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A mobile home, also known as a manufactured home, is a transportable, prefabricated structure moved via truck to a location and used as a permanent residence. More than 17.5 million people in the U.S. live in manufactured homes. Regine brings 10+ years' corporate finance experience to fact-checking and reviews. She has extensive knowledge of budgeting, reporting, personal finance, and financial feasibility for decision making. She holds an MBA in Accounting, and a Bachelor's degree in Economics. Our loan officers are highly trained and motivated to provide you with the best service possible.
Financing a mobile home works slightly differently than financing a house. For borrowers interested in purchasing a mobile home, these lenders offer several options with competitive rates and terms. 21st Mortgage Corporation is our top choice for bad credit, offering loans to qualifying borrowers with credit scores as low as 575. Interestingly, there are no minimum credit scores with 21st Mortgage.
LENDING THAT MOVES YOU®
Jake is very professional and courteous – he answered all of my questions thoroughly and honestly. He’s extremely knowledgeable on the process and the market and does his best to make sure the experience is smooth from beginning to end. The company requires the borrower’s debt-to-income ratio to be under 43% to qualify for a loan without having a co-signer or additional documentation. Providing these affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas. We exist to provide homeownership opportunities and the financing needed to get buyers their own piece of property.
The debt-to-income ratio ceiling for most lenders is in the low 40s. The lender will use your DTI and income to determine how much you can borrow. For those wanting to use rented land, they can help you via a related company. Packagers are encouraged to routinely visit the Direct Loan Application Packagers page for information and resources specific to packaging single-family housing direct loans.
Manufactured, Modular, and Mobile Home Lenders
Providing affordable financing for your mobile home is something we take pride in at In Park Lending. With personalized service, we make the loan process as simple and smooth as possible. In Park Lending is the premier financing source for manufactured and mobile homes. Our Loan Officers have several years experience originating manufactured and mobile home loans.
If the mobile home is attached to property that you own, you might qualify for a government-backed loan with a minimum FICO score of 500. However, credit score requirements vary by lender and loan type, and may be as high as 620 or even 680. Talk with your lender about their requirements before applying for a loan. A mobile home loan is a loan that is used to finance a mobile or manufactured home.
21st Mortgage Corporation
Down payment requirements range from zero to 35% on all property purchases. If your score is under 570, that will require a 35% down payment, but it can be a combination of cash, trade-in, or land equity. Low and Zero-Down Mortgages – You may qualify for a government backed mortgage program that could get you into your New Jersey home with little to no money down. If you are a military veteran or prefer to live just outside the Garden State’s major urban areas, a VAorUSDA loan may help you purchase with no down payment.
Full BioWith practical experience running his own IT business and an education in the liberal arts, Matthew Klammer had become well-accustomed to the difficulties of research. From providing POS systems to small tourist shops to data security and account management Matthew has provided business solutions to many individuals. Processing times vary depending on funding availability and program demand in the area in which an applicant is interested in buying and completeness of the application package. We are a full-service mortgage company headquartered in Chandler, Arizona. The home must be on a permanent foundation and cannot be located in a mobile home park.
Typical mobile home loans include government-backed loans such as VA and FHA loans, chattel loans, and personal loans. Conventional loans are rarely used on mobile homes unless they’re affixed to land that you own and not in a mobile park. Manufactured Nationwide lends in all 50 states and has over 100 years of combined manufactured home lending experience. Unlike other lenders, they don’t just have a division devoted to manufactured and mobile home loans—their entire company focus is on these types of loans.
You can find a loan officer for your area and get started with Priority Funding. This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site. Our goal is to give each and every manufactured homeowner the best possible customer service.
Read on to find out which mobile home loan is right for you. 21st Mortgage takes stringent measures to protect your personal information because we know privacy is a concern for all consumers. Once you complete your application it is encrypted for transmission and then kept secure with industry-leading security servers. At Priority Funding, we strive to make the loan process as simple and efficient as possible. In fact our company motto says it all… “Service Is Our First Priority”.
Some government-backed loan programs like VA or FHA loans, may have lower down payment requirements. You may choose to purchase a new mobile home, sometimes also referred to as a manufactured home. You have a couple of options when it comes to finding a space to put your new home. Mobile home parks don't usually have open spaces, most already have homes in every space. However, if these homes are very old, they can be very inexpensive.
Their goal is to provide loans to those who may not qualify elsewhere. If your credit score isn’t where you’d like it to be, 21st Mortgage Corporation offers mobile home loans with no minimum credit score requirements and no prepayment penalties. Mobile homes are great for making a home affordable and can be a sensible option for buyers interested in a simpler lifestyle with more efficient living arrangements.
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