More than 22 million families in the U.S. currently live in manufactured housing. Those numbers may increase soon thanks to a new conventional loan financing option from Freddie Mac for factory-built homes. This new offering is part of a two-year pilot program called CHOICEHome. Here are a few other facts about the program:

  • Freddie Mac will treat loans secured by CHOICEHome like loans secured by single-family site-built homes.
  • A factory-built home must meet certain specifications to be eligible for CHOICEHome financing, such as energy-efficient features and drywall throughout the property.
  • Manufacturers and lenders must follow HUD-code guidelines 
for the home construction and siting of the home to meet CHOICEHome eligibility.
  • Lenders must follow local and state guidelines for manufactured housing titled as real property.
  • Appraisers will be able to use site-built housing as a comparable for valuation when no CHOICEHome sales are available as comps.

Learn more about this and other Freddie Mac affordable-housing programs.