American Financial Resources introduces manufactured housing offering

The financing is offered through Fannie Mae's MH Advantage initiative

American Financial Resources introduces manufactured housing offering

American Financial Resources has launched a conventional financing offering for manufactured homes through Fannie Mae’s newly introduced MH Advantage initiative.

Borrowers who qualify for the initiative can obtain financing with a down payment as low as 3%. The program was designed for specially designated manufactured homes with features comparable to traditional single-family homes.

Loans under the program feature cancellable mortgage insurance and can also be combined with other Fannie Mae programs like HomeReady or HFA Preferred mortgages.

Financing can be secured for homes that 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 US, manufactured housing is increasing in popularity," said Bill Packer, executive vice president at 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."

 

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