|
Loans to buy
a mobile home without the land.
We finance singlewide and doublewide homes in
mobile home parks, on leased lots, family land and in most any situation
where the home will not be deeded as real property. Many times
this includes families who wish to buy a manufactured house and place it
on their land until they can build their dream home later on. In
fact if you are buying this home with the intention of building a
stick-built house on a piece of property later, your best option is to
finance the land separately from the MH. This way when you apply for a
construction loan later on the bank won't be hung up on the fact that
there is a manufactured home deeded with the property. This can go a
long way towards making this a smoother transaction when you are ready
to build.
The biggest reason this type of financing is difficult is that the
default rate is very high. That makes these loans 'high risk' and most of the companies such as Conseco, Greenpoint, Greentree,
Oakwood Acceptance Corp (OAC), and Bombardier, who once were the
leaders in this market have quit writing them completely.
If you have found a house that you like and are now seeking a home
loan, you have likely already discovered that there is almost no one in
the country still willing and able to handle this type of property. Most
of our customers tell us that they are so relieved to have found someone
who can help after everybody else has told them no.
Click Here to Apply
These loans are available for both new and
used homes.
The best programs are available for homes
that are 15 years old or newer.
For most states the oldest MH's we can
finance are the 1977 model year.
Pre-HUD MH's as old as 1970 can currently
be financed in California ONLY.
We do allow you to finance
repo and bank owned homes.
We offer low fixed rates, no application fees, and free quotes. Your
mobil home financing search is finally over, apply today.
Use this page if you you wish to PURCHASE a
manufactured home and will not be financing the land where the home will
sit. Please choose the link below that best fits your situation.
Purchase a Singlewide without the land:
Purpose of loan:
- Purchase a new or used Singlewide home: Yes.
Credit must be at least good to excellent. Minimum credit scores =
620.
(For
Bad Credit click here or see below)
Full income documentation only.
- Cash Out / Home Equity Loans: Not allowed in
conjunction with a purchase transaction.
- Debt Consolidation / Pay Off Bills: Not allowed
in conjunction with a purchase transaction.
- Minimum Purchase Price = $26,000.
Click Here for lower priced homes.
(Please note that you cannot borrow more than the actual purchase
price in order to bring the loan to this amount)
Singlewide FAQ's
- What are the oldest singlewide homes you will finance?
- My credit is not the best. Can I use a co-signer on my loan?
- I am self employed. Can I still buy a singlewide?
- How come most banks won't finance singlewides?
- Why don't you allow cash out
or debt consolidation loans at the same time I buy the home?
Purchase a Doublewide or Triple wide without the land:
Purpose of loan:
- Purchase a new or used Doublewide or Triple
wide home: Yes. Credit must be at least good to excellent. Minimum
credit scores = 620.
(For
Bad Credit click here or see below)
Full income documentation only.
- Cash Out / Home Equity Loans: Not allowed in
conjunction with a purchase transaction.
- Debt Consolidation / Pay Off Bills: Not allowed
in conjunction with a purchase transaction.
-
Minimum Purchase Price = $26,000.
Click Here for lower priced homes.
(Please note that you cannot borrow more than the
actual purchase price in order to bring the loan to this amount)
Doublewide FAQ's
- What are the oldest doublewide homes you will finance?
- My credit is not the best. Can I use a co-signer on my loan?
- I am self employed. Can I still buy a singlewide?
- How come most banks won't finance
mobile homes?
- Why don't you allow cash out
or debt consolidation loans at the same time I buy the home?
Answers to FAQ's
What are the
oldest mobile homes you will finance? For loans on homes
where you don't own the land we can finance a house as old as 1977 in
most states. In California ONLY you can finance a home as old as 1970.
However, the best programs and rates are available for homes up to 15
model years old.
The most difficult part of trying to buy an older
mobile home is meeting the minimum purchase price of $26,000. Many older
models are not going to have a blue book value that meets this minimum.
In some areas with extremely high housing prices a comparable sales
based appraisal can be done to determine the value.
