CU Members Mortgage, a division of Colonial Savings, F.A., now offers home loans specific for manufactured homes. This product is the first to lead the way of affordable housing solutions necessary for the changing market place.
More than 22 million Americans live in manufactured homes, which make up more than 9% of the nation’s total housing stock according to the Manufactured Housing Institute (MHI). In years past, homeowners had difficulty refinancing or selling manufactured homes because few lenders offered these loans. However, it’s growing in popularity as the nation struggles with affordable housing solutions, and CU Members Mortgage is adjusting their product line to adapt to the demand and need of the marketplace.
Manufactured Housing Institute and the United States Census share the below facts about manufactured homes:
- 22 million people live in manufactured homes or 9% of single family home starts
- 93,000 manufactured homes were produced in 2017
- $84,400 average sales price of a manufactured home
- $30,000 median household income
- Average price per square foot $49 for a manufactured home
“Our mission has always been to make dreams of homeownership a reality, the affordable housing challenges we face today make that more difficult for some to buy their own home, and manufactured housing continues to be a popular solution,” said Steve Hewins, senior vice-president with CU Members Mortgage. “By offering these home loan options, we show our continued commitment to serving the underserved and building communities for all.”
Manufactured home loans are available now through CU Members Mortgage and existing credit union partners. Members will work with our loan officers to determine eligibility and work through standard guidelines of our investors.
Steve Hewins, Senior Vice President, CU Members Mortgage.