- January 12, 2017
- Posted by: Michael Meyer
- Category: Uncategorized
Mobile and Manufactured Property Financing
If you are searching for a Mobile Home Loan in Connecticut you have already realized that not many Mortgage Companies provide loans for this property type. We are one of the companies that do offer a solution. But our solution has come limitations. For us to provide financing for a Mobile or Manufactured Home there must be land attached to it (so no Mobile Home Parks). Mobile home loans can be financed using FHA, USDA, VA FNMA programs. There are some guidelines to be aware of when seeking a manufactured home loan with us.
- Minimum of 400 sq. feet for Government and 600 sq. feet for Fannie/Freddie loans.
- Must be constructed after June 13, 1976
- Must be classified as real estate (but not treated as real estate for purposes of state taxation)
- Mortgage must cover both the manufactures home and the site.
- Home must be built and remain on a permanent chassis. (Cannot have been moved from it’s original foundation.)
- Must be designed to be used as a permanent dwelling, with a permanent foundation, built to FHA criteria.
- Term of no more than 30 years. Manufactured home loans can be made for any amount and buyers can qualify with a minimum credit score of 620.
Please call me today so we can give you a free consultation on your upcoming Mobile Home loan in Connecticut (Refinance or Purchase)
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457
Residential Clients: Click Here For Application