A New Class of homes
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.
“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.”
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