Home Finance Center
This section contains Home Financing and Insurance-related information for Homeowners & Homebuyers, ROC Boards and Lenders:
For Homebuyers & Homeowners:
If you are looking to buy or refinance your manufactured (mobile) home in a Resident-Owned Community (ROC) there are a few fundamental elements to understand:
In some cases, the ROC Board of Directors will need to have a separate agreement with the lender to make loans available to buyers.
This website is only informing you of which lenders are lending in ROCs. It is not an endorsement of any lender or loan product.
You will need to talk directly with any lender about financing your home.
Click here to download a list of licensed lenders that we know do lend in ROCs. The lenders are listed by state.
Since the near collapse of the manufactured home finance market in 2000, finding lenders for homes in communities has been quite difficult in some markets. As a result, some “home-only” lenders require special arrangements with community owners in addition to their borrower – the homeowner.
There are two basic types of agreements – Community and Recognition Agreements.
In a nutshell, they ensure that the lender does not lose its ability to resell the home on the leased site following a foreclosure (or repossession) of the home.
In other words, the lender wants to be able to sell the home in place. That’s in everyone’s interest generally. It is also in everyone’s interest to make home loans accessible to buyers in your community.
For Home Lenders:
Welcome Lenders, we’re glad you’re here! There are substantial home lending opportunities in ROCs and we’re happy to introduce you to them.
As representatives of Mountainside Financial, a division of the San Antonio Credit Union, report, home-only loans in ROC USA-style ROCs are no different from any traditional Manufactured (Mobile) Home Community. They’re actually better!
In a ROC, the community and homes are secure and there’s no profit-margin in the monthly lot rents because the ROC Members own the community, too. In research from both 2006 and 2015, ROCs have lot rents that lag the market. It is therefore far less likely that borrowers will suffer big hits to their monthly budgets.
More directly, research has also shown that home-only loans in ROCs perform better than virtually all other manufactured home loans, including those on individually owned land.
With Membership Interests of less than $1,000 (and more generally between $200 and $500), there is no large “share” that complicates home-only lending in ROCs. These are home-only loans in safe, secure, and affordable Resident-Owned Communities.
For more information about financing homes in ROCs, please call Paul Bradley, President, ROC USA, LLC at 603-513-2818.
We know there can be challenges getting insurance for homes in communities. myROCUSA.org is also providing contact information for insurance companies that have obtained policies for homes in our communities in the past. Again, this is not an endorsement of any insurer or insurance product. You are encouraged to ask your own agent and to ask a friend who they use.