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 visit CHFA’s website and 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 visit CHFA’s website and 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