In Park Mobile Home Refinance Loan Highlights

Refinance Programs:

Platinum Program

Built June 13, 1976 or newer
Fico score 700+ 
Unlimited cash to 65% LTV
25K cash out to 80% LTV
Debt consolidation allowed
Rate improve for 10 and 15 year terms

Gold Program

Built June 13, 1976 or newer
Fico scores 640-700 -
50K cash to 65% LTV $7500 cash to 80% LTV
Terms to 25 years
In some cases debt consolidation allowed
Free & Clear cash out to 50K

Preferred Program

Built June 13, 1976 or newer
Fico scores 620-640 -
$7500 cash out to 80% LTV
Terms to 20 years
Home improvement bills only
Free & Clear cash out to 50K

Standard Program

Built June 13, 1976 or newer
Fico scores 600-620 -
$7500 cash to 75% LTV
Terms to 15 years
No debt consolidation
Free & Clear cash out to 35K

Sub Prime

Built 1960 or newer(CA only)
Fico scores 599 or less -
Loans to 65% LTV unlimited cash
Terms to 20 years
Private Money chattel rates apply
No prepay penalties

Older Homes

Built 1965 – June 12, 1976
Fico Scores 640+ 
Cash to 65% LTV / max housing ratio 38%
Terms to 20 years
Debt consolidation allowed
Strong park community

 In Park Mobile Home Refinance Loan Highlights  

Purchase Programs:

Platinum Program

Built June 13, 1976 or newer
Fico score 700+ -
Min 5% down
Terms to 30 years
Fully Amortized loans only
No prepay penalties

Gold Program

Built June 13, 1976 or newer
Fico scores 670-700 -
Min 10% down
Terms to 20 years
Fully Amortized loans only
No prepay penalties

Preferred Program

Built June 13, 1976 or newer
Fico scores 640-670 -
Min 10-20% down
Terms to 20 years
Fully Amortized loans only
No prepay penalties

Standard Program

Built June 13, 1976 or newer
Fico scores 600-640 -
Min down 20-40%
Terms to 20 years
Fully Amortized loans only
No prepay penalties

Sub Prime

Built 1960 or newer
Fico scores 599 or less -
Min down 30-50% to be considered
Terms to 20 years
Fully Amortized loans only
No prepay penalties

Older Homes

Built 1970 – June 12, 1976
Fico Scores 650+ -
Min 15% down
Terms to 15 years
Fully Amortized loans only
No prepay penalties

We also have Buy for Loans (Non owner occupied), Co sign loans, Second home loans with a min of 20% down with good credit.

Homes built prior to 1970 may be considered if:
Multi section
Min fico score 640 -
Min 20% down payment
Preferred communities (5 star)

Manufactured Home Purchase Loan Highlights

Manufactured Home Refinance Loan Highlights

• Secure Fixed Rate Programs Only
• 80% LTV cash out program
• 75% LTV cash out bank statement program
• Stated Income in some areas
• Term to 30 years
• A, B, C, & D credit files accepted
• Best Rate Guarantee
• Singlewide Financing Available
• Pre-Hud (pre 1976) financing available
• No maximum loan amount
• Approvals In 30 Minutes
• Closings In As Little As 14 Days
• 5 Years No Cost Refinance

 Manufactured 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. For bad credit the minimum down payment is 30%
• 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 can expect closing cost between $1300 & $2500 depending on loan sizeBad Credit borrowers will usually have to pay points. Typically, our closing cost ranges from $2700 to $5800 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?
  Taxes and insurance as a rule. Typically we allow you to finance into your new purchase loan up to 1 year of fire insurance, 1 years of a home warranty program, closing cost and for bad credit up to 6 months of payments.
• How long is quoted interest rates good for?
  Called a rate lock, under normal instances we lock the rate for 30 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 & 14 days for good credit.
• Will the loan have a prepayment penalty?
  Absolutely not for good credit borrowers. In some case a bad credit land home manufactured home loan will have a pre-payment penalty.