The Homesfund has just launched a 30 yr fixed loan at 3% to finance non-conforming properties for our moderate to lower income families in the area.
As you are probably aware, certain characteristics of a mobile/modular home might cause these homes to be considered non-conforming (with the mortgage lender) which really limits the financing options available on these homes. Because of the lack of financing options, these homes are usually priced below market and would be perfect for our moderate to low income families. However because of lack of financing options these homes usually get snatched up by cash buyers and turned into rentals.
We would love to see these non-conforming homes get purchased by workforce families so that they can continue thrive in our community.
Below are some highlights of the program:
- Borrowers household must be below 80% Area median income (income limits are listed on the flier)
- 5% down
- 3% fixed 30 year loans
- Minimum 680 Fico required
- Available in La Plata, Montezuma, Archuleta, Dolores and San Juan Counties Colorado