Independent lender Guild Mortgage has announced that it is now offering loans for manufactured homes through Fannie Mae’s MH Advantage initiative.
Guild’s MH Advantage program is available to qualifying borrowers in all states and features a down payment as low as 3%. The program offers 30-year fixed-rate financing with interest rates lower than most traditional manufactured home loans and cancellable mortgage insurance. The program also allows a combination with Fannie Mae’s HomeReady mortgage for qualifying customers.
Guild said the program offers homebuyers a mortgage option that can deliver significant costs savings compared to traditional manufactured-home financing. The program covers manufactured homes that include custom amenities such as attached garages, upgraded kitchens and bathrooms, energy-efficient appliances, and architectural features that help the property blend into an existing community or neighborhood.
“There is an increased interest in manufactured housing throughout the US because of current housing shortages, both in the resale of existing homes, and future inventory based on forecasts of new housing starts,” Guild President and CEO Mary Ann McGarry said. “Guild has been one of the top originators of loans for manufactured homes for some time and we are pleased to offer this new MH Advantage program with Fannie Mae. It comes at a critical time when many potential homebuyers are priced out of the market. This gives them a high-quality option with low down payment and a lower interest rate.”
Guild Mortgage launches program to add solar to mortgage
Guild Mortgage wins Fannie Mae award