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For borrowers looking to purchase a manufactured home that is built to meet construction, architectural design, and energy-efficiency standards more consistent with traditional single-family homes, MH Advantage® could be the right mortgage loan option.
Is an MH Advantage loan right for you?
- This loan allows for 30-year fixed-rate financing.
- The down payment can be as low as 3%.
- You have the flexibility to fund your down payment through multiple sources, including gifts and grants.
- There is a potential for lower interest rates compared with other manufactured home financing.
- There is an opportunity for cancelable mortgage insurance once you reach 20% equity in your home.
Why does the MH Advantage sticker matter to homeowners?
The MH Advantage sticker, like the one shown here, identifies homes that meet the standards for an MH Advantage mortgage. The presence of this sticker means that you, and any future buyer of the home, will be eligible for MH Advantage financing, including the benefits mentioned above.
MH Advantage stickers are usually applied near the HUD Data Plate (a government-required sticker) in a discreet location, such as in the utility closet or in a cabinet under the kitchen sink.
If the sticker is removed or damaged, it may impact the ability of the property to qualify for MH Advantage financing in the future, such as in cases of refinancing or resale. If your MH Advantage sticker is removed or damaged, contact the manufacturer of the home to see if a replacement sticker is available.
Read the full article here
