eLEND expands its financing program for prefabricated houses
As Housing Inventory Remains Low, eLEND Furniture Financing Enables Consumers to Enter the Manufactured Home Market
PARSIPPANY, NJ, July 28, 2022 /PRNewswire/ — eLEND, a consumer-facing division of American Financial Resources, Inc. (AFR) and a leading provider of home mortgages, is pleased to announce the expansion of its manufactured home financing and financing program. movable property. Now available in 45 states nationwide*, the program aims to provide a financing opportunity to secure prefab homes for traditional buyers and first-time buyers looking for their dream home. This program will still be offered under ManufacturedHome.readya subdivision of AFR focused on consumers and specialized in the loan of manufactured homes, and will now be able to reach a greater number of families.
Whether on private land or in a park, eLEND and ManufacturedHome.loan can help potential buyers secure furniture financing for manufactured or mobile homes that are not permanently attached to the lot. Available programs may offer eligible borrowers an option for a 5% down payment and the ability to finance closing costs, with terms up to 25 years for new construction and 23 years for existing homes.
“As housing inventory remains low, entering the manufactured home market is a great option for closing a brand new home,” said Christophe 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 first-time home buyers, veterans, or families without a budget for a large down payment. Without many new budget homes on the market and with rates constantly rising, our loan officers at eLEND and ManufacturedHome.loan are thrilled to offer Chattel Home-Only financing as another way for families to secure their dream home.”
Buyers entering the world of manufactured homes benefit from reduced construction costs and accelerated lead times compared to site-built homes, as there are no delays or weather-related damages throughout the construction process. construction. Manufactured homes also require multiple inspections throughout construction to ensure structural stability. With floor plan variations and amenities that resemble site-built homes, buyers can even customize these properties the same as any new-build on-site.
The program adds to eLEND’s existing financing options for land and homes, or real estate, which include a suite of FHA loans, VA loans, USDA loans, and conventional loans. With an ever-growing 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 more information on eLEND’s latest extension to home-only financing, schedule a call with a trusted eLEND Loan Officer today. For more information about eLEND and its current product offerings, please visit www.eLEND.com.
*For available states, please contact an eLEND representative.
eLEND is one of the Consumer Direct divisions of American Financial Resources, Inc., providing first-time home buyers and existing homeowners with affordable mortgage options. From 30-year fixed rate mortgage programs to variable rate mortgages and zero down payment options to loans for refinancing an investment property, eLEND offers mortgages for many property types and financial situations. eLEND uses the latest technology to provide educational resources to customers to simplify the mortgage process and provide consistent, dedicated service with a personal touch. Lender NMLS 2826 to www.nmlsconsumeraccess.org. For more information, visit www.eLEND.com.