Cooperative Home Loan Program

FAQ

Are you buying a manufactured home?

Does it make sense to refinance your existing mortgage?

Is your home debt-free and do you want to make improvements?

If the answer is YES to any of these questions, and if the home is in an eligible resident-owned community, the Community Loan Fund's Cooperative Home Loan Program can help. The Community Loan Fund is a non-profit organization that has supported resident-owned manufactured housing communities for 26 years.

How would I benefit from your home loan?

It depends on your situation:

• If you are buying a home in a resident-owned community, we can offer competitive financing.
• If you are currently own a home, refinancing through us might save you thousands of dollars in interest charges.
• If you currently own a home, you might qualify for an equity loan for home repair or renovation.
• If you are selling a home, we can offer your buyer attractive financing terms.
  

How do I qualify?

The home must be located in a resident-owned community that meets the eligibility standards of the Community Loan Fund. Other requirements include:

• The property must be owner-occupied.
• As a borrower, you must have the ability to repay the loan.
• You must have a satisfactory credit history.

How much can I borrow?

The amount is determined by the appraisal value of the home and your ability to repay.

What are the loan terms?

• The interest rate is fixed. (Call us for current rate.)
• The length of the loan is based on the remaining economic life of the home, determined by an appraisal.
• Homeowner’s insurance is required.
• Escrow for real estate taxes and homeowner’s insurance may be required.

How much money will I save?

Plug your current loan terms and our rate into our online refinance calculator and find out.

Can I pre-qualify for a loan?

Download our application package (NOTE: you will need 8 1/2-by-14 legal paper to print this pdf correctly). Please read the checklist (first sheet) carefully, then print, fill in and sign the one-page General Authorization and the four-page Loan Application. Mail them with your check (see #10 on the checklist) to Nadine Salley, Community Loan Fund, 7 Wall St., Concord, NH 03301.

How can I get more information?

To apply for a loan or for more information, contact Nadine Salley, Director of Lending, at (603) 224-6669 ext. 240, or nsalley@theloanfund.org.