Manufactured Housing Success

Technically a triple-wide, thanks to the addition of a bright sunroom, Juan and Tyrese's new home is located in a rural portion of Wake County, North Carolina, within an hour's drive of Raleigh.  After several years of living on (and making improvements to) a lot they would never own, the couple wanted a place they would own outright, from the grass to the roof. A place they could truly call home for themselves and their two daughters, Joanna and Virginia.

It's clear to visitors that the family has settled in nicely.  Joanna (age 7) and Virginia (age 5) share a sunny pink room with colorful posters, stuffed animals and matching bedspreads.  The interior of the house features a huge aquarium, a fireplace and the sunroom where Tyrese loves to read in the early morning light and work on the computer with the girls after school.  An enthusiastic builder, Juan has already added a deck, a house for the family dog, Lady, and a shelter for the riding mower.  The yard itself is still a work in progress, but Tyrese is happy to point out that “...at least here even though the grass isn’t growing perfect yet…. Who cares?  It’s OUR grass.”

The couple purchased their manufactured home on July 27, 2006 through Self-Help Credit Union's Affordable Alternative Housing Product (AAHP).   Self-Help launched this product in response to the rising demand for affordable manufactured home (MH) loans, and to evaluate whether the loans would help borrowers to actually build wealth.  In addition to the standard MH guidelines used by Fannie Mae (the home must be at least as big as a double-wide, titled as real estate, sited on land owned as fee simple, and attached to a permanent foundation), Self-Help requires homes to have been built after 1994, be at least one year old, and be accessible by a state maintained road.