Both modular and mobile homes are assessed the same way at New Haven. Firstly, the building must be on concrete poured or block foundation (slab foundations will not be considered).
If the property is on leased land, New Haven will still consider the deal. A copy of the lease agreement and mobile park rules and regulations will be required upfront (No Native or Crown Leased Land). The park needs to provide approval so New Haven can register a PPSA against the property.
New Haven may approve between 65% to 75% LTV on modular or mobile homes.
To inquire about a refinance, it is as easy as these 4 questions:
- Where is the property located?
- How much is it worth?
- What is owing against it and with which lender(s)?
- What do you need?
To inquire about a purchase, please provide the following:
- Where is the property located?
- What is the purchase price?
- What is the property type?
- How much is the down payment?
*Other information will be required for final approvals such as rental acknowledgement(s) and assignment of rents*
To inquire about a modular or mobile home, please email us at inquiries@newhavenmortgage.com
