Each Mobile home purchase loan and manufactured refinance loan are separate unique situations. Guidelines are simply just "guidelines" Call us to explain your unique situation and we'll attempt to fit the loan around you. LoanJunction.com has knowlegable staff who are experts at mobile home financing, manufactured home refinancing, new manufactured home sales & land or park construction loans for manufactured homes.

Program Guidelines for land home(own the land) manufactured home home purchase & Refinance loans

• Post 1976 mobile homes qualify under fannie mae manufactured housing guidelines.(see MobileHomeLoan.biz rate sheet)
• Pre-1976 mobile home loans qualify under LoanJunction.com private financing guidelines.
• 1960 & newer homes.
• minimum 400 credit bureau score
• Bankruptcy & Collections...ok
• Post 1976 unlimited cash out 660 credit and greater up to 80% loan to value(LTV)
• Post 1976 with credit 599 to 660 up to 75% LTV max cash not to exceed $50k; unlimited debt consolidation allowed with the $50K.
• Post 1976 Fannie Mae 20 year to 65% LTV max cash and debt consolidation.
• 1970 to 1976 cash out refi not to exceed 80% LTV; Cash not to exceed $40k, no debt consolidation/Minimum bureau score of 630
• Private Money: 1960 to present; max LTV not to exceed 75%; minimum bureau score of 500 fico. (outside of California there are minimum loan sizes).
• In some case we can withhold funds in escrow to but on a permanent foundation.
• Wholesale broker programs available(see MobileHomeLoan.biz wholesale matrix)
• Purchase program minimum 5% down with 620 fico; 10-15% down with 595-620 fico score; 595 to 500 fico needs 25% to 30% down payment. Below 500 fico needs 40 to 50% down payment. 

Program Guidelines For Home Only(chattel) Loans, Including In Park, Park Coop, Leased Land & Private Land Home Only Products. 

 Refinance Programs:

* In the State of California, there may be out of pocket fees for the appraisal.

Things You'll Need to Qualify

1. Pay stubs for 1 month
2. W2’s for 2006 and 2007(and/or 1099’s)
3. First 2 pages of your taxes (1040’s)for 2005 & 2006 or 2006 & 2007
4. 2 months of bank statements (all pages)
5. Copy of most current asset statements (IRA, Stocks, 401K, ect.)
6. Park Address and contact phone number
7. Copy of current mortgage statement or copy of coupon
8. Disability, Retirement & SS income: award letter
9. Copy of purchase contract for home (or title if owned outright)
10. Amount of space rent
11. Loan program desired and amount of cash(and/or bills) desired
12. Year of home and dimensions
13. Copy of driver license & social security card copy

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.

We offer a wide variety of manufactured home loan and mobile home loan for "In-Park", Leased or Rented Land or placement on your own Land! Refinance Lower your payments and take advantage of the lowest rates seen in over 40 years! Home Improvement Why wait for that Home Improvement you have been dreaming about!
Cash-out/Debt Consolidation Pay-off your high interest rate credit cards! Purchase Money programs up to 95% LTV Why rent, when you can own a home! Finance Closing costs and No pre-payment penalty ! Skip-A-Payment program available Need a little breather from your monthly payment!

 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 

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