Qualifications for Mobile Home Financing

Please review the credit and home requirements for financing a mobile home, this will make your process much easier.  Rememver this is not a complete guide and some programs may change.  Please call our office for more details and if you have questions. Telephone: 1-831-920-4578

Refinance Qualifications

Purchase Qualifications

Refinance Customer Requirements: 

  • Must have good credit, with at least 3 open trade accounts.
  • Home must be owner occupied unless a family member.
  • We do not finance rentals.
  • Established credit for a minimum of 24 months.
  • Your credit score must be 640
    or higher.
  • Five month minimum payment history on home loan to be refinanced.
  • Must have a consistent employment history. 
  • If Self-Employed, must have two years complete tax returns with all schedules.
  • Must be self employed for a min of two years there are no exceptions. Income for self employed is calculated after deductions.
  • Income must be documented (W2'S, 1099's, Pay stubs, Employment Letter).
  • Must have at least 2 years consistent employment.
  • Must be at current job for at least 4 months.
  • No repossession, charge-off, or major collection activity within two years.
  • Bankruptcy discharged for at least 5 years with good established credit
    after the BK.
  • No 30 day late payments on home within the past year.
  • For cash out programs customers must have good credit (660+ FICO).
Manufactured / Mobile Home Requirements:
  • Mobile Home must be from 1976 or newer.
  • For cash out home must be 1980 or newer.
  • The amount to finance cannot be less than $10,000.00.
  • Mobile Home must be 1990 or newer for cash out or consolidation of debt.
  • Mobile Home must be in a park, community, leased land, family land, Indian reservation, private land, or on land that is not tied to home by mortgage or deed.
  • WE DO NOT FINANCE Land Home Loans
  • Mobile Home must be set at the home site, and be in livable condition, with skirting.
  • Contact Customer Service for more information.

Purchase Requirements

Customer Requirements:
  • Home must be owner occupied there are no rentals financed.
  • Buy For /co-signing available for family members.
  • Must have at least 5% down.
  • There are NO zero percent down programs.
  • Rates drop with greater the down payment and shorter term.
  • Must have good established credit history with credit FICO score of at least 640.
  • Customers with lower credit will required 10% - 40% down.
  • Clients with 500-600 fico score will require 40% down.
  • Must have consistent employment history of at least 2 two years.
  • Must be at current job for at least 6 months.
  • If self employed, must show complete two years tax returns with all schedules.
  • Must be self employed for a min of two years there are no exceptions. Income for self employed is calculated after deductions.
  • Income must be documented (W2's, Pay Stubs, Retirement Letters, Award Letter).  There are no stated income programs.
  • No repossessions, charge-offs, or major collection activity within the last two years.  No foreclosures within the last 8 years.
  • Bankruptcy must be discharged for at least 6 years. With good established credit history after Bankruptcy.
Manufactured / Mobile Home Requirements:
  • Mobile Home must be from 1976 or newer.
  • 1970-1976 California only. (Requires 25% down).
  • New and Used Mobile Home Financing Available. 
  • We DO NOT finance bank repossessions or foreclosures.
  • With or without foundation.
  • Mobile Home must be built to minimum HUD Standards and at least 14' wide.
  • The amount to finance cannot be less than $10,000.00.
  • Mobile Home must be on the lot or land already. 
  • WE DO NOT FINANCE Land Home Loans
  • We do not finance moving and set up of the mobile home.

CONTACT US FOR MORE INFORMATION 1-831-920-4578

 

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