Back to Top
My credit is not the
best. Can I use a co-signer on my loan? Yes you can, but
this does drastically change the minimum down-payment requirement to
20%. This is actually termed a "Buy For" loan as the other person is
buying the home for you in their name. In other words your name will not
be on the loan at all.
If the co-signer will also reside in the house we
may be able to keep the down-payment requirement to 5% but it is important
to note that if we use your income for the loan, we must use your credit also.
All signers on the loan must meet the credit
guidelines.
Back to Top
I am self employed.
Can I still refinance my mobile home? Yes, but there are
some restrictions.
First, you must have been running your own business for at
least 2 years. You must also be able to prove that you have had
this business for that 2 year period. Proof includes 2 years business
licenses, tax returns in the business name, professional license, etc.
Next, you must still be able to verify enough
income to qualify for the loan. The most common scenario for small
business owners is that they write off as much income as possible in
order to pay the least amount of taxes. The catch 22 in this is that you
end up looking like you don't make enough to survive on and this won't
qualify you for a loan.
Unfortunately Tax Returns, Bank Statements,
Invoices and Receipts are not acceptable forms of proof of income.
We do not allow 'stated income' or 'no income
documentation' for mobile home loans.
Back to Top
How come most
banks won't finance mobile homes? The major reason for
this is that the current default or foreclosure rate for mobile homes is
far in excess for that of stick built homes or single family residences.
With rates as low as they are and an abundance of customers, most banks
have decided not to deal with the higher risk properties such as mobile
homes. Add to this the fact that your loan is not secured by real
estate and this an even worse position for the bank.
Back to Top
Is
there a minimum loan amount for mobile home loans without the land?
Yes we do have minimum loan amount for these properties is $26,000.
The reasoning behind this is simple. We did an extensive study of the
man-hours it takes to process and close one of these loans and a legal,
moral, and ethical limit to how much you can charge to do the loan. By
the time we pay our employees for their time we would be losing money at
any amount less than this. We do realize that this will keep some people
from taking advantage of some real bargains. If you have at least good
credit and wish to buy a home for less than $26,000 please use our
Automated Underwriting System
as it will direct you to an alternate source of funding for these
lower priced homes.
Back to Top
Why don't
you allow cash out or debt consolidation loans at the same time I buy
the home? From a lenders perspective, at the time of
purchase there is no such thing as owning any equity in the property.
Even if you are buying the home for half of it's fair market value, it's
not your equity until you actually own the home. This then becomes a
separate loan.
You may be able to refinance the home later in
order to pull a limited amount of cash out although you should be
cautioned not to borrow the money short term (i.e. on a credit card) and
then count on getting the cash later. The mobile home lending market
changes often and you may not be able to get this done later.
Back to Top
2nd Chance Financing Program. We CAN
help you ABSOLUTELY REGARDLESS OF YOUR CURRENT OR PAST CREDIT
RATING!!! (Currently available in California ONLY - Other states
coming soon)
Due to current market conditions
this program has been temporarily suspended. Sorry, but we don't
know of anyone we could refer you to either.Are you tired of being turned down? Do
you just need a second chance to get started again? We receive
numerous requests from customers daily to help them with
situations like recent bankruptcy, bankruptcy buyout loans,
loans to catch up their mortgage and stop foreclosure, do debt
consolidation, or even get cash out, but they have bad credit,
terrible credit, slow pays, tax liens - just plain really ugly
credit.
Up until now we always had to turn these customers away, but
now have a "Hard Money" program we can offer that can help you regardless of
how bad your credit is. Whenever you make a statement like that
most people react by asking what's the catch? The catch is
simple. The rates are going to be higher than those customers
with great credit ratings. You will also have a higher
down-payment requirement than other
customers (minimum 30% of the purchase price), but most people
understand this. In return you can get the help you need when
everyone else has said no.
Click here to apply now.
This is two part program designed to help you in the long term.
This loan program is designed as a short term measure to fix
a problem and recover from it. As part of the program we will
help you to work towards re-establishing good credit and
ultimately refinancing into a better rate and term. If you are
ready to get back on the right track and just need someone to
give you a second chance while at the same time helping you to
buy the home you need now, then click below to apply now.
Click Here to Apply
Click Here to Download a PDF Application |
