Apply for a purchase, refinance or equity loan for a manufactured home

Who is eligible for a Cooperative Home Loan?

Owners of manufactured homes who live in resident-owned communities in New Hampshire and borrowers who want to purchase a home in those communities can apply for a Cooperative Home Loan from the New Hampshire Community Loan Fund.

Borrowers must have a stable source of income capable of supporting not only this loan, but all of their other debts as well. They must also have a satisfactory record of repayment on past credit. No minimum credit score is required.

What types of loans are available?

Fixed-rate loans for purchase, home equity and refinancing for debt consolidation or home improvement.

Is there any restriction on the age of the home?

No.

What down payment is necessary?

Purchase loans can be made with as little as 5% down. Up to 3% of the purchase price may come from a gift or other such source (such as a contribution from the seller), making the effective minimum down payment from the buyer’s funds as little as 2%.

What interest rate and loan terms do you offer?

Please call us to find out our current interest rate. Loan terms can be as long as 25 years.

What are your closing costs and other fees?

There are no application fees, though a credit report fee of $20 for a single applicant (one person) or $24 for joint applicants (two persons) must be collected at the time of the application.

Closing costs generally run approximately $1,700-$2,000 and cover an appraisal, title insurance, recording fees, NH tax stamps, a loan processing fee, and attorney fees, among other items.

In addition, you’ll be asked to make a deposit into an escrow account to be used for your first real estate tax and homeowners insurance bills.

How do I apply for a loan?

Start right now by rthompson [at] communityloanfund [dot] org (writing) Home Loan Counselor Ron Thompson or calling him at 856-0756. We’ll provide a free, no-pressure consultation, including a review of the terms of your current loan (if you have one).

After that, you can 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.). Please read the checklist (first sheet) carefully, then print, fill in and sign the one-page General Authorization and the four-page Loan Application. Mail them, along with your check for the credit report (see #10 on the checklist), to Ron Thompson, Community Loan Fund, 7 Wall St., Concord, NH 03301.

Appraisals, or in some case, home inspections, are required for all transactions.

Once we have received your application, we may ask for additional documentation. After we’ve received all of the required paperwork, we usually have a decision for you within seven business days.

I need more information …

No problem! rthompson [at] communityloanfund [dot] org (Write) Home Loan Counselor Ron Thompson or call him at (603) 856-0756.