If you're purchasing a MANUFACTURED HOME then this may be the mortgage for you. The following criteria is for both the purchase of an existing manufactured home & the refinance of a manufacture home.
- Unit may be a single or double wide & cannot be older than 20 years. Verification of age will be needed.
- Borrower must own the land where the unit is located. A mortgage will be placed on the land. Title insurance (purchase) or Title Certificate (refinance) will be required on the land.
- If the title to the unit has not been surrendered, InFirst Bank will hold the title as collateral with the Bank's encumbrance noted thereon.
- Unit may be set on a slab, block, full foundation, or pier. Towing hitch, wheels & axles must be removed.
- Maximum fix-rate term is 240 months. Maximum loan-to-value is 85%. PMI will not be offered. Borrower will pay all fees associated with the loan.
The following criteria applies to CONSTRUCTION LOANS for a Manufactured Home
- InFirst Bank will finance new single or double wide units only.
- Home must be set on a permanent foundation (which includes a slab) or a code compliant pier set where the title has been relinquished. Verification will be provided through the manufactured home dealer where the unit is being purchased.
- Maximum fixed-rate term is 300 months
- Maximum loan-to-value is 85%. PMI will not be offered.