Here's How To Obtain Financing For Your Mobile Home
Contrary to popular belief, there are numerous mobile home financing firms which can provide financing to anyone who wants to own a mobile home. It is important though to ensure that you are well prepared before you approach any of them so as to ensure that your application is successful. For most of these companies, the mobile and manufactured home must be in good to excellent condition. It should not be in need of major repairs in the roof or flooring. Many firms will also demand that the unit you want to purchase should be your primary residence or vacation home, this means that the unit should not be for rental or a home that’s purchased for others.
Typically, many institutions will demand that the home must exceed 700 square feet; this implies that it can be multi or single section home. For your secondary residence or vacation home, the unit must be used by applicants or immediate family only. Further to the above, depending on the type of loan you are seeking, you must also have good to excellent credit rating, with most companies looking for a minimum mortgage score of 660. The credit history must also be more than three years old, with some firms making it mandatory for one to have current or previous car loan experience.
Depending on the firm, one must have a consistent work history unless one has retired. In this regard, you should have no major job gaps within two years. In the event that you have been in part-time employment, then the lending institution may demand a one to two year history on the same job. For those who are self employed then tax returns for the past two years may also be required. The same also applies to those who are on bonus and commission income. Those who are retired must also be able to provide award letters and proof of receipt. If you want to use your investment income then you should be able to provide proof of annual or monthly receipts.
Here are some of the popular mobile home financing companies readily available in the market. They include but are not limited to the following:
1) Triad Financial Services
Mailing Address: 4336 Pablo Oaks Court, Jacksonville, FL 3224
Phone Numbers: (800) 522-2013
URL Address: http://is.gd/Kudz9T
Types of Coverage: the company can do both double wide and single wide homes with or without foundation. This ensures that financing for homes can be in leased property, family land, parks or on rental land. The company can offer up to 95% LTV on a primary residence purchase. The company does also offer either a home only or land/home program depending on what the client is in need of. It is worth mentioning that the age of the home to be financed must be 1976 or newer.
Types of Coverage: the company has several mortgage program option which are all designed to help the homeowner accomplish their goal of homeownership. These include a conventional mortgage that’s simple, fast and easy. They also have the bi-weekly Advantage mortgage that allows homeowners to make � payments every two weeks. This is advantageous since more payments are then allowed to go toward the principal of the mobile home loan, allowing homeowners to own the home years earlier. They also offer a land home mortgage that allows you to finance a new home + land + land improvements and fees in a single loan. Making the cover offered by the company not only convenient but also quite affordable to many homeowners.
3) SunTrust Mortgage Inc
Mailing Address: 901 Semmes Avenue Richmond VA 233224
Phone Numbers: 1-800-634-7928
URL Address: http://is.gd/P7p2Za
Types of Coverage: the company does offer two main types of loans, these are the motorhome and RV loans as well as the travel and camping trailer loans. The loan amounts for Motorhome and RV Loans can be anything between $54,601 and $ 1, 500,000. The vehicle types include Class B Conversion Vans, Class A motorhomes and Class C motorhomes. The loan amounts of Travel and Camping Trailer loans cannot be in excess of 54,600 and cannot be less than $ 3,000. The vehicle types included in this category include Travel Trailers, Camper Trailers as well as Class A and Class C motorhomes. The loans can be issued under fixed and variable rates with a loan period not in excess of 240 months or 20 years.
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