While Housing Inventory Remains Low, eLEND's Chattel Financing Allows Consumers to Enter the Factory-Built Home Market
PARSIPPANY, N.J., July 28, 2022 /PRNewswire/ -- eLEND, a consumer-facing division of American Financial Resources, Inc. (AFR) and a leading provider of home mortgage loans, is pleased to announce an expansion of its Manufactured Home Financing and Chattel Home-Only Financing program. Now available in 45 states nationwide*, the program aims to provide a financing opportunity for securing manufactured housing to traditional and first-time homebuyers searching for their dream homes. This program will still be offered under ManufacturedHome.loan, a secondary consumer-facing division of AFR specializing in manufactured home lending, and will now be able to reach so many more families.
Whether it's on private land or in a park, both eLEND and ManufacturedHome.loan can help prospective buyers obtain chattel financing for manufactured or mobile homes that are not permanently affixed to the land. Available programs may provide eligible borrowers an option for a 5% down payment and the opportunity to finance closing costs, with terms of up to 25 years for new construction and 23 years for existing homes.
"As housing inventory remains low, entering the factory-built home market is a great option to close on a brand new home," said Christopher Guerin, Executive Vice President of Origination and Business Development at eLEND's parent company, American Financial Resources. "Our mission remains to help the underserved, whether it be first-time homebuyers, veterans, or families without the budget for a hefty down payment. Without many new, budget-friendly houses on the market and with rates continuously increasing, our loan officers at eLEND and ManufacturedHome.loan are excited to offer Chattel Home-Only financing as another avenue for families to secure their dream home."
Buyers who enter the world of factory-built housing benefit from lower construction costs and accelerated timelines versus site-built homes as there are no weather-related delays or damages throughout the construction process. Factory-built homes also require multiple inspections throughout construction to ensure structural stability. With floorplan variations and amenities that look and feel like site-built homes, buyers are even able to personalize these properties the same way as any on-site new build.
The program adds to eLEND's existing land & home, or real property, financing options, which include a suite of FHA loans, VA loans, USDA loans and Conventional Loans. With an always-expanding list of products introduced based on market demand including Non-QM, VA Renovation, Down Payment-Assistance Program, One-Time Close Construction and more, eLEND has a program for everyone, cementing the company's commitment to always find the best option to serve their customers.
For additional information about eLEND's latest Chattel Home-Only Financing expansion, schedule a call with a trusted eLEND loan officer today. For more information about eLEND and its current product offerings overall, please visit www.eLEND.com.
*For available states, please contact an eLEND representative.
eLEND is one of American Financial Resources, Inc.'s Consumer Direct Divisions, offering first-time homebuyers and existing homeowners affordable mortgage options. From 30 year fixed rate mortgage programs to adjustable rate mortgages and from zero down payment options to loans for refinancing an investment property, eLEND offers mortgages for many types of property and financial situations. eLEND utilizes the latest technology to deliver educational resources to customers to simplify the mortgage process and provide consistent and dedicated service with a personal touch. Lender NMLS 2826 at www.nmlsconsumeraccess.org. For more information, visit www.eLEND.com.