AOD Federal Credit Union will originate and close first mortgage loans secured by manufactured housing units that are legally classified as real property. The unit must be permanently affixed to a foundation and must assume the characteristics of site-built housing. Acceptable examples of manufactured housing include double width and multi-width units. The unit cannot be older than 10 years.
- Square footage of at least 1,200 square feet
- Unit should have at least three bedrooms and two baths
- Classified at minimum as a double-wide unit
- On-site parking
- Permanent stoops and steps with proper footings at each entry/exit
- Minimum roof pitch of four (4) in twelve (12)
- Roof covering of standard composition shingle (asphalt or fiberglass) or better
- Overhand/eaves extending a minimum of 6 inches
- Landscaping that is typical for the area
- Site served by utilities and off-site improvements meeting community standards
- Wheels, axles, trailer hitches, and license plates removed from the unit and the premises
- Permanent foundations and perimeter walls are not required. Steel, plastic or comparable forms of skirting are acceptable.
- Anchored per manufacturer specifications and/or state and local building codes
- Land securing the mortgage must be owned fee simple – no leased land
- Single family owner occupied property
Manufactured Housing Guidelines
- Maximum age of unit – 120 months
- Maximum LTV is 95% – Purchase only
- Maximum LTV is 90% – Refinance
- Application fee of $375 that covers appraisal fee, credit report fee and verification fee
- Must have at least 5% down plus closing costs in reserves for 2 months and able to show proof
- Closing costs can be financed in with the loan on a refinance only
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For more information, please contact a credit union representative today!