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Effective Date: Sunday, November 17, 2024
| Property Type | Loan Type | Term | Interest Rate | Points | APR* | Monthly Payment/$1,000 | |
|---|---|---|---|---|---|---|---|
| Single Wide Mobile Home on Land | 3/3 Year ARM 1 | 15 years | 7.250% | 0.00 | 7.945% | $9.13 | Apply Now |
| Double Wide Mobile Home on Land | 3/3 Year ARM 1 | 30 years | 5.000% | 0.00 | 5.229% | $4.47 | Apply Now |
| Double Wide Mobile Home on Land | 5/5 Year ARM 2 | 30 years | 5.500% | 0.00 | 5.738% | $4.73 | Apply Now |
Mobile home financed must be your primary residence. NOTE: One point is equal to 1% of the amount financed. Single wide: Minimum loan amount of $25,000.00; maximum loan amount of $100,000.00. Maximum of a 75% loan-to-value ratio. Double wide: Minimum loan amount of $25,000.00; maximum loan amount of $125,000.00. Maximum of a 80% loan-to-value ratio.
1 Fixed for 36 Months and unlike a 3/1 ARM ours is fixed for the first three years and then rates are subject to change every three years thereafter. The most your rate may increase at each change period/three years would be 2.00%. Rate adjustment increases will not exceed 6.00% over the life of the loan and the lowest rate (floor rate) will not go below your intial rate.
Example: A 3 year Single Wide Adjustable Rate Mortgage with 0 points; the rate would be 7.250%. Based on a purchase of $80,000 with a 25% down payment, the amount financed would be $60,000 with 180 monthly payments of approximately $547.72 (principal and interest), a finance charge of $38,589.19, bringing the total payment to approximately $98,589.19. Monthly payment may change according to adjustment in rate every three years.
Example: A 3 year Double Wide Adjustable Rate Mortgage with 0 points; the rate would be 5.000%. Based on a purchase of $125,000 with a 20% down payment, the amount financed would be $100,000 with 360 monthly payments of approximately $536.82 (principal and interest), a finance charge of $93,255.78 bringing the total payment to approximately $193,255.78. Monthly payment may change according to adjustment in rate every three years.
2 Fixed for 60 Months and unlike a 5/1 ARM ours is fixed for the first five years and then rates are subject to change every five years thereafter. The most your rate may increase at each change period/5 years would be 2.00%. Rate adjustment increases will not exceed 6.00% over the life of the loan and the lowest rate (floor rate) will not go below your initial rate.
Example: A 5 year Double Wide Adjustable Rate Mortgage with 0 points; the rate would be 5.500%. Based on a purchase of $125,000 with a 20% down payment, the amount financed would be $100,000 with 360 monthly payments of approximately $567.79 (principal and interest), a finance charge of $104,404.04 bringing the total payment to approximately $204,404.04. Monthly payment may change according to adjustment in rate every five years.
*APR equals Annual Percentage Rate
**ARM equals Adjustable Rate Mortgage Index for all Adjustable Rate Mortgages is the weekly average of the U.S. Treasury securities for the applicable term. All rates subject to change daily and can only be guaranteed by HRCU Mortgage Department. For more information call (603) 332-6840 or toll free at (877) 895-6840.
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