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The mobile home industry is currently experiencing a critical shortage of capable lending sources. Anyone selling a home, be it a mobile home dealer, a real estate professional, or an individual, faces the very real prospect that they may have a customer who wants their house, but can't find anybody willing to make the loan. 

At MH-Loans.com we have been successfully serving sellers needs since 1997. We can give you:

·         A quick and honest assessment of your customers' ability to CLOSE. We understand that a Pre-Approval is of little to no value if there is no realistic means to close the loan. We gather as much information as possible up front so that you know which customers to spend your time and energy on. 

·         Construction to Perm or Staged Funding for your Land Home deals.

·         Chattel (Mobile Home Only) lending programs for purchases or refi's.

·         Easy submission. Simply use the online dealer application. This will allow you to upload the credit you have already pulled, and the basic figures on the house. We will contact the customer directly and also be in contact with you shortly with an initial assessment of your customers' ability to close.

·         No dealer 'set up' required.

·         Straight answers. We look for every way possible to fund the deal, but we only get paid when the deal closes, the same as you. We don't want to waste your time any more than we want to waste our own. 

Credit Guidelines:

This section is provided as an aid in getting customers to us that we can and want to close. Let's be very honest up front. The current climate for mobile home lending programs dictates that we can only accept customers with good to excellent credit. Those who would be considered high risk loans are not eligible for these programs. 

·         Minimum credit scores for loans that will actually close and fund = 640.

·         Full income documentation required for all mobile homes.

·         Modular homes treated as stick built for underwriting purposes.

·         Appraisal comps should be located within a maximum 10 mile radius. One to three miles is preferable.

·         Max advance for chattel is 125%.

·         Down payment requirements average from 5% to 10%.

·         Land-in-Lieu is acceptable as DP.

·         Max DTI for chattel = 45%.

·         Max DTI for land-home = 50%.

·         Homes up to 15 years old. You can finance repo's.

How to get a deal to us:

To submit an application you may use one of the following online forms; 

MH Dealer Chattel Sale 

 

 MH Dealer Land Home Sale

 

 ·     You will need the following information. Your name and contact phone number, the customers name and contact phone number, the year make and model of home, whether the home is a singlewide, doublewide, or modular. Will the home be financed as chattel or with the land on the same note. The state the property is located in, and the best time to contact the customer. You should also make the customer aware that they will recieve a call from a loan officer to complete the process.

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