Freddie Mac's expansion of the CHOICEHome mortgages supports modern factory-built homes that are built to exceed federal standards and are usually more affordable than traditional homes. The median price for these homes is around $200,000, while traditional single-family homes can exceed $500,000. The program aims to increase accessibility for first-time buyers by appraising factory-built homes like site-built ones, thus promoting affordable housing. This initiative also includes competitive financing options for these homes, enhancing opportunities for buyers and builders alike.
Manufactured homes built to exceed federal standards are now typically less expensive than traditional homes, with a median price around $200,000 including land.
Freddie Mac's CHOICEHome program aims to increase availability and accessibility of modern factory-built homes, offering quality alternatives at a lower price.
Under the expanded CHOICEHome program, factory-built homes will appraise similarly to site-built properties, helping more Americans gain access to affordable housing.
With the expansion of CHOICEHome mortgages, lenders now have more options to finance single-section factory-built homes at competitive low-down payment rates.
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