As home inventory remains low and prices remain high, manufactured homes are increasingly being seen as a viable alternative. Manufactured homes – built in a factory and assembled on-site – are both cheaper and built more quickly than traditional homes.
While often th0ught of as “cheap”, manufactured homes now feature modern designs, are energy efficient, and can stand up to extreme weather conditions.
The savings are considerable: a traditional home priced at $309,000 could be assembled for $87,000.
One of the current drawbacks is that manufactured homes are sold by dealerships, so the home I purchased like a car without a traditional mortgage that ties the structure to the land. Both Fannie Mae and Freddie Mac are introducing new programs that allow lenders to extend more traditional mortgages to buyers.