Home Only Loans
Make Your House a Home.
Home Only Loans are loans made on the purchase or refinance of a manufactured home that is not permanently affixed to real estate. These types of loans are generally used for manufactured homes that are going into a community or on land that you do not own. Unlike traditional mortgages the terms on these loans are capped at 300 months (25 years) and the interest rate is typically 3% to 5% higher when compared to traditional mortgage rates. The advantage of this loan product is it allows the consumer the flexibility to get a mortgage on a new or used manufactured home without the need of owning real estate.
If you would like to learn more, contact us today!
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IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the Federal government fight the funding of terrorist and money laundering activities, the Federal law now requires all financial institutions to obtain, verify and record information that identifies each person who opens an account or applies for a loan.
WHAT THIS MEANS TO YOU
When you open an account or apply for a loan, we will ask for your legal name, address, date of birth and other information that will allow us or others to identify you. We will also ask to see your valid driver's license or other identifying document.
NOTICE TO ALL APPLICANTS
A Consumer Report may be requested in connection with this application for credit or any future update, renewal, or extension of such credit. Upon request, you will be informed whether or not a consumer report was requested. If a report was requested, you will be informed of the name and address of the consumer reporting agency that furnished the report.