Mobile Home Loans
Mobile homes must be located within the state of Maine. Terms and conditions are based on credit score and amount being financed.
New Mobile Homes
- OTIS will finance up to 80% of the purchase price with proof of 20% down payment on the purchase of a NEW mobile home.
- New mobile home loans may be financed for up to 15 years, depending on the qualifications of the borrower.
Used Mobile Homes
- Appraisals are required on purchases of used mobile homes. The maximum loan amount is 80% of purchase price or 80% of appraised value (whichever is less).
- Used mobile homes may be financed for up to 10 years, depending on the amount of the loan, the appraisal, and the qualifications of the borrower.
Financing Member-Owned and Occupied Mobile Homes
- 80% of appraised value on appraisals less than 1 year old
- 60% of appraised value on appraisals 1-5 years old
- 50% of appraised value on appraisals 5 years or older or tax values