Automated Underwriting System for A & B Credit Apps.
2 day turn around on bad credit.
Purchase, Refinance, Bank repo's , 2nd homes, and in CA, OR, WA & ID we offer Investment Property programs and bank statement as full doc programs.
We finance Singlewides, Doublewides, and Triplewides.
Home Only (chattel) and Land Home programs available.
Cash Out, Debt Consolidation and Home Improvement programs available.
Up to 95% LTV on Owner Occupied, Full Doc loans.
Up to 85% LTV Buy For, 2nd Home, & Pre-Hud
Up to 80% on Investment and Stated Income.
Up to 80% LTV on Land Home loans not on a paved road.
No age restrictions on Land Home loans; 1970 and newer on Home Only loans. (CA to 1965)
No foundation requirements.
Closing Cost can be financed.
Up to 2 years of homeowners insurance can be financed & 1 year of home warranty program if purchased through us.
No pre-payment penalties.
All chattel loans are assumable.
Competitive Rates for land home: Rates average from 6% to 12%.
Competetive rates for Home Only: 6.99% to 13%
Underwriting and pricing is on a case-by-case basis, with each submission weighed on its individual merits.
Wholesale Credit Guidelines
Wholesale Broker Mobile Home Matrix Outline
600 minimum credit score. (CA, ID, OR & WA credit to 400 fico) In some cases we may consider credit below 600 if the file has significant strong features.
Up to 45% Housing Ratio and 55%% overall Debt to Income Ratio. We suggest using a 240 month term and 9.75% rate for home only good credit prequalification purposes and a 6.5% 360 month term for good credit land home.
Minimum payment of $150 dollars.
We finance off of appraised value in most cases.
We finance all lenders loans.
We finance all lender’s repossessions.
BK Must be discharched 12 months with 15% down payment for new purchase and 24 months for refinance. (CA, ID, OR, WA no restrictions on discharge dates).
ALL appraisals must be conducted from one of our approved appraisers.
We must have broker - Dealer compensation package with broker-dealer-agent participation matric signed before funding loans from your company.
Revolutionizing Mobile Home Loans
Getting to know LoanJunction.com
Experience. Founded in 1999, LoanJunction.com has processed and funded 10's of thousands of mobile home loans.
Customer Service. We are only as good as our last clients says we are. That's why with every customer we'll move mountains for the privilege to be your lender. With caring staff, 24 hour customer service & online account management we intend to move mountains for you for years to come.
Financial Resources. LoanJunction.com is a national lender drawing upon over 4 billion in investment capital for our clients needs.
Track Record. You don't get to be a proud AAA rated Better Business Bureau company by doing things the wrong way. We intend to keep it that way.
Community Support. We have a larger responsibility to support our clients long after the transaction is done. Please visit our Park Crime Prevention Page to join us in keeping our park communities safe and crime free; Also As rent control advocates, no one is more out spoken about keeping our parks free of exuberant & predatory rent increases.
Technology. With an eye on the 22nd century, our client management services are second to none. Our award winning online operations coupled with 24 live customer service, automated bill pay and rate decrease notifications we stand at the forefront of mobile home lendings' long awaited technological revolution.
Hands On. There are no substitutions for rolling up the sleeves to get the job done right. That's why each client is assigned a proven & considerate account executive to oversee the loan transaction from start to finish. This is your guy or gal in the trenches with their "hands on" approach.
Accountability. Each staff member is 100% accountable to you and your needs. Whether the loan has unforeseen difficulties, or tough measures need to be taken, our staff from the president on down will always field your calls and/or concerns.
Each client has different qualifying characteristics, so we have given you a rate range. Increased negative factors on a file leads to a higher rate up the range.
Each client has different qualifying characteristics, so we have given you a rate range. Increased negative factors on a file leads to a higher rate up the range.
Each client has different qualifying characteristics, so we have given you a rate range. Increased negative factors on a file leads to a higher rate up the range.
