During a time of significant affordable housing challenges, manufactured homes represent an important and often more attainable housing option. However, because manufactured homes are frequently classified as personal property rather than real property, homeowners are typically unable to access traditional mortgage financing. Instead, they must rely on home-only (chattel) loans, which are generally more expensive and offer fewer consumer protections.
 
To address this issue, I plan to introduce a companion bill to Senator Schwank’s proposed legislation that would classify manufactured homes as real property. This change would expand access to traditional mortgage financing and provide stronger financial protection for homeowners.
 
This legislation is especially important given research from The Pew Charitable Trusts, which shows that for a $100,000 loan, borrowers with a mortgage can save approximately $49,000 over time and pay about 10 percent less per month compared to those using home-only loans. These savings would make a meaningful difference for many residents across the Commonwealth.
 
I urge my colleagues to support this legislation to reduce housing costs and improve financial stability for homeowners.