In general, the mobile home loan documentation you need includes:
Your contact information. (please include cell phone & best times to reach you)
Mobile Home Property Information (if you already have a contract on a house)
Purchase Agreement.(mandatory on in park mobile homes)
Copy of legal description. (Width, Length & Year of mobile Home )
If you are selling your current home, copy of listing contract.
If you have sold your current home, copy of settlement statement (HUD-1).
Income & Assets
Pay stubs for the last 30 days.
For the past two years:
Names and addresses of each employer.
W-2s / 1099’s
Statements for each bank, mutual fund, and/or investment account for the last three months. (6 to 12 months if using bank statements to qualify)
Estimated value of personal property and furniture.
If you have made any large deposits to your accounts:
Explanation and source for deposit.
If large deposit was a gift:
Signed gift letter (lender can supply).
Copy of gift check.
Copy of deposit receipt.
If you own more than 25% of a business:
Corporate or partnership tax returns.
If self-employed:
Tax returns for the last three years (with schedules).
Year-to-Date Profit and Loss Statement prepared by an accountant.
If you own rental property:
Tax returns for the last two years and current rental agreements.
If you are retired:
Pension Award Letter.
If you receive Social Security:
Social Security Award Letter.
If you are counting child support as income:
Copy of divorce settlement.
Copy of twelve months of cancelled child support checks.
Debts
Total amount of all your credit card minimum payments added up & car loans.
Explanation of credit report anomalies, including:
Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
VA Loans
Copy of DD Form 214, Report of Separation.
Miscellaneous
Photo ID and proof of Social Security number.
Residence addresses for the past two years.
If applicable, a copy of your divorce decree or child support / alimony court docs
If you are not a citizen, a copy of the front and back of your green card.
Basically, a general rule to remember is we are building a case to the Underwriter on every loan submission. Therefore anything that makes you look good to the bank should be submitted; things like child support, Structured settlements and rental agreements for other properties are all Examples of things that make you look good to the bank.
Furthermore: Mobile home loans are not like regular home loans in the sense that they are processed and evaluated case by case. If there are things that make your file look better let us know. It is our goal to provide you with the best mobile home loan that is available and in most cases we’ll need you to work as hard as we will to accomplish this goal.
Please fill in your application as complete as possible. As well if there are things we need to know about…things like an ex spouse still on title, home being a rental property or 2nd home, loss of job or change in careers are all critical things that you should tell us about up front, as we will inevitably find them out anyway. If there are foundation issues, park lease issues, home repair issues or any other major thing please let us know…it will only help.
Again thank you for inquiring with LoanJunction.com. Myself & the LoanJunction Staff value the manufactured industry, value customer service, value our reputation, value our park communities but most of all we value You.
Sincerely,
Kenneth Crader
President & CEO
Loan Questions And Answers
Mobile Home Loans Q & A
What is the Fico range for good, fair & bad credit rating with manufactured lending? Good credit is usually defined as the borrowers with few if any past or present collections, good income & credit over 680 fico. Fair credit borrowers would have more deragatories, lower income & credit from 600 fico to 679. Generally bad credit is those clients with a previous bankruptcy or significant ongoing collections and/or leins, significant debt, lawsuits amd/or past or present ongoing foreclosure and a credit score of 599 and below. (in some cases credit score is not the only determining factor for a fair credit loan. We will always try to qualify you fair credit first)
What is debt to income ratio? Debt to income ratio is the calculation used by us to determine how large of a loan balance your income can support. Typically this calculation is figured by adding all your bill's minimum payments due each month, your space rent & new mortgage payment divide by your gross income.
What is the lowest down payment I can put down: forgood credit 5% down on land home & in park. In some case we allow for 100% financing when getting the home at a significant valuation.
What loan term will be best for me? This depends on your goals. If your goal is to pay off the home quicker then a shorter term is suggested. If your goal is lowest payment then a longer term is best.
What will my closing costs be? Good credit borrowers never pay points & the closing cost for these borrowers is usually $1300 to $1800. Bad credit borrowers will usually have to pay points. Typically, our closing cost ranges from $2700 to $4800 depending on the loan size. (In some cases bad credit borrowers may require more closing cost depending on overwhelming negative factors)We do have no closing cost programs.
Can I consolidate bills? Yes. In some cases we actually may have to pay bills to get your debt versus income inline.
Can the seller assist with down payment? Not on good credit loans. In CA, OR & WA we have a program where the seller can assist with securing part of the risk in a bad credit mobile home purchase loan... they may also assist with closing cost, repairs, fire insurance and home warranty. We do allow gift for down payment.
What items must be prepaid? There are no pre-pay items. Typically we allow you to finance into your new bad credit purchase loan up to 2 year of fire insurace, 2 years of a home warranty program, closing cost and up to 6 months of space rent.
How long is quoted interest rates good for? Called a rate lock, under normal instances we lock the rate for 60 days which is free to the client.
How long will the approval take? With a complete file and motivated client approvals take 30 minutes with loan closings in as quick as 3 days for bad credit & 7 days for good credit.
Will the loan have a prepayment penalty? Absolutely not. Even with a bad credit standing we won't be assigning a pre-pay penalty.
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.
