twenty four CFR §- Manufactured home loan eligibility
(a) Debtor qualifications. Is eligible for a produced home loan (whether or not a made house pick financing, a made house parcel financing, otherwise a combination loan), new debtor need end up being the holder of your own variety of property and this will be financed having such a loan. The spot where the loan pertains to a produced domestic that is classified just like the realty, ownership of the home have to be inside the fee-simple. In which the loan comes to a manufactured household package, control of your lot must be when you look at the fee simple, but where in fact the lot include a share inside the a good collaborative relationship and that possess and you will operates a made home park.
(1) The mortgage continues may be used for the purchase or refinancing from a manufactured home, a suitably establish package on which to put a made house currently belonging to the brand new debtor, or a manufactured home and a correctly created lot for the house into the integration. The borrowed funds continues could also be used so you can refinance a preexisting are formulated house currently owned by the latest borrower concerning the the new acquisition of a manufactured house package, or perhaps to refinance much already owned by new debtor in the exposure to the purchase out-of a produced household. Where continues are to own a produced house pick mortgage otherwise consolidation mortgage, the home must be the borrower’s prominent residence. Read more “twenty four CFR §- Manufactured home loan eligibility”
