Section 502 loans are primarily used to help low to moderate income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
This is a question that I receive often so today when a client emailed me asking me this very same question it was no surprise to me. This post is based largely in part to that persons email and my response. The email began;
I am pleased to inform you that due to your lack investors due to my single family home which just happens to be manufactured and my low [balance] mortgage, I cannot be considered for the “new low rates”. Seems as though all you are interested in is condos/townhouses/stick-built homes in a more affluent community. – Unhappy Consumer
While many Realtors and Developers say about other communities Heritage actually backs that up with irrefutable data! Don’t take my word for it, just check out the Triangle Area Residential Real Estate Report which for May 2011 sales…Read More