<%@ Language=VBScript %> <% Response.Status="301 Moved Permanently" Response.AddHeader "Location", "http://mh-loans.com/Mobile-Home-Knowledge-Base/FAQs.aspx/" %> Mobile Home Loan Frequently Asked Questions - FAQ's
APPLY NOW

              



Navigation

 




 Mobile Home FAQ's  

Ever wonder who writes the FAQ sections of most web sites? Why is it that most of the time the answers are to questions that you wouldn't think to ask. In this case we let our mobile home customers write the questions below. If you have others that we have not addressed here please e-mail us and we would be happy to help you get the information you need to get the lowest payment possible on your manufactured home. 


Frequently Asked Questions about Mobile Home Loans

  1. I have a 1972 mobile home. Can you help me finance it?
  2. What are the oldest homes you will finance?
  3. Can I get a cash-out or debt consolidation loan on a home without land?
  4. I have a singlewide with an addition to it. Can I still get financing ?
  5. Do you have a minimum loan amount?
  6. What are your credit guidelines?
  7. Is there an application fee?
  8. I'm a mortgage broker. Can I broker mobile home loans through your company?
  9. I'm a mobile home dealer. Can I send my customers to you for financing?

I have a 1972 mobile home. Can you help me finance it?

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.

Back to Top

What are the oldest homes you will finance?

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.  

Back to Top

Can I get a cash-out or debt consolidation loan on a home without land?

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.

Back to Top

I have a singlewide with an addition to it. Can I still get financing?

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.

Back to Top

Do you have a minimum loan amount?

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:

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

What are your credit guidelines?

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. 

Back to Top

Is there an application fee?

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. 

Back to Top

I'm a mortgage broker. Can I broker mobile home loans through your company?

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.

Back to Top

I'm a mobile home dealer. Can I send my customers to you for financing?

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.

Back to Top

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!

 

Quick Application Link

Quick Application Link

Mobile Home Only Refinance

Land Home Refinance

Mobile Home Only Purchase Land Home Purchase

 





Contact Us
1997 - 2007 ESL Intl.com. All rights reserved.