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Sustainable Financing

Affordable Housing Done Right -
Sustainable financing; mortgages with fair terms that enable families to earn wealth or preserve assets.

Historically, the market system that delivers, finances and provides building sites for manufactured housing has been structured in a way that decreases the financial security and reduces the wealth creation opportunities for low-income households relative to those who own site-built homes.

The Next Step System is designed specifically to address each of these weaknesses.

What’s different about MH financing? -
 

  • Today, the conventional market is largely not lending for MH. Some smaller community banks will hold these loans in portfolio.
  • FHA/VA
  • USDA 502 Direct & Guarantee
  • Credit Unions
  • State Housing Finance Agencies
  • Various Subsidy Programs—i.e., HOME, CDBG, FHLB AHP, RHED, etc.

Modular Homes do not incur the same restrictions in lending options. They are considered the same as new construction for conventional financing.

NeighborWorks Capital Term Sheet*

Additional information is available with Next Step's Applicant & Member training modules.