MHI (Manufactured Housing Institute) recently introduced a new classification for manufactured HUD housing, the CrossMod!
I completely understand the premise. MHI and its members are continually looking to expand manufactured housing into the affordable housing market and the MHAdvantage which combines features, like a down payment as low as 3%, with the lower price and customizable finishes of modern manufactured homes was a great start.
However, that was not quite enough for our MHI brothers and sisters. Now they’ve come up with another classification they hope will get them a much wider audience.
CrossMod™ homes are placed on a permanent foundation, qualify for conventional financing, help challenge exclusionary zoning ordinances and are virtually indistinguishable from higher-priced, site-built options. Best of all, this new class of off-site built home can be appraised using comparable site-built homes.
Looking exactly like site built and modular IRC single family homes means that MHI members can compete directly with either one in almost every neighborhood in the US.
Related Article: HUD’s Dr Ben Carson Has Good News and Not So Good News for the Modular Housing Industry
There is a caveat however that every new home buyer looking at a CrossMod needs to know. The dealer and their salespeople MUST disclose the CrossMod is really a HUD approved and certified home and NOT built to the stricter IRC codes and regulations.
I’d bet most new home buyers will not be that concerned with the differences if it means getting a new home in a nice single family community or neighborhood at a price far less than an new IRC home or a resale.
Modular new home builders and factories need to know this is not something coming over the horizon. It’s already here and Clayton is already marketing it to new home buyers.
