As mortgage rates and monthly rent payments continue to soar, housing affordability is sinking nationwide, but according to Insider, there are a few key steps developers, mortgage lenders, and local governments can take to help buyers, homeowners, and renters stay afloat in 2023. Updated zoning policies would allow builders to develop at a higher density outside of downtown metro areas, but it’s up to local governments to reform regional housing laws.
In addition, mortgage companies can make it easier to get financing on manufactured and prefabricated homes, which currently require higher credit scores than a mortgage on a conventional home.
Indeed, nearly 54% of those surveyed said they were flat out denied a mortgage for a manufactured home, the study found. Experts say that breaking down those barriers could be one way to quell the affordability crisis.
"These aren't your grandfather's mobile homes. In a lot of cases they're really nice properties," Sharga said. "The mortgage industry really needs to take a look at how to make that kind of financing more widely available."
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