What if it was possible to utilize more of our credit and collateral flexibilities with manufactured home borrowers? Well, with the Freddie Mac CHOICEHomeSM pilot, we’re testing a way to do just that.
CHOICEHome is a new type of manufactured home with aesthetic appeal and features comparable to site-built homes, and we’re permitting our construction conversion loans and a loan-to-value ratio of up to 97 percent with a Home Possible® and HomeOneSMmortgage, to finance it. In other words, we’ll treat a loan secured by a CHOICEHome like one secured by a single-family site-built home.
This pilot program will help:
- Provide additional financing options and flexibilities.
- Increase borrower homebuying options and access to quality, affordable homes.
- Increase the reputational value of manufactured homes.
Read our Single-Family News Center article for more information about our CHOICEHome pilot.