Manufactured Home Purchase Benefits

Nationally, more and more people are seeking an affordable, quality-built alternative to more expensive site-built homes. As a result of this trend, builders, retailers and developers are realizing the unique benefits of featuring factory-built homes in their developments.

The Advantages of Manufactured Housing.

Cost-Effective:

• Depending on the region of the country, construction cost per square foot for a new manufactured home averages from 10 to 35 percent less than a comparable site-built home.
• Independent appraisal studies confirm that manufactured homes can appreciate in value the same as other forms of housing.

Built for Quality:

• All aspects of the construction process are controlled.
• The weather does not interfere with construction and cause delays.
• All technicians, craftsmen and assemblers work as a team and are professionally supervised.
• Inventory is better controlled and materials are protected from theft and weather-related damage.
• All construction materials, as well as interior finishes and appliances, are purchased in volume for additional savings.
• Cost of interim construction financing is significantly reduced or eliminated.
• All aspects of construction are continually inspected.

Amenities:

• Floor plans are available that range from basic to elaborate, with vaulted or tray ceilings, fully-equipped kitchens, walk-in closets, and bathrooms with recessed tubs and whirlpools
• A variety of exterior siding is available, including metallic, vinyl, wood, or hardboard. In some cases, homebuyer can also opt for stucco exteriors.
• Homes have pitched roofs with shingles and gabled ends.
• Design features such as bay windows are available.
• Awnings, patio covers, decks, site-built garages and permanent foundations are available as upgrades.
• The home can be customized to meet the needs of the consumer.

Safety:

• The building materials in today’s manufactured home are the same as those used in site-built homes.
• The homes are engineered for wind safety and energy efficiency based on the geographic region where they are sold.
• Manufactured homes may be one of the safest housing choices available today because of federal laws requiring smoke detectors, escape windows, and limited combustible materials around furnaces, water heaters and kitchen ranges.

If you haven't stepped inside a manufactured home lately, you're in for a really big surprise... especially if it's accompanied by a great location.

 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: for good 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. 

• 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.

Last Updated:  Thursday, January 03, 2008 

Watch the latest videos on YouTube.com