Mini homes can be on owned land or on leased land in a mini home park.
Funds can be released upon confirmation by solicitor that the unit has been delivered, blocked, tied down and skirted. Two draws are available. The first advance can occur when the mini home has been delivered and placed on the land. Confirmation from the dealership that the unit has been delivered is required. The second draw is completed once the well and septic, (if applicable), have been completed and the mini home is blocked and skirted. The home must be 100% complete.
New units: Bill of sale indicating the make, model, serial number and CAN/CSA-Z240 MH Series, M86 standards.
Existing units: Confirmation of the make, model, serial and CAN/CSA-Z240 numbers. This information is to be verified by a League Savings and Mortgage approved appraiser. The appraiser must provide an exterior photo of the mini home along with a photo of the serial number. In lieu of the appraiser’s inspection, an original bill of sale is acceptable. If confirmation is not possible, the deal cannot proceed.
Property taxes can be collected with mortgage payment.
Cash back mortgages offered, up to 5% (can not be used for down payment).
Title Insurance is accepted.
More information on mortgages can be obtained by viewing the website of The Financial Consumer Agency of Canada.