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Wells Fargo $WFC +0.63% will offer a 50 basis point lender credit to buyers of homes built with ICON's 3D printing technology, the two companies announced, marking a significant shift in traditional mortgage financing for 3D-printed homes, according to CNBC.
Wells Fargo will become ICON's preferred lender for 3D-printed homes on the market. The bank will also offer financing to builders who purchase ICON's printers, according to CNBC.
"We think the technology that Icon has built has the potential to lower construction costs and to speed up homebuilding at a time when we are seeing broader challenges in housing affordability and access to homeownership," said Serhat Oztop, CEO of home lending at Wells Fargo.
Traditional mortgage financing has historically been out of reach for buyers of 3D-printed homes, as banks wrestled with questions ranging from the durability of the construction method to resale potential and whether such loans could be packaged or insured, according to CNBC. At ICON's first completed community built with Lennar in Texas last year, Lennar's own mortgage arm handled all financing.
