The new mortgage program is for specially designated manufactured homes with features comparable to traditional single-family homes. These homes can include interior features like drywall, energy efficient appliances and upgraded cabinets in kitchens and bathrooms, as well as exterior amenities such as porches, garages and architectural features like eaves and higher pitch rooflines.
“With a shortage of affordable single-family homes in the U.S., manufactured housing is increasing in popularity,” said Bill Packer, Executive Vice President of American Financial Resources. “AFR continues its commitment to the growing manufactured housing community, and we are pleased to add Fannie Mae’s new MH Advantage program to our portfolio of financing options.”
Through MH Advantage, qualifying borrowers can secure financing with a downpayment as low as three percent. Loans feature cancellable mortgage insurance and can also be combined with other Fannie Mae programs like HomeReady or HFA Preferred mortgages.
“The goal of this initiative is to help bridge the gap in affordable housing by encouraging more consumers to consider manufactured homes as an alternative to traditional single family ‘site built’ homes,” said Packer. “AFR is proud to be among the first to offer any loan program that helps loan originators get borrows into a home with features they want, at a price they can afford.”