ATLANTA, April 25, 2019 /PRNewswire/ --Silverton Mortgage announces the launch of its MH Advantage® program by Fannie Mae, which offers the flexible, affordable benefits of conventional mortgages to buyers of qualified off-site built homes (also known as manufactured homes). The new program offers reduced interest rates, lower down payments and traditional longer mortgage terms for MH Advantage® homes, which include higher-end features like lower profile foundations; carports, garages or covered porches; higher pitch roof lines; energy efficiency enhancements; and upgraded cabinets for kitchens and bathrooms. For the first time ever, when off-site built homes are constructed with these features, they can qualify for the MH Advantage® program and appraise similarly to site-built housing.
The interiors of a MH Advantage® home feature a drywall finish and upgraded cabinets in the kitchen and bathrooms.
A MH Advantage® home bridges the affordability gap and allows more Americans to achieve the dream of homeownership.
The MH Advantage® home has a Mortgage Financing Notice placed in the home to indicate to an appraiser to use the best and most appropriate other sales available, which may include sales of site-built homes.
MH Advantage® homes will fit seamlessly into existing or new neighborhoods. The homes come with features like lower profile foundations, higher pitch rooflines, garages, porches and dormers.
MH Advantage® allows potential homes buyers to get the design features they want, at an attainable price.
"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. This ground-breaking program offers a specialized mortgage option for homes constructed inside building facilities using the efficient production line method," said Josh Moffitt, president of Silverton Mortgage. "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."
The MH Advantage® program is backed by Fannie Mae and includes a streamlined underwriting and origination process, with higher loan-to-value ratios (LTV) and the ability to combine with HomeReady™, HFA Preferred and other Fannie Mae mortgages.
In addition to MH Advantage®, Silverton Mortgage has recently added several other innovative mortgage solutions this year. The new hybrid e-closing process reduces the closing table experience to as little as 10 minutes to save the buyer, agent and closing attorney time. Other new lending products include a special financing program for self-employed buyers, and down payment assistance programs.
All loans subject to credit approval. Program availability may vary. Contact Silverton for details.
About Silverton Mortgage
Silverton Mortgage is a direct residential mortgage lender serving borrowers across the United States. Founded in 1998, Silverton offers a wide range of mortgage products including purchases, refinances, conventional, FHA, VA USDA, HARP and Jumbo loans. As a direct lender, the entire loan process, from application to closing, is managed in-house. This way, loans close faster and clients know what's going on every step of the way. Silverton Mortgage's Corporate Office is located in the heart of Midtown Atlanta with branch locations throughout the nation. Vanderbilt Mortgage and Finance Inc. dba Silverton Mortgage - NMLS 1561; (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by the N.J. Department of Banking and Insurance, Licensed by PA Dept. of Banking, Rhode Island Licensed Lender and Equal Housing Opportunity– 855-815-0291. For more information, see www.silvertonmortgage.com.
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