MH Advantage® is an initiative from Fannie Mae® that offers manufactured homes with certain features as an affordable alternative to site-built.
There is an affordable housing crisis in America. The average new “site-built” home costs $363,300 with land, which the average household cannot afford in most areas. Manufactured housing has been identified as a likely solution to the affordable housing crisis, but they only account for 10% of new home sales. Fannie Mae® has introduced the MH Advantage program as a new homeownership option that offers innovative and affordable financing on specially designated manufactured homes with specific features such as permanent foundations, masonry walls, garages, dormers, and covered porches. Because MH Advantage is comparable to traditional site-built financing, it has the potential to improve resale values and combat negative perceptions about investing in a manufactured home.
MH Advantage® Is Proof That We Need Better Site Prep…
Research shows that manufactured homes have the potential to appreciate at the same rate as traditional site-built homes, when the exterior features and elevations are comparable to other homes in the area. MH Advantage foundation and front elevation requirements for traditional home financing include:
- HUD permanent foundation
- Masonry wall (concrete block and/or brick)
- Low exterior elevation set—front entry cannot exceed 30 inches from the top of the finished grade to the bottom of the floor joists
For more information on MH Advantage® by Fannie Mae®, click here.