Frequently Asked Questions 
Q: Do you offer manufactured home loans for land and home packages?
A: No, we do not offer land and home loans. All loans are chattel loans (home only). That means we only finance the mobile home. We do not finance land.
Q: I have a Vanderbilt Mortgage or 21 st Mortgage Loan; can you refinance my loan?
A: Yes! It does not matter who your current lender is.
We refinance Vanderbilt Mortgage, 21st Mortgage or any lender as long as it saves you money!
Q: Do you refinance singlewides mobile homes on parks or leased land?
A: Yes, we can refinance your singlewide or doublewide mobile home that is on a park, leased land or community; you do not need your own land!
Q: What interest rate can I get?
A: Rates for mobile home loans vary widely based on the size and value of home, credit worthiness of applicant, and time-in-job. There are too many factors involved to quote a rate without any information from you.
Q: I have very bad credit; can I still refinance or purchase through you?
A: No, we do not have any sub-prime financing products. All applicants must meet the minimum credit guidelines.
Q: What should my credit score be?
A: We need a minimum of a 640 Fair Isaac & Co. (FICO) score for refinancing and 640 for purchase. You can check your credit at www.freecreditreport.com .
Q: Can I use a co-signer or have someone get the loan for me?
A: Yes, the co-signer must be a family member and if we do a buy-for the must be a family member. This can be done for refinances and purchases.
Q: I want to purchase a mobile home direct from manufacturer/dealer; can you help finance it?
A: No, we only finance mobile homes that are already set up on the park,lot,or land.
Q: Do you have any zero-down payment programs for purchases?
A: No, we have no zero-down programs. All purchase programs require at least 5% down payment.
Q: Can I remove someone from a loan or add someone?
A: Yes, as part of the refinance process, we can add or remove a name from the loan and title of the home.
Q: I have had a bankruptcy; can you still refinance my home?
A: Yes, as long as the bankruptcy has been discharged for at least four years, and you have established good credit history since discharge. A bankruptcy must be discharged for at least five years for a purchase.
Q: Are there any up front fees or out-of-pocket expenses?
A: No, there are no upfront fees when you refinance with us. There may be an out of pocket expense to get an inspection/appraisal on your home. Cost is $110-$350. You will know this before you sign.
Q: Do you offer cash-out or debt consolidation for mobile homes?
A: Yes, your credit must be good at least 660 FICO score and required loan-to-value (LTV). Please contact us for details.
Q: Do your loans have a prepayment penalty?
A: No, none of our loans includes prepayment penalties.
Q: Can you give me an interest rate on my mobile or manufactured-home loan before I apply?
A: No, we cannot give you and exact rate before you apply, but with a little information from you, we can give you a quote.
Q: Can you help finance moving my mobile home?
A: No, we do not offer this type of mobile home financing.
Q: Can you finance a second home or a vacation home?
A: Yes, we have programs for vacation and secondary homes. Applicant must have a primary residence. Must be fully disclosed before signing.
Q: Can you help me purchase land and move my home?
A: NO
Q: Is there an application fee?
A: No, applying for an approval and credit report is free of charge and obligation.
Q: My loan is with Vanderbilt Mortgage, can you refinance it? A: Yes, we can refinance Vanderbilt Mortgage and all other lender loans.
Need more help or have more questions? Call us today at 1-831-920-4578 or e-mail us at info@montereybayfinancial.com .
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