PARSIPPANY, N.J., July 17, 2018 /PRNewswire/ -- Recently named a Top Mortgage Lender1, American Financial Resources, Inc. (AFR) announces it is now offering conventional financing for manufactured homes via the newly introduced MH Advantage initiative from Fannie Mae®.
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, American Financial Resources, Inc. "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 down payment as low as 3%. 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," explains 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."
About American Financial Resources (AFR)
American Financial Resources, Inc. (AFR) is one of the leading FHA 203(k) lenders for sponsored originations in the country, and an innovator in the construction and renovation lending area. AFR utilizes the latest technology and delivers educational resources to mortgage brokers, loan originators and their customers. Learn more at www.afrcorp.com.
1American Financial Resources, Inc. (AFR) ranked 18th in wholesale volume and appears as one of the nation's leading companies in overall volume in the annual Top Mortgage Lenders rankings published by Scotsman Guide.
SOURCE American Financial Resources, Inc.