7/7/2008: St. Mary’s Bank is First Lender in the Nation to Make Mortgage Loan to Buyer of Manufactured Home
Credit union grants first traditional single-family home loan to New Hampshire resident through manufactured housing pilot program.
On June 27, the credit union helped one area resident become the first in the nation to receive traditional mortgage financing on a manufactured home. The loan was made to Janet Warren through an affordable housing pilot program launched by the New Hampshire Community Loan Fund and backed by Fannie Mae.
Warren, previously of Fremont, is now the proud owner of a home in a resident-owned community in Raymond. “I’m not sure what I would have done for financing without this program,” said Warren. “Being able to work with a lender like St. Mary’s Bank has made this a great experience for me.”
“We hope this is the first of many manufactured home mortgage loans that St. Mary’s Bank will write, on the same terms as those for other homes,” said Juliana Eades, president of the New Hampshire Community Loan Fund. “We’re confident that, together, St. Mary’s and these homeowners will demonstrate that these are solid, reliable borrowers worthy of the equity and tax advantages that other homeowners have long enjoyed.”
“St. Mary’s Bank has taken the lead in offering conventional financing to buyers of manufactured homes for good reason,” said Barbara Cunningham, St. Mary’s Bank Vice President of Residential Lending. “Borrowers in this group meet many of the same qualifications as a traditional homebuyer. The only difference, in many cases, is the type of property being purchased. Our participation in the Loan Fund program supports our ongoing effort to make homeownership affordable for more people in the communities we serve.”
St. Mary’s Bank is one of two lenders invited by the New Hampshire Community Loan Fund to offer the special mortgage program aimed at making affordable financing available in manufactured home communities. Previously, these homebuyers and homeowners had few options when it came to financing, and often had to resort to shorter term loans with higher interest rates.
The credit union began offering the new mortgage program last month.
To be eligible for financing from St. Mary’s Bank, residents living in a manufactured housing park must first apply as a group to Fannie Mae to achieve formal status as a resident owned community. More information is available by calling St. Mary’s Bank at 1-888-786-2791.
About New Hampshire Community Loan Fund
L - R: Kathy Falwell, Closing Specialist, St. Mary’s Title Services, Larry George, Mortgage Loan Officer, St. Mary’s Bank