Connecticut residents interested in purchasing a mobile home should consider CHFA’s Mobile Home Mortgage. The program’s low-interest rate and low closing costs can help homebuyers finance a single or double-wide manufactured home in a Connecticut state-licensed mobile park. Applicants must meet Eligibility Requirements below to apply for a loan. Due to a limited amount of funding for this program, approval depends on the availability of funding.
- Low interest rate
- Low closing costs
- Low monthly payment
- Prior homeowners are eligible to apply but they cannot own any other property, including second homes, investment or commercial, at the time of closing on the CHFA first mortgage loan for the new mobile manufactured home.
- The mobile home must be your primary residence. Investment or vacation properties are not allowed.
- The sales price of the mobile home must be within the CHFA Sales Price Limits, and your gross income must be within the CHFA Income Limits. Note: Income limits do not apply if you are purchasing a home in a Targeted Area.
- The CHFA Resource Map can tell you if you are within program eligibility limits.
- The mobile home must be affixed to a permanent foundation, with the wheels, axels, and hitches removed.
- The mobile 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 yearly, renewable lot lease agreement before closing on your loan.
- You will be required to attend a free Homebuyer Education class prior to closing. The class will help you understand the home-buying process and offer tips for maintaining your new home. Classes are held online and at locations across Connecticut.
- You will be required to make a down payment of at least 20%. CHFA will lend up to 80% of either the appraised value or purchase price of the mobile home, whichever is less. The Downpayment Assistance Program (DAP) loan cannot be combined with this program.
How to Apply
You will need to complete an prequalifying application to determine your eligibility. Once this form is completed, contact the CHFA approved lender for this program, Capital For Change, Inc. at (860) 656-5500 or email them at firstname.lastname@example.org