Land/Home
finance is a highly specialized field. To do it right, to do it
fast, requires a detailed knowledge of how these transactions work.
Unfortunately most loan officers have no real idea that manufactured
housing does not fall within the guidelines of the standard loan
products they work with. Consequently we get calls almost daily from
frustrated borrowers who were being told that "everything was fine
with their loan and that they would be closing shortly." By the time
they call us they have usually received a last minute phone call
telling them "I'm sorry, we just figured out that this was a Mobile
Home and we can't close this for you."
Don't let this happen to you. Trust your land/home
loan to the manufactured home finance specialists and take advantage
of today's rates, or take your chances somewhere else. With
mortgage rates still near the 40 year low you owe it to yourself to
take action today.
If you still have an Adjustable Rate Mortgage
(ARM) we would highly recommend that you get yourself locked into a
fixed rate while we are at the most advantageous time. Don't let
your monthly payments escalate out of control.
Use this page if you already own
your manufactured home and the land that the home sits on and wish to
refinance or if you will be moving a mobile home out of a park and
onto a piece of land.
Refinance your Doublewide with the land:
Purpose of loan:
- Lower your rate and payment: Yes. Credit
must be at least good to excellent. Minimum credit scores =
580. Full income documentation
only.
- Cash Out / Home Equity Loans: Yes. Credit must be at least good to
excellent. Minimum credit scores = 580. Full income documentation
only.
- Debt Consolidation / Pay Off Bills: Yes. Credit must be at least
good to excellent. Minimum credit scores = 580. Full income
documentation only.
- Move your MH out of a park and onto a piece of
land.
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Two Ways to Apply |
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Quick Application: |
The fastest way to apply! Simply
click here to tell us a
little about the specifics of your loan and you will be directed to
the proper application to fit your needs. We will do the rest! You
will know instantly if there is a program available for your
situation. |
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| Download Application Form: |
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Forms contain complete instructions. |
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Doublewide FAQ's
- What are the oldest doublewide homes you will finance?
- I own more than 5 acres with this house. Can I still get a
loan?
- My credit is not the best. Can I use a co-signer on my loan?
- I am self employed. Can I still refinance my doublewide?
- How come most banks won't finance mobile homes?
- Is there a minimum loan amount for your doublewide loans?
Refinance your Modular Home and land:
Purpose of loan:
- Lower your rate and payment: Yes. Credit
must be at least good to excellent. Minimum credit scores =
580. Full income documentation
only.
- Cash Out / Home Equity Loans: Yes. Credit must be at least good to
excellent. Minimum credit scores = 580. Full income documentation
only.
- Debt Consolidation / Pay Off Bills: Yes. Credit must be at least
good to excellent. Minimum credit scores = 580. Full income
documentation only.
|
Two Ways to Apply |
|
Quick Application: |
The fastest way to apply! Simply
click here to tell us a
little about the specifics of your loan and you will be directed to
the proper application to fit your needs. We will do the rest! You
will know instantly if there is a program available for your
situation. |
|
|
| Download Application Form: |
|
|
Forms contain complete instructions. |
Back to Top
Modular Home FAQ's
- What are the oldest modular homes you will finance?
- I own more than 5 acres with this house. Can I still get a
loan?
- My credit is not the best. Can I use a co-signer on my loan?
- I am self employed. Can I still refinance my
modular home?
- How come most banks won't finance
modulars?
- 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 as old as 1970, however
the best programs are available for homes built after June 15th
1976. You should remember that the older the home, the more stringent
the guidelines (the collateral is worth less to us) and you must still
meet the minimum loan amounts (see below).
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My singlewide has an addition to it. Will that increase the
value? Can I still finance it? Singlewides 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 for appraisal purposes, nor can it be
compared with a regular site built home.
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Why don't you allow cash out or debt consolidation loans for
singlewides? Single wide homes are difficult properties to
re-sell if a customer were to default on his/her loan. As far as we
know, we are one of the few companies in the nation even willing to help
customers lower their current rate and payment to as low as 6%. We must
limit our risk and not add any additional money to the loan.
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I own 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 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. We do not allow 'stated income' or 'no income documentation' for
mobile home loans. See our
Automated Underwriting System for other lender referrals on self
employed borrowers.
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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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