The Albuquerque Journal in New Mexico reports on how financing rules make it difficult to get a traditional mortgage on a manufactured house.
Growing numbers of first-time buyers looking to get on the first rung of the property ladder have heightened the appeal of manufactured homes, according to one industry observer, who says sales have risen 10 percent year over year.
While manufactured homes offer an affordable and popular housing choice for many New Mexicans – making up nearly 20% of the state’s housing stock – purchasers, if they don’t have the bucks to buy them outright, often end up using financing that costs them considerably more than a traditional mortgage.
While manufactured home sales are up, finance and industry officials are asking, what would be the potential for this type of housing if consumers had more access to quality mortgage lending? New Mexico credit union officials, for one, are lobbying to make more low-interest financing for manufactured homes available to low- to moderate-income families.