Program offers lower rates and down payments for qualified off-site homes
Mortgage lender Silverton Mortgage has launched a Fannie Mae MH Advantage program, which offers conventional mortgages to buyers of qualified manufactured homes.
Silverton said the new program offers lower interest rates and down payments, as well as traditional longer mortgage terms for MH Advantage homes. The off-site built homes could qualify for the program and appraise similarly to site-built housing if they are constructed with higher-end features such as:
- Lower profile foundations (carports, garages or covered porches),
- Higher-pitch roof lines,
- Energy efficiency enhancements, and
- Upgraded cabinets for kitchens and bathrooms
The Fannie Mae-backed program also includes a streamlined underwriting and origination process with higher loan-to-value ratios (LTV), as well as an option to combine with HomeReady, HFA Preferred, and other Fannie Mae mortgages.
"Off-site built homes are a smart, attainable alternative to the site-built housing market, which is suffering from rising home prices and inventory shortages," said Silverton Mortgage President Josh Moffitt. “This groundbreaking program offers a specialized mortgage option for homes constructed inside building facilities using the efficient production line method. We are excited for the MH Advantage program's ability to help more people find an affordable path to homeownership with low-interest rates and down payments for this high-quality, innovative housing option."
