Mark Myers, head of Commercial Real Estate at the bank.

It’s exciting to see positive opportunities in the manufactured housing industry. At Newby Management, we are excited to offer new 2017 homes in many of our communities. Making lending easier for residents will give more people the opportunity to purchase brand new homes.

Whether you’re purchasing a home that has been loved or one that’s new, Newby Management wants to help. We’re here to assist you on this exciting journey. We encourage you to visit our realty website www.NewbyRealty.com to see what we have available now.

Get personal help from our sales team at sales@NewbyRealty.com, and speak to our expert in the field. We can help you find the perfect home in one of our amazing communities.

Fannie-Freddie Look to Provide Manufactured Home Financing

Mobile homes, mobile home financing, mobile home loans, low income financing, manufactured home financing, Fannie Mae, Freddie Mac As more buyers turn to manufactured housing, more lenders are looking into offering financing for the homes. Fannie-Mae and Freddie-Mac released draft plans that show they may soon provide financing to buyers of manufactured homes.

The proposal was outline as part of plans to help affordable housing challenges in America. Mortgage firms see these programs as a way to help low-income buyers become home owners.

While many see this a progress in the affordable housing crisis, some are concerned about the risks involved with mobile home lending. The concerns include the homes sitting on leased land and their tendency to depreciate quickly.

Those fears, while valid, are no longer true for many manufactured home owners. This is especially true of those purchasing new manufactured homes. These homes are comparable in quality and pricing to similar site-built homes and offer similar value as well.

The U.S.-controlled companies need to get sign-off for the pilot programs from their regulator, the Federal Housing Finance Agency.

Learn more about this proposal and the affordable housing challenges.