Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
Mobile home rates are on a case by case basis-rate & range indicates a range in rates one might receieve depending on credit score, loan to value, current debt obligation, condition of colateral, past or present collections or BK.
MobileHome(park)30yr
Rate
Points
APR
Lock Days
9.490%
0.000%
9.701%
61
The APR is calculated using a loan amount of $100,001 and these typical fees.
MobileHome(park)20yr
Rate
Points
APR
Lock Days
8.990%
0.000%
9.245%
60
The APR is calculated using a loan amount of $100,000 and these typical fees.
MobileHome(park)10yr
Rate
Points
APR
Lock Days
7.490%
0.000%
7.905%
60
The APR is calculated using a loan amount of $100,000 and these typical fees.
MobileHome(park)15yr
Rate
Points
APR
Lock Days
7.990%
0.000%
8.292%
60
The APR is calculated using a loan amount of $100,000 and these typical fees.
MobileHome(park)7yr
Rate
Points
APR
Lock Days
6.990%
0.000%
1.000%
60
The APR is calculated using a loan amount of $100,000 and these typical fees.
Manufactured(Land) 40 yr Fixed
Rate
Points
APR
Lock Days
6.500%
0.000%
6.650%
15
The APR is calculated using a loan amount of $100,000 and these typical fees.
Manufactured(land)30yr
Rate
Points
APR
Lock Days
5.980%
0.000%
6.065%
15
The APR is calculated using a loan amount of $200,000 and these typical fees.
Manufactured(land)20yr
Rate
Points
APR
Lock Days
6.250%
0.000%
6.364%
15
The APR is calculated using a loan amount of $200,000 and these typical fees.
Manufactured(land)15yr
Rate
Points
APR
Lock Days
5.875%
0.000%
6.016%
15
The APR is calculated using a loan amount of $200,000 and these typical fees.
Manufactured(land)7yr
Rate
Points
APR
Lock Days
6.125%
0.000%
4.394%
15
The APR is calculated using a loan amount of $200,000 and these typical fees.
FHA / VA 30 Yr Fixed
Rate
Points
APR
Lock Days
5.750%
0.000%
5.833%
15
The APR is calculated using a loan amount of $200,000 and these typical fees.
Understanding Mobile Home Loans And The Collateral
Answers About Mobile Home Loans
Loans for mobile homes are “consumer loans” not “real estate” loans and are treated as such by each state. There are no special programs for borrowers such as “First Time Home Owners” or “Veterans.” However, when purchasing a brand new mobile or manufactured home from a dealer, we do have a "no money down" purchase program.
Loan Approvals are issued in a different manner than conventional real estate. In conventional real estate a borrower is approved for a specified dollar amount and then looks for a home within those parameters. With mobile homes the borrower must first find a home and then the approval is issued for that specific home only. Therefore on a purchase we will need the purchase contract ahead of time.
In June 1976 HUD (Housing and Urban Development) instituted regulations for the manufacture of mobile homes. Thus, homes built June, 1976 or before are called “Pre-HUD” homes and those built after are “HUD.” Pre HUD homes have, in most cases, less value & security of a HUD home and are more difficult to lend upon. LoanJunction is one of just a handful of lenders who loans on these homes.
Generally, homes built 1970 or after can be financed in California & Florida whether in a park or on land, on or off a foundation. Single wide homes over 15 years old are more difficult to be financed. Please call ahead to verify if your state is one of the participating states allowing pre-hud financing(310-534-2041).
Down payments. There are no “0” down programs(except for New Manufactured homes). Down payments are dependent on age of home and FICO score. Pre-HUD homes normally require a 20% down payment. FICO guidelines for HUD homes: 700+ = 5%, 660 to 700 = 10%, 630 to 660 = 20%, 600 to 630 = 30% or 40%, below 600 = 40%, 50% or more. These are guidelines only and can vary depending on circumstances.
Interest rates. In general, rates are higher than conventional real estate rates. The age of a home will often determine the rate and Pre-HUD homes carry higher rates than HUD homes. Of course, other factors, such as FICO scores and DTI will affect rates. At the present time, rates can be as low as 7.5% and as high as14-15%.
