Wells Fargo stated that long-term value for 3D-printed homes should match homes built with traditional construction technologies. The bank described its move as a natural extension of the housing network that can expand supply and create more paths to homeownership. Wells Fargo expects 3D-printed homes to become a viable option within traditional mortgage lending as adoption grows and confidence builds. ICON’s prior 3D-printed units were financed by Lennar, and the companies previously partnered to build a large community in Georgetown, Texas. ICON’s co-founder said preferential treatment from a major bank helps people who do not follow mortgage industry details. ICON also launched Initiative 99, supported by a Wells Fargo-backed grant, and is selling Titan 3D printers to developers with Wells Fargo financing available.
"“We don't have any reason to believe that the long-term value for these homes will be any different from homes that are built based on traditional construction technologies,” Serhat Oztop, head of home lending for Wells Fargo, told CNBC, which first reported the partnership. Wells Fargo noted that it sees the move as a natural extension of the housing network that can expand supply and create more paths to homeownership."
"“As adoption grows and confidence builds, we expect 3D-printed homes to become another viable option that fits within traditional mortgage lending,” the bank said in a statement. In prior projects, ICON's 3D-printed units were financed by Lennar. The companies joined forces in 2022 to build what they billed as the largest community of 3D-printed homes."
"“Having one of the big banking players make such a strong and pointed announcement that we like these houses, we're excited about these houses and, in fact, we're going to give preferential treatment to these houses, I think, helps people just in a broad way who don't track the minutiae of the housing mortgage industry,” Jason Ballard, co-founder and CEO of ICON, told CNBC."
"In 2024, ICON launched Initiative 99, an international competition challenging architects to design homes that could be affordably constructed by its 3D printers for $99,000 or less. Backed by a $500,000 grant from Wells Fargo, the nonprofit Mobile Loaves & Fishes completed the first buildouts of these Initiative 99 designs in its supportive neighborhood for underhoused individuals and families. In addition to consumer mortgages, ICON is currently offering its new Titan 3D printers to developers for $899,000, with Wells Fargo financing available to builders."
Read at www.housingwire.com
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