CHFA Mobile Home Purchase Mortgage

This program is for qualifying applicants purchasing a mobile home located in a state-licensed mobile home park within Connecticut. This is an income-targeted program, with income limits for the program set by the Connecticut Housing Finance Authority (CHFA). Thirty-year fixed-rate term financing at a low interest rate can be secured with a minimum down payment of 20%. These loans are not eligible for down payment assistance. A good credit history is also required.

Applicant Requirements:

• Applicant must be within program income limit (determined by town and household size)
• Must intend to occupy the property year-round
• Prior homeowners are eligible, but may not own any other residential or commercial property at the time of purchase
• Must have 20% down payment from an eligible source
• Must attend homebuyer education course prior to purchase

Key Loan Features

• Low interest rate
• 30-year fixed rate term
• Low closing costs
• No application fee
• No prepayment penalty
• No mortgage insurance required
• Taxes, insurance, and park rent are all escrowed

How to Apply

Please click here to download the program application. This application should be submitted directly to our office via email (lending@capitalforchange.org) or fax (860) 233-3920.

Questions?

For more information about the program, please click here.

For questions about the application process, please email lending@capitalforchange.org or call (855) 656-5500

CHFA Mobile Home Refinance Mortgage

This program is for qualifying owners of a mobile home located in a state-licensed mobile home park within Connecticut. This is an income-targeted program, with income limits for the program set by the Connecticut Housing Finance Authority (CHFA). The program is designed to assist homeowners with higher interest rates refinance into a more affordable rate. Good credit history is required.

Applicant Requirements:

• The home must be located in a state-licensed mobile home park
• Applicant must be a year-round resident of the home
• Applicant must have owned the property for at least 12 months and made at least 12 consecutive on-time mortgage payments
• The applicant may not own any other residential or commercial property
• Applicant must be within program income limit (determined by town and household size)
• Existing loan must have an interest rate of 6.00% or higher and a remaining term of at least 5 years
• Must have a minimum of 20% equity in the home (Loan may not exceed 80% of the home value)

Key Loan Features

• Low interest rate
• 20-year fixed rate term
• Low closing costs
• No application fee
• No prepayment penalty
• No mortgage insurance required
• No cash out
• Taxes, insurance, and park rent are all escrowed

How to Apply

Please click here to download the program application. This application should be submitted directly to our office via email (lending@capitalforchange.org) or fax (860-233-3920).

Questions?

For more information about the program, please click here.

For questions about the application process, please email lending@capitalforchange.org or call (855) 656-5500