For many aspiring homeowners, securing financing can be a challenge — especially for self-employed individuals navigating fluctuating income and strict lending requirements. Greg’s journey from small business owner to homeowner showcases how manufactured housing and access to flexible financial solutions can turn dreams into reality.
Building business with the right support
Greg, a self-employed dump truck operator, faced a familiar roadblock when he needed a business loan. Traditional lenders turned him away, making it difficult to keep his business running. That’s when he was referred to MaineStream Finance, a subsidiary of Penquis, a NeighborWorks America network organization.
Business Advisor Jim stepped in to help, working with Greg to develop a budget, establish financial records and secure contracts with local construction companies. With a stronger financial foundation in place, MaineStream Finance approved a $20,000 loan to replace his truck’s engine — keeping his business moving forward.
As Greg’s business grew, so did his financial opportunities. He returned to MaineStream Finance for another loan, this time for $30,000 to purchase an excavator, allowing him to expand his construction services. With improved financial habits and a growing business, his credit score climbed from the mid-400s to the mid-500s and he built a savings cushion to navigate seasonal income fluctuations.
A Path to Homeownership Through Manufactured Housing
During his loan closing for the excavator, Greg shared another long-term goal: homeownership. He had a piece of land, gifted by his parents, but securing a traditional mortgage felt out of reach. That’s when he connected with Dee Williams, director of MaineStream Finance, and learned about the Manufactured Housing Turnkey Program, an affordable homeownership solution designed for individuals facing financing barriers.
Through continued financial coaching and improved credit, now in the low to mid-600s, Greg was able to secure a mortgage for a manufactured home. On December 20, just in time for Christmas, he officially became a homeowner.
How Manufactured Housing Creates Pathways to Stability
Greg’s journey from small business owner to homeowner is a testament to how manufactured housing can provide a stable, affordable solution for individuals who might otherwise struggle to enter the housing market. With a place to call his own, Greg can now focus on growing his business and securing a brighter future.
His story highlights the critical role of manufactured housing in making homeownership possible for hardworking individuals. By offering a cost-effective alternative to traditional site-built homes, programs like the Manufactured Housing Turnkey Program help individuals build stability, wealth and opportunity.
For more information about MaineStream Finance’s manufactured housing programs, visit MaineStream Finance.
