MANCHESTER, N.H. – St. Mary’s Bank, celebrating its 100th anniversary, yesterday announced a pilot program to offer manufactured (mobile) home loans, the first credit union in the state to do so.
The nation’s oldest credit union was invited by the New Hampshire Community Loan Fund to offer a special mortgage program as part of its national demonstration project aimed at making affordable financing available in manufactured home communities. Previously, manufactured homebuyers and homeowners had few options when it came to financing, and often had to resort to shorter-term loans with higher interest rates.
To be eligible for financing from St. Mary’s Bank, residents living in a manufactured housing park first must apply as a group to Fannie Mae to achieve formal status as a resident-owned community.
The New Hampshire Community Loan Fund is a nonprofit organization based in Concord that connects people and families with the loans, training and advice that allow them to buy and keep homes, have secure jobs, and become economically stable.
