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Posts Tagged ‘private lender’

Veterans Administration Offers Manufactured Home Loans

June 23rd, 2013 Comments off

The Veterans Administration (VA) Home Loan allows qualified veterans the opportunity to purchase a home, including a manufactured home, with or without a site, or to buy and improve a site, with no down payment. Although the veteran is required to live in the house, the borrower’s spouse also satisfies the occupancy requirement. The VA will protect a private lender of a manufactured home loan up to 40 percent of the amount (no more than $20,000) if the veteran or a later owner of the home fails to make good on the loan. As military.com tells MHProNews, a veteran may also buy income property, up to four units, providing the borrower occupies one of the units.

(Photo credit: Horizon Land Co.)

$4.2M 207M Loan Approval by HUD

June 29th, 2012 Comments off
MHProNews has learned that the HUD Multi-Family Staff pre-approves loan for refinancing and rehabilitation, in this case, of the first manufactured home land lease community. The new loan will provide $4.2m in funding from a private lender for a resident owned cooperative located on popular Bainbridge Island in Puget Sound. MHProNews.com featured writer Eddie Hicks was instrumental in the process of obtaining the FHA207m. The under-used program offers 40 year, non-recourse loan program that can be used for a new acquisition and development or communities needing updates and repairs.
(Photo credit: MHProNews)