Mobile Manufactured Home Loan Program

Borrowers looking to purchase or refinance a mobile manufactured home in Connecticut should consider CHFA’s Mobile Manufactured Home Loan financing. The program’s low interest rate and low payment make homeownership more affordable.  Applicants must meet Eligibility Requirements below to apply for a loan.  Funding is limited and once exhausted, no further reservations will be accepted.

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  Benefits 

  • 3.00% interest rate
  • Low monthly payment with up to 30 year amortization
  • 100% Loan to Value (no down payment required)
  • Purchase or Refinance

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  Eligibility Requirements

  • May be first-time or repeat homebuyer, or an existing homeowner wishing to refinance.
  • The mobile home must be your primary residence. Investment or vacation properties are not allowed.  Borrower(s) cannot own any other property at the time of closing.
  • Not to exceed 100% area median income as determined by Fannie Mae and Freddie Mac.
  • Maximum $150,000 loan amount
  • 50.00% Total Debt to Income Ratio Maximum 

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  Property Guidelines

  • The home must have the wheels, axles, and hitches removed.  New construction requires a permanent foundation.
  • The home must be a year-round home and be located in a state-licensed mobile home park.
  • You will be required to enter into a renewable lot lease agreement or lot rent agreement for a minimum of one year, before closing on your loan. 

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  Additional Considerations

   

  • 15 or 30 years fully amortizing - available for loan amounts greater than $5,000
  • 15 years fully amortizing - available for loan amounts less than or equal to $5,000
  • No cash out refinance of existing mortgage 
  • CHFA down payment assistance loans cannot be combined with this program.
  • You will be required to attend a free Homebuyer Education class prior to closing if you are a first-time homebuyer (have not owned in the past 3 years).  Classes are held online and at locations across Connecticut.

How to Apply

To apply for the Mobile Home Program, contact one of these CHFA-Participating Lenders:

Capital For Change, Inc                        Phone:  855-656-5500        Email: lending@capitalforchange.org 

First World Mortgage Corp.             Phone:  860-233-5626        Email:  bob@firstworld.com