Land & Home Manufactured Programs

Manufactured Home Purchase Loan Highlights

Manufactured Home Refinance Loan Highlights

• Secure Fixed Rate Programs Only
• 80% LTV cash out program
• 75% LTV cash out bank statement program
• Stated Income in some areas
• Term to 30 years
• A, B, C, & D credit files accepted
• Best Rate Guarantee
• Singlewide Financing Available
• Pre-Hud (pre 1976) financing available
• No maximum loan amount
• Approvals In 30 Minutes
• Closings In As Little As 14 Days
• 5 Years No Cost Refinance

 Manufactured Home Loans Q & A  

• What is the Fico range for good, fair & bad credit rating with manufactured lending?
  Good credit is usually defined as the borrowers with few if any past or present collections, good income & credit over 680 fico. Fair credit borrowers would have more deragatories, lower income & credit from 600 fico to 679. Generally bad credit is those clients with a previous bankruptcy or significant ongoing collections and/or leins, significant debt, lawsuits amd/or past or present ongoing foreclosure and a credit score of 599 and below. (in some cases credit score is not the only determining factor for a fair credit loan. We will always try to qualify you fair credit first)
• What is debt to income ratio?
  Debt to income ratio is the calculation used by us to determine how large of a loan balance your income can support. Typically this calculation is figured by adding all your bill's minimum payments due each month, your space rent & new mortgage payment divide by your gross income.
• What is the lowest down payment I can put down: for good credit 5% down on land home & in park. In some case we allow for 100% financing when getting the home at a significant valuation. For bad credit the minimum down payment is 30%
• What loan term will be best for me?
  This depends on your goals. If your goal is to pay off the home quicker then a shorter term is suggested. If your goal is lowest payment then a longer term is best.
• What will my closing costs be?
  Good credit borrowers can expect closing cost between $1300 & $2500 depending on loan sizeBad Credit borrowers will usually have to pay points. Typically, our closing cost ranges from $2700 to $5800 depending on the loan size. (In some cases bad credit borrowers may require more closing cost depending on overwhelming negative factors)We do have no closing cost programs.
• Can I consolidate bills? Yes. In some cases we actually may have to pay bills to get your debt versus income inline.
• Can the seller assist with down payment?
  Not on good credit loans. In CA, OR & WA we have a program where the seller can assist with securing part of the risk in a bad credit mobile home purchase loan... they may also assist with closing cost, repairs, fire insurance and home warranty. We do allow gift for down payment. 
• What items must be prepaid?
  Taxes and insurance as a rule. Typically we allow you to finance into your new purchase loan up to 1 year of fire insurance, 1 years of a home warranty program, closing cost and for bad credit up to 6 months of payments.
• How long is quoted interest rates good for?
  Called a rate lock, under normal instances we lock the rate for 30 days which is free to the client. 
• How long will the approval take?
  With a complete file and motivated client approvals take 30 minutes with loan closings in as quick as 3 days for bad credit & 14 days for good credit.
• Will the loan have a prepayment penalty?
  Absolutely not for good credit borrowers. In some case a bad credit land home manufactured home loan will have a pre-payment penalty.