Freddie teams with Kentucky lenders to finance manufactured homes
Freddie Mac has lined up several lenders in Kentucky to finance new energy-efficient manufactured homes.
These lender relationships have resulted from a partnership the government-sponsored enterprise entered into last November with the Next Step Network, a nonprofit housing group based in Louisville, Ky.
"Our mission is putting sustainable homeownership within reach of everyone while transforming the manufactured housing through consumer education, affordability and energy efficiency," said Stacy Epperson, the president of Next Step, in a Freddie Mac press release dated Nov. 15 announcing the partnership.
One of the six Kentucky lenders, Forcht Bank in Lexington, has been selling manufactured housing loans to Freddie Mac for many years. These loans are titled as real estate and the manufactured homes are sited on foundations. The other five lenders are new to Freddie Mac.
In an interview Monday, Forcht Bank Executive Vice President Chip Clements said while it might have been the case 10 or 15 years ago that manufactured homes lose value, that is not the case today.
"It's a misnomer that manufactured homes depreciate in value," Clements said.
The other five Kentucky lenders are Community Ventures, Credit Human Federal Credit Union (formerly San Antonio FCU), Frontier Housing, Kentucky Housing Corp. and Key Mortgage Co.