FICO (Fair Isaac) credit scores. We use Experian credit reporting agency and their scores can be between 450 and 850. In general, a score below 600 will disqualify a borrower, however occasionally a lower score can be approved with a large down payment and other extenuating factors. Click here for an informational PDF document explaining FICO. Please call ahead for private money funding in which equity not FICO is the determining factor(310-534-2041 ext 107)
Stated Income is designed to allow those who have income that is difficult to verify such as self-employed to qualify for a loan. Applicants are not required to prove their income but it requires a 620 plus FICO score and a minimum 10% down.
DTI (Debt to Income ratio). Sometimes called “Back End Ratio”, this refers to the percentage of borrowers gross monthly income required to service all contractual obligations. Normally, the maximum allowed is 45% but sometimes that can be increased with a large down and/or a high FICO. When determining the DTI always include the estimated payment for tCreated on 9/23/2005 4:01 PMhe new home plus the space rent. Example: Gross monthly income = $3000. New home payment $700, space rent $500, auto payment $450, credit cards minimum payment $300. Total contractual payments = $1950. DTI ($1950 divided by $3000) = 65%. In this case, the maximum allowed is 45% so this borrower would not qualify.
Combining incomes to meet the 45% DTI requirement. Although any person can be added to the loan as a Co-Applicant, in most cases only husband and wife can combine their incomes to satisfy the DTI. In certain rare instances two relatives who have established credit together over several years can combine incomes. All others must stand alone.
HR (Housing Ratio). Sometimes called “Front End Ratio”, this is determined by the lender and usually ranges from 30% to 35%. It is calculated by adding the new home payment to the space rent and dividing the total by gross monthly income.
Term. In general loans are for 15 or 20 years depending on factors such as down payment, FICO score and age of home. Occasionally, higher loan balances will qualify for a 25 year term.
Applications. We require no paperwork prior to obtaining an approval. The 10 minute application can be taken over the phone, faxed in or filled out online. Usually we can give you an answer in 2 to 3 working days. Applications must contain the complete home information.
Processing It usually takes 3 to 4 weeks after borrowers acceptance of the approval to gather the required documentation, process through escrow and then be funded by the lender. If it takes longer, or if the approval expires (45-90 days), it is almost always caused by the failure of the borrower to provide the required documentation in a timely manner.
Comparable Sales All sales of mobile homes in California are required to be reported to the State. The State compiles lists of these sales by Park showing first sold price, last sold price, date of sale and age and size of home. These lists are called “comps” and appraisers use this information in determining the value of a mobile home. In states where comps are not available the appraiser must rely on the “book” value of the home. The “book” is compiled by the N.A.D.A. (National Automobile Dealers Association) and is similar to the “Blue Book” for autos.
LTV (Loan to Value). Most loans require an appraisal and usually the bank will stipulate the LTV after reviewing the appraisal. The amount of loan approved by the bank is almost always subject to the lesser of the sales price or the appraisal including the comps report. 90% of appraised value is common.
Decal Number is equivalent to a license plate on a car and it is important because both the bank and the escrow company use it to search title. It can often be found on a plate attached to the front or back of the mobile home and on the Title and Registration of the home. The decal number consists of three letters and four numbers and usually starts with an “A” or “L.” Example: ARW2798 or LGB7035. In some rare cases the decal will start with “JP.”
Refinancing. Both Rate/Term and Cash Back (debt consolidation) require at least a 640+ FICO score. Two refinance programs are available depending on FICO score. The first will finance no more than 80% of the original purchase price. (Not the current appraised price) while the second will finance up to 65% of current appraised value. Also, in most cases, the bank won’t return cash to the borrower; they will pay third party debt only
Remember the aforementioned guidelines are merely "guidelines." Each transaction is a unique endeavor and underwriting seeks to fund every possible loan. LoanJunction.com understands the need for appropriate financing for mobile homes and in most cases we will seek to get your client an exception when possible.
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.
Current posted rates are in effect as of 06/18/2009 12:11:24 PM Central Time.
LoanJunction.com 24404 S. Vermont Ave. Suite 204 Harbor City, CA 90710
