Fair, fixed-rate mortgage loans in resident-owned communities

Melanie Barker outside her home

We know how hard it is for owners and buyers of manufactured homes to find fixed-rate, long-term mortgage loans.

That’s why, since 2002, the Community Loan Fund has offered Cooperative Home Loans to people and families who live in, or want to purchase a manufactured home in, resident-owned communities in New Hampshire.

Some facts about our Cooperative Home Loans:

  • Single-family first-mortgage loans for purchase, refinance or home equity
  • Only for manufactured homes (sometimes called mobile homes) in resident-owned communities in New Hampshire
  • No limit on age of house
  • No minimum credit score required, but satisfactory record of repayment on past credit needed
  • Minimum down payment of 5%; at least 2% must come from the borrower, the rest can come from gifts or from the seller
  • Fixed interest rate with no points
  • Terms from 5 to 25 years
  • No private mortgage insurance required
  • Appraisal required for loans over $10,000

We will lend up to:

  • 95% of the lower of the purchase price or appraised value for a purchase mortgage loan
  • 95% for the refinance of an existing mortgage loan, and
  • 85% of the appraised value for “cash out” refinances and home equity loans

Ready? Download our mortgage application package. (NOTE: Pages 3-6 are formatted for legal size (8½-by-14) paper; to print on 8½-by-11 sheets you'll need to adjust your computer's printer setting to scale the document to fit the printable area.)

Bank financing may be an option

If you live in one of the co-ops listed below, you might also qualify for conventional mortgage financing through the Community Loan Fund’s pilot program with St. Mary’s Bank and Merrimack County Savings Bank:

  • Camp Sargent Road Cooperative, Merrimack
  • Lakes Region Cooperative, Belmont
  • Lilac Drive Cooperative, Raymond
  • Medvil Cooperative, Goffstown
  • Otarnic Pond Cooperative, Hudson
  • Tamworth Pines Cooperative, Tamworth

For more information about this program, please contact:

If your resident-owned community has not been certified for this loan program, we strongly encourage you to ask your Board of Directors to contact Chris Clasby at ROC-NH by email or at 224-6669.