Mobile Manufactured Home Loan Program
Program Overview
The Mobile Manufactured Home Loan
Program offers mortgages at
affordable interest rates to
eligible state residents interested
in purchasing a mobile manufactured
home in a Connecticut state-licensed
mobile park. Generally, qualified
applicants are first-time homebuyers
and must otherwise qualify for a
CHFA mortgage. (See,
Homebuyer Mortgage Program for
CHFA mortgage eligibility
guidelines.)
Please note:
Eligibility for this program also
depends on the continued
availability of state funds that
have been set aside to help finance
these types of homes.
Follow the links below for more information regarding the
Mobile Manufactured Home Loan Program.
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Mobile Manufactured Home Loan Interest Rates
Currently, the Mobile
Manufactured Home Loan Program is providing mortgages at the
following rate:
- Interest rate: 3.250%** (APR range 3.35 - 3.75%)
- Fees: Up to One Point (1% Origination Fee) * Payable to Lender
- Term: 15 or 30 years, fixed rate
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** Please note, this rate is subject
to change and additional lender fees may apply.
Who can
apply for a Mobile Manufactured Home loan?
The program is intended for first-time homebuyers who meet
standard CHFA mortgage eligibility guidelines. (See,
Homebuyer Mortgage Program.) Prospective applicants must
complete a program criteria worksheet to determine their
eligibility for the loan before they are permitted to submit
a formal application for the loan.
- Who are considered first-time homebuyers?
First-time homebuyers are those who have never purchased
a home before or have not had an ownership interest in a
principal residence for the past three years.
- What are the income guidelines to qualify for this loan?
An applicant’s annual,
before-tax household income must not exceed the CHFA
income limits that apply to the geographic region
where the applicant intends to purchase a home.
Household income is calculated by combining the income
of all resident adults, 18 or older, who are not full time students.
What
types of property can you purchase
with a Mobile Manufactured Home loan
?
The Mobile Manufactured Home
Program requires that loan
applicants purchase mobile homes
that meet specific property and
sales price guidelines.
- Property Guidelines:
In order to qualify for this program, the applicant must use the loan
to purchase a single or double
wide mobile home in which he or
she will reside year-round. The
applicant may not use the loan
to purchase recreational,
vacation, investment, commercial
or rental properties. No part of
the purchased property may be
designed for commercial purposes.
In addition, the mobile home
must meet the requirements
listed below:
- The mobile home must
comply with
FHA guidelines on mobile
homes.
- The mobile home must be
located in a state-licensed
mobile home park.
- The mobile home must
have been manufactured no
earlier than 1976. (Case by
case exceptions to this
requirement may be made at
CHFA's discretion.)
- The mobile home must be
affixed to a permanent
foundation, with the wheels,
axles and hitches removed.
- A mobile home that is
located in a Mobile Home
Park that has a Co-op entity
is not eligible for
financing under this
Program.
- A mobile home that is
located in a Mobile Home
Park that is a 55+ Community
is not eligible for
financing under this
Program.
- Sales Price Guidelines:
In order to qualify for this
program, the purchase price of a
home must not exceed the CHFA
sales price limit established
for the specific city or town in
the state where the property is
located. (See, the
CHFA sales price limits.)
What else should you know about
a Mobile Manufactured Home loan?
The following additional considerations
and restrictions apply to Mobile
Manufactured Home loans.
- A minimum down payment of 20% is required.
Under this program, CHFA will lend up to 80% of either
the appraised value or the purchase price of the mobile
home, whichever is less.
- A lot lease agreement is required.
A qualified borrower under this program must enter into
a yearly, renewable lot lease agreement before he or she
will be permitted to close on the mortgage. The
borrower must also enter into a Lessor’s Agreement which
assigns CHFA rights to the lease in the event the
borrower fails to fulfill any of his or her obligations
under the loan.
- You are required to retain an attorney.
Borrowers under this program must hire an attorney to
represent them in this transaction and must agree to pay
their attorney’s fees.
- You may be required to pay a special federal
tax if you sell your home within nine years.
Under rare circumstances, CHFA mortgage loans may be
subject to the
Federal Recapture Tax at the time the property is
sold. The tax might apply if a borrower sells his or
her home within nine years of the purchase date, makes a
profit on the sale and has an income that exceeds
federal recapture tax limits at the time of the sale.
How do you apply for a
Mobile Manufactured Home loan?
The Mobile Manufactured Home Loan
is originated and serviced by the
Connecticut Housing Investment Fund
(CHIF), a CHFA Participating Lender.
Applicants to this program must
first complete a
criteria worksheet and then
contact CHIF to begin the loan
application process.
Generally, the time from loan application to closing is
about six to eight weeks. CHIF will schedule a closing date
once all required documentation is approved and processed.
Questions?
Prospective borrowers should
contact CHIF for more
information on the Mobile
Manufactured Home Loan Program.
Mailing Address:
Connecticut Housing Investment Fund
121 Tremont Street
Hartford, Connecticut 06105
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Additional questions on the Program may be directed to CHFA's Single Family Underwriting Department at:
Additional Information
The following documents are
related to the Mobile Manufactured
Home Loan
Program. To open and view the
document, click on the document
title.
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