Make no mistake, there's a can be alot involved in getting a manufactured mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best mobile home loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.
There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will LoanJunction loan you? The first part you can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. When we review all this information we give you a Pre-Qualification Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! And while you're picking out the home that's right for you, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to complete the mobile home loan application. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.
You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of manufactured home mortgage loans -- so we do most of the work. Doesn't that make sense?
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.
