Almost 100,000 households in Virginia own a manufactured home. For many, the lower cost meant easier access to the benefits of homeownership. Unfortunately, fewer financing options are available for manufactured homes compared to traditional site-built homes. In some cases, high-interest chattel loans are the only option.
As of this month, Virginians have a new option: VHDA-backed loans for USDA Rural Development’s Existing Manufactured Housing Unit Financing Pilot Program. The pilot provides loans with “zero down payment, minimal cash out of pocket, a less expensive guarantee fee, and VHDA’s low interest rate” to manufactured homes up to 10 years old. Previously, only homes that were less than 1 year old were eligible.
The first beneficiary of the program stands on the deck of her new manufactured home. (Source: VHDA)
The VHDA-USDA partnership will let buyers access slightly used homes, along with new homes that have sat unsold on dealer lots for more than 12 months. Rural Virginians now have another secure path to reap the full benefits of homeownership.
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