Mobile Homes
C.M.H.C. Program
Availability:
This is an ongoing program and will be subject to review.
Eligible Borrowers:
Anyone intending to purchase a manufactured (mobile / modular) home as their principal residence.
Eligible Homes:
New, resale or existing units
- situated on owned or leased land.
- market value estimates may include site servicing costs that typically make up part of the purchase price.
- includes single and multiple widths certified under CSA-Z240 and CSA-A277 standards.
- includes modular units certified under CSA-A277 standards.
- existing units must meet CMHC standards and not need be certified under CSA-A277 or CSA-Z240 standards.
Loan Amounts:
Maximum 95% of lending value (lesser of purchase price or appraised market value).
- funds advancing procedures have been modified to be consistent with regular principal residence guidelines
- single and progressive advances available on new construction
Other Features:
Ammortization to 25 years or "remaining life", whichever is shorter.
- GDS to 32% including principal, interest, taxes, heat & pad rental
- TDS to 40%
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