- I have a 1972 mobile home. Can you help me
finance it?
- What are the oldest homes you will
finance?
- Can I get a cash-out or debt
consolidation loan on a home without land?
- I have a singlewide with an addition
to it. Can I still get financing ?
- Do you have a minimum loan
amount?
- What are your credit
guidelines?
- Is there an application fee?
- I'm a mortgage broker. Can I
broker mobile home loans through your company?
- I'm a mobile home dealer.
Can I send my customers to you for financing?
No. In 1976 the department of Housing and Urban Development enacted
uniform standards for the materials and construction of all mobile homes
and manufactured housing within the United States. Homes built before
June 1976 are not eligible for financing under most lending guidelines.
The only places we have heard of that will make these loans are some
small local banks and credit unions, and small loan companies found in
the phone book under the heading "Loans." The rates for these
types of loans can run as high as 18%, but you may have little choice
with a home this old. This is certainly a consideration when buying as
it will be difficult to sell the property again if your buyer can't find
anybody willing to make the loan.
Although HUD will allow for the financing of homes built after June
1976, we only have programs available for homes built on or after
January 1988.
No. We currently do not have any lending programs that allow for cash
out or debt consolidation loans on mobile homes unless you own the land
that the home sits on. In that case we would be able to help you. We are
working on adding this type of loan to our portfolio of offerings, so
please check back in the future.
No. Once you add on to a mobile home, or take two singlewides and put
them together, the problem becomes one of how to determine the homes'
value. For homes without the land, we would use the NADA Blue Book. The
Blue Book does not cover this type of property.
For land home packages a real estate appraisal would be used to
determine the value. That type of home would need to be common in your
area to make that loan work.
Our company policy is not to accept modified manufactured homes for
financing.
Yes. The minimum loan amount vary by the type of loan that you need.
Here is a quick set of guidelines.
Homes without the land: Minimum loan amount = $26,000.
Land Home:
- Singlewides: Minimum loan amount = $45,000.
- Doublewides: Minimum loan amount = $60,000.
- Modular Homes: Minimum loan amount = $70,000.
For loans on the mobile home without the land you must have good to
excellent credit.
For purchase loans involving both the land and home you must have
good to excellent credit.
For refinance loans involving both the land and home we will accept
customers with 'less than perfect' credit as long as they have some
equity in the property and the home is a doublewide, triplewide, or
modular.
For singlewide land home loans you must have at least good to
excellent credit.
No. There are no application fees or up front charges. In the case of
land home financing or mobile home mortgages the only fee we will ask
you to pay before closing is the appraisal. This service is performed by
an independent contractor (a real estate appraiser) who will expect
payment at the time services are rendered. For our part we will not
order the appraisal until we have issued a pre-approval on the
loan.
No. At this time we have no brokered programs and we do not
anticipate offering them in the future. We do not have any type of
referral program either.
Yes. We welcome submissions from both mobile home dealers and private
sellers. Please contact us for further information. Don't forget to ask
about our preferred dealer program.
Mobile Home Loan Quick
Application
The fastest way to apply! Simply click on the Quick Application
link below and e-mail us your Name, contact Phone Number, the Type
and Year of Mobile Home you have, and the best time to call. We will do the
rest!
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Quick Application
Link |
Quick Application
Link |
