Purchase a Singlewide with the land:

Purpose of loan:

1. Buy a new or used home: Yes. Credit must be at least good to excellent. Minimum credit scores = 620. Full income documentation only.
2. Cash Out / Home Equity Loans: Not allowed in conjunction with a purchase transaction.
3. Debt Consolidation / Pay Off Bills: Not allowed in conjunction with a purchase transaction.

Singlewide FAQ's

1. What are the oldest singlewide homes you will finance?
2. This singlewide has an addition to it. Will that increase the value? Can I still finance it?
3. There are more than 5 acres with this house. Can I still get a loan?
4. My credit is not the best. Can I use a co-signer on my loan?
5. I am self employed. Can I still finance a singlewide?
6. How come most banks won't finance singlewides?

Purchase a Doublewide with the land:

Purpose of loan:

1. Buy a new or used home: Yes. Credit must be at least good to excellent. Minimum credit scores = 620. Full income documentation only.
2. Cash Out / Home Equity Loans: Not allowed in conjunction with a purchase transaction.
3. Debt Consolidation / Pay Off Bills: Not allowed in conjunction with a purchase transaction.

Doublewide FAQ's

1. What are the oldest doublewide homes you will finance?
2. I am buying more than 5 acres with this house. Can I still get a loan?
3. My credit is not the best. Can I use a co-signer on my loan?
4. I am self employed. Can I still refinance my doublewide?
5. How come most banks won't finance mobile homes?
6. Is there a minimum loan amount for your doublewide loans?

Purchase a Modular Home and land:

Purpose of loan:

1. Buy a new or used home: Yes. Credit must be at least good to excellent. Minimum credit scores = 620. Full income documentation preferred. Some exceptions available for stated income.
2. Cash Out / Home Equity Loans: Not allowed in conjunction with a purchase transaction.
3. Debt Consolidation / Pay Off Bills: Not allowed in conjunction with a purchase transaction.

Modular Home FAQ's

1. What are the oldest modular homes you will finance?
2. I am buying more than 5 acres with this house. Can I still get a loan?
3. My credit is not the best. Can I use a co-signer on my loan?
4. I am self employed. Can I still refinance my modular home?
5. How come most banks won't finance modulars?
6. Is there a minimum loan amount for your modular home loans?

Answers to FAQ's

What are the oldest mobile homes you will finance? For land home loans we can technically finance any home built after June 15th 1976, however we prefer homes manufactured after 1984. We will consider older homes on an exception basis only, and only when all other factors in the loan are considered excellent. 

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This mobile home has an addition to it. Will that increase the value? Can I still finance it? Mobile homes with additional square footage added on, stick built roofs added, or modified structurally are not eligible for financing under any of our programs. Under our guidelines these modifications do not increase the value of the home, but rather decrease it as the home can no longer be compared with other standard mobile homes. 

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I am buying more than 5 acres with this house. Can I still get a loan? Yes! We are one of the few companies nationwide able to provide large acreage loans for mobile homes. There are some restrictions of note. The house must be worth at least 50% of the total deal according to the appraisal. Farm and agricultural use is allowed in some cases, but is not required. Minimum credit scores = 640. Good to Excellent credit only. Rates are competitive with current standard mortgage rates. 

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My credit is not the best. Can I use a co-signer on my loan? Yes you can, but the co-signer must reside in the house. Non-occupant co-signers are not allowed. Most of the time this ends up to where we use the other person as the borrower and leave you on the title to the house. One important note; if we use your income for the loan, we must use your credit also. 

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I am self employed. Can I still buy a 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. We do not allow 'stated income' or 'no income documentation' for mobile home loans. 

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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. 

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Is there a minimum loan amount for your land/home loans? Yes we do have minimum loan amounts for these properties, as follows;

1. Singlewides: Minimum loan amount = $45,000.
2. Doublewides: Minimum loan amount = $60,000.
3. Modular Homes: Minimum loan amount = $70,000.

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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. 

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