You Have Reached Our Retail Mobile & Manufactured Home Loan Rate Sheet. MobileHomeLoan.biz Offers The Lowest Rates In The Country.

f You Are A Broker / Agent / Dealer Looking For Our Wholesale Rate Sheet, Matrix And Underwriting Guidelines Please Access The Link Provided Below.

MobileHomeLoan.biz has the lowest interest rates on mobile home loans in the nation. The rates appearing below are merely rate guidelines as many factors go into each mobile home refinance & new purchase finance. Our team of loan Administrators look at many factors including, but not limited to, age of home, credit scores, credit history, park condition, rural land value, employment, assets, sale worthiness of home, size of home and client(s) ability to re-pay loan.

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In Park Mobile Home Loan (Chattel Loans)

In Park Mobile Home

Refinance Rates:

7.49% - 10 Year Term

7.99% - 15 Year Term

8.99% - 25 Year Term

New & Used Home

Purchase Rates

7.99% - with 20% Down                             

8.24% - with 15% Down                          

8.79% - with 10% Down                             

9.24% - with   5% Down

(we do not have rate sheets for chattel; they are consumer loans & are on case by case basis)

1. Loans for mobile homes are “consumer loans” not “real estate” loans and are treated as such by each state. There are no special programs for borrowers such as “First Time Home Owners” or “Veterans.” However, when purchasing a brand new mobile or manufactured home from a dealer, we do have a "no money down" purchase program.
   
   
2. Loan Approvals are issued in a different manner than conventional real estate. In conventional real estate a borrower is approved for a specified dollar amount and then looks for a home within those parameters. With mobile homes the borrower must first find a home and then the approval is issued for that specific home only. Therefore on a purchase we will need the purchase contract ahead of time.
   
   
3. In June 1976 HUD (Housing and Urban Development) instituted regulations for the manufacture of mobile homes. Thus, homes built June, 1976 or before are called “Pre-HUD” homes and those built after are “HUD.” Pre HUD homes have, in most cases, less value & security of a HUD home and are more difficult to lend upon. LoanJunction is one of just a handful of lenders who loans on these homes.
   
   
4. Generally, homes built 1970 or after can be financed in California & Florida whether in a park or on land, on or off a foundation. Single wide homes over 15 years old are more difficult to  be financed. Please call ahead to verify if your state is one of the participating states allowing pre-hud financing(310-534-2041).
   
   
5. Down payments. There are no “0” down programs(except for New Manufactured homes). Down payments are dependent on age of home and FICO score. Pre-HUD homes normally require a 20% down payment. FICO guidelines for HUD homes: 700+ = 5%, 660 to 700 = 10%, 630 to 660 = 20%, 600 to 630 = 30% or 40%, below 600 = 40%, 50% or more. These are guidelines only and can vary depending on circumstances.
   
   
6. Interest rates. In general, rates are higher than conventional real estate rates. The age of a home will often determine the rate and Pre-HUD homes carry higher rates than HUD homes. Of course, other factors, such as FICO scores and DTI will affect rates. At the present time, rates can be as low as 7.5% and as high as14-15%.
   
   
7. FICO (Fair Isaac) credit scores. We use Experian credit reporting agency and their scores can be between 450 and 850. In general, a score below 600 will disqualify a borrower, however occasionally a lower score can be approved with a large down payment and other extenuating factors. Click here for an informational PDF document explaining FICO. Please call ahead for private money funding in which equity not FICO is the determining factor(310-534-2041 ext 107)
   
   
8. Stated Income is designed to allow those who have income that is difficult to verify such as self-employed to qualify for a loan. Applicants are not required to prove their income but it requires a 620 plus FICO score and a minimum 10% down.
   
   
9. DTI (Debt to Income ratio). Sometimes called “Back End Ratio”, this refers to the percentage of borrowers gross monthly income required to service all contractual obligations. Normally, the maximum allowed is 45% but sometimes that can be increased with a large down and/or a high FICO. When determining the DTI always include the estimated payment for tCreated on 9/23/2005 4:01 PMhe new home plus the space rent. Example: Gross monthly income = $3000. New home payment $700, space rent $500, auto payment $450, credit cards minimum payment $300. Total contractual payments = $1950. DTI ($1950 divided by $3000) = 65%. In this case, the maximum allowed is 45% so this borrower would not qualify.
   
   
10. Combining incomes to meet the 45% DTI requirement. Although any person can be added to the loan as a Co-Applicant, in most cases only husband and wife can combine their incomes to satisfy the DTI. In certain rare instances two relatives who have established credit together over several years can combine incomes. All others must stand alone.
    
    
11. HR (Housing Ratio). Sometimes called “Front End Ratio”, this is determined by the lender and usually ranges from 30% to 35%. It is calculated by adding the new home payment to the space rent and dividing the total by gross monthly income.
    
    
12. Term. In general loans are for 15 or 20 years depending on factors such as down payment, FICO score and age of home. Occasionally, higher loan balances will qualify for a 25 year term.
    
    
13. Applications. We require no paperwork prior to obtaining an approval. The 10 minute application can be taken over the phone, faxed in or filled out online. Usually we can give you an answer in 2 to 3 working days. Applications must contain the complete home information.
    
    
14. Processing It usually takes 3 to 4 weeks after borrowers acceptance of the approval to gather the required documentation, process through escrow and then be funded by the lender. If it takes longer, or if the approval expires (45-90 days), it is almost always caused by the failure of the borrower to provide the required documentation in a timely manner.
    
    
15. Comparable Sales All sales of mobile homes in California are required to be reported to the State. The State compiles lists of these sales by Park showing first sold price, last sold price, date of sale and age and size of home. These lists are called “comps” and appraisers use this information in determining the value of a mobile home. In states where comps are not available the appraiser must rely on the “book” value of the home. The “book” is compiled by the N.A.D.A. (National Automobile Dealers Association) and is similar to the “Blue Book” for autos.
    
    
16. LTV (Loan to Value). Most loans require an appraisal and usually the bank will stipulate the LTV after reviewing the appraisal. The amount of loan approved by the bank is almost always subject to the lesser of the sales price or the appraisal including the comps report. 90% of appraised value is common.
    
    
17. Decal Number is equivalent to a license plate on a car and it is important because both the bank and the escrow company use it to search title. It can often be found on a plate attached to the front or back of the mobile home and on the Title and Registration of the home. The decal number consists of three letters and four numbers and usually starts with an “A” or “L.” Example: ARW2798 or LGB7035. In some rare cases the decal will start with “JP.”
    
    
18. Refinancing. Both Rate/Term and Cash Back (debt consolidation) require at least a 640+ FICO score. Two refinance programs are available depending on FICO score. The first will finance no more than 80% of the original purchase price. (Not the current appraised price) while the second will finance up to 65% of current appraised value. Also, in most cases, the bank won’t return cash to the borrower; they will pay third party debt only

Remember the aforementioned guidelines are merely "guidelines." Each transaction is a unique endeavor and underwriting seeks to fund every possible loan. LoanJunction.com understands the need for appropriate financing for mobile homes and in most cases we will seek to get your client an exception when possible.

For loan pricing & loan scenerios contact Lisa @ 310-534-2041 ext 104 until assigned an Account Executive.