Lethbridge Real Estate - Financing Modular and Mobile Homes:
Some details about financing for mobile homes include:
· All financing for mobile homes is done through an insurer.
· Financing is at posted rates, no discounts are available.
· Maximum age of the mobile is 20 years.
· Amortization is a maximum of 25 years for units on leased land, and can go to 35 years for units on owned land. Amortization may be reduced based on age and remaining economic life. For used units, please provide us with information on upgrades to support the remaining economic life and requested amortization.
· Mobiles can be located on owned land or on lease lots in mobile home parks.
· If the unit is located in a mobile home park, then the full lease pad rental is included in the GDS ratio.
For modular units:
· Unit must be on owned land – no leased lots.
· If the unit is placed on a full foundation, standard underwriting applies and the mortgage would be eligible for discounted rates.
· If the unit is not on a full foundation, conditions apply as per mobiles.
Draws are possible in some situations:
· Must be an insured deal
· Advance schedule:
Up to 15% on completion of the foundation
Up to 85% on confirmation of delivery of the unit
100% on completion