Another N.H. first: Low-interest-rate loans for manufactured homes
by Personal del Fondo de Préstamos Comunitarios
on March 2, 2018
New Hampshire has been first-in-the-nation for many things. The first alarm clock was invented in 1787 by Levi Hutchins of Concord. The first potato was planted in Londonderry in 1719. And every four years we hold the first-in-the-nation presidential primary.
Now, we can claim another “first.” Homeowners and homebuyers in resident-owned manufactured-home communities (ROCs) in New Hampshire can save money by financing, or refinancing, their homes with fixed interest rates as low as those of site-built homes.
Along with lower rates (see today's rates), the Home Preferred Manufactured Housing in ROCs loans offer low down payments and low mortgage insurance requirements. Requirements include a maximum allowable income, owner occupancy, and homebuyer education for first-time homebuyers.
This special financing is available, so far, in 15 N.H. ROCs that have been approved by the federal Fannie Mae program, and offered through the New Hampshire Community Loan Fund and New Hampshire Housing. Homeowners in these co-ops can potentially save thousands of dollars over the lives of their home loans.
Other ROCs are in the process of seeking approval for Home Preferred. If you’d like to take advantage of these low rates, and you live in a co-op that isn’t on the list below, call ROC-NH to get more information about the eligibility process, then talk with your board of directors about applying for the program.
Our ROC-NH team will work with your directors on their application.
Start your co-op’s application by emailing Chris Clasby
or calling him at (603) 856-0723.
If your co-op, or you, don’t qualify for Home Preferred, you may still be able to purchase or refinance a home through our Welcome Home Loans.
You’ll find more information on our website.
New Hampshire Community Loan Fund, Inc. NMLS #253893. Licensed by the New Hampshire Banking Department.