Advisories
Advisory 10
Manufactured Homes Amortization
We have reviewed our position in relation to maximum
amortization periods for Manufactured Homes. The
definition of a Manufactured Home is contained in
the Credit Union's approved Loan Policy. To assist
credit unions who are competing in this market,
we are prepared to increase the amortization periods
on Manufactured Homes to the following:
- twenty (20) years on manufactured homes that
are less than five years old.
- fifteen (15) years on manufactured homes that
are greater than five years.
- the total of the effective age of the manufactured
home (as determined by an appraisal) plus the
amortization period cannot exceed 25 years.
Should your Board wish to modify this section of
the credit union's loan policy, you should forward
the request for change to our office.
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