How to Obtain a Home Loan in a Cooperative
- barefoot realty
- Aug 24
- 2 min read
By Barefoot Realty Group, Brokerage Agent for Americana Cove
We hear a lot of misinformation regarding home loans for manufactured housing. Pass along this information to your friends and family who may be interested in a home but thought financing wasn’t available.
Most banks will not do loans in a Florida cooperative, which is how Americana Cove is structured. “The reason is that most lenders don’t make enough of these types of loans to have staff who are trained to complete the loan,” explains Broker Marty Pozgay. The lender must be familiar with Florida Statute 719, the Cooperative Act.
Fortunately, there are three lenders who do have the expertise to make home loans in a cooperative and these three lenders have successfully completed many loans at Americana Cove. Another misnomer we hear is that lenders will not make mobile home loans, especially on older homes. “That simply is not true either,” says Pozgay.
Here are the lenders who will write loans in a cooperative and their criteria:
• SouthState Bank is a regional bank that serves eight states. They will do a home loan on any age of mobile/manufactured home. SouthState will do loans up to $200,000. The price of the home and share can be higher, but the loan amount cannot exceed $200,000.
• Central Bank, Tampa, FL is a neighborhood bank that has completed many loans at Americana Cove. They will do loans on mobile homes from 1976 and newer and they do not restrict the loan amount.
• 21st Mortgage Corporation is a national online lender that does only manufactured home loans. They have no restrictions on loan amount or age of home and will do homes in a cooperative. This company has completed loans in Americana Cove.
Each lender has loan officers who have successfully closed loans in Americana Cove. Contact Barefoot Realty by phone or e-mail to request lender contact information. Finally, there are some local credit unions who will make manufactured home loans in cooperatives for their customers. If you are a member of a credit union, you should inquire.
