RuralHome.org informs MHProNews the Corporation for Enterprise Development (CFED), a non-profit dedicated to expanding opportunity for low-income families and communities in the U. S., reports manufactured home borrower repayment records are comparable to site-built mortgage borrowers, and in some cases were better than comparable general mortgage portfolios. CFED’s report, Toward a Sustainable and Responsible Expansion of Affordable Mortgages for Manufactured Homes, has determined that while conventional underwriting criteria in general are related to strong loan performance, maintaining close contact with MH borrowers despite lower down payments and less rigid credit requirements has in many cases produced similar results. Based on an analysis of $1.7 billion in manufactured home mortgage lending over a two year period by CFED’s I’M HOME (Innovations in Manufactured Homes), the goal is to promote manufactured home mortgage financing as an alternative to more expensive chattel lending.
