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Instant Online Pre-Qualification

Need to know if there is a Mobile Home Loan Program available to meet your specific needs?

Get an INSTANT, ANONYMOUS, and FREE Mobile Home Loan Analysis BEFORE you fill out an application.

No Personal Information, No Credit Report "Pulls", and no hassles.


 

Loans to buy a mobile home without the land.

We finance singlewide and doublewide homes in mobile home parks, on leased lots, family land and in most any situation where the home will not be deeded as real property. Many times this includes families who wish to buy a manufactured house and place it on their land until they can build their dream home later on. In fact if you are buying this home with the intention of building a stick-built house on a piece of property later, your best option is to finance the land separately from the MH. This way when you apply for a construction loan later on the bank won't be hung up on the fact that there is a manufactured home deeded with the property. This can go a long way towards making this a smoother transaction when you are ready to build.

The biggest reason this type of financing is difficult is that the default rate is very high. That makes these loans 'high risk' and most of the companies such as Conseco, Greenpoint, Greentree, Oakwood Acceptance Corp (OAC), and Bombardier, who once were the leaders in this market have quit writing them completely. 
 

If you have found a house that you like and are now seeking a home loan, you have likely already discovered that there is almost no one in the country still willing and able to handle this type of property. Most of our customers tell us that they are so relieved to have found someone who can help after everybody else has told them no. 

 

Click Here to Apply

 

These loans are available for both new and used homes.

The best programs are available for homes that are 15 years old or newer.

For most states the oldest MH's you can finance are the 1977 model year. 

Pre-HUD MH's as old as 1970 can currently be financed in California ONLY.

We do allow you to finance repo and bank owned homes.

We offer low fixed rates, no application fees, and free quotes. Your mobil home financing search is finally over, apply today.

Use this page if you you wish to PURCHASE a manufactured home and will not be financing the land where the home will sit. Please choose the link below that best fits your situation.


Purchase a Singlewide without the land:

Purpose of loan:

  1. Purchase a new or used Singlewide home: Yes. Credit must be at least good to excellent. Minimum credit scores = 620. (For Bad Credit click here or see below) Full income documentation only.
  2. Cash Out / Home Equity Loans: Not allowed in conjunction with a purchase transaction.
  3. Debt Consolidation / Pay Off Bills: Not allowed in conjunction with a purchase transaction.
  4. Minimum Purchase Price = $26,000.  Click Here for lower priced homes. (Please note that you cannot borrow more than the actual purchase price in order to bring the loan to this amount)

Three Ways To Apply:

 

 

Instant and Anonymous Online Pre-Qualifying

The fastest and most accurate way to apply! Simply click here and our Automated Underwriting System will walk you through a series of questions about your qualifications and the home you are buying and then direct you to the proper application. You will know instantly if we can help you!

 

 

Direct  Application:

Use this online application application if you are already sure that you will meet all of the guidelines for these loans.

 

 

 

 

Download Application Form:

 

Downloads contain complete instructions.

Singlewide FAQ's

  1. What are the oldest singlewide homes you will finance?
  2. My credit is not the best. Can I use a co-signer on my loan?
  3. I am self employed. Can I still buy a singlewide?
  4. How come most banks won't finance singlewides?
  5. Why don't you allow cash out or debt consolidation loans at the same time I buy the home?

Purchase a Doublewide or Triple wide without the land:

Purpose of loan:

  1. Purchase a new or used Doublewide or Triple wide home: Yes. Credit must be at least good to excellent. Minimum credit scores = 640. Full income documentation only.
  2. Cash Out / Home Equity Loans: Not allowed in conjunction with a purchase transaction.
  3. Debt Consolidation / Pay Off Bills: Not allowed in conjunction with a purchase transaction.
  4. Minimum Purchase Price = $26,000.  Click Here for lower priced homes. (Please note that you cannot borrow more than the actual purchase price in order to bring the loan to this amount)

Three Ways To Apply:

 

 

Instant and Anonymous Online Pre-Qualifying

The fastest and most accurate way to apply! Simply click here and our Automated Underwriting System will walk you through a series of questions about your qualifications and the home you are buying and then direct you to the proper application. You will know instantly if we can help you!

 

 

Direct  Application:

Use this online application application if you are already sure that you will meet all of the guidelines for these loans.

 

 

 

 

Download Application Form:

 

Downloads contain complete instructions.

Doublewide FAQ's

  1. What are the oldest doublewide homes you will finance?
  2. My credit is not the best. Can I use a co-signer on my loan?
  3. I am self employed. Can I still buy a singlewide?
  4. How come most banks won't finance mobile homes?
  5. Why don't you allow cash out or debt consolidation loans at the same time I buy the home?

Answers to FAQ's

What are the oldest mobile homes you will finance? For loans on homes where you don't own the land we can finance a house as old as 1977 in most states. In California ONLY you can finance a home as old as 1970. However, the best programs and rates are available for homes up to 15 model years old. 

The most difficult part of trying to buy an older mobile home is meeting the minimum purchase price of $26,000. Many older models are not going to have a blue book value that meets this minimum. In some areas with extremely high housing prices a comparable sales based appraisal can be done to determine the value.

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My credit is not the best. Can I use a co-signer on my loan? Yes you can, but this does drastically change the minimum down-payment requirement to 20%. This is actually termed a "Buy For" loan as the other person is buying the home for you in their name. In other words your name will not be on the loan at all.

If the co-signer will also reside in the house we may be able to keep the down-payment requirement to 5% but it is important to note that if we use your income for the loan, we must use your credit also. 

All signers on the loan must meet the credit guidelines.

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I am self employed. Can I still refinance my mobile home? Yes, but there are some restrictions. 

First,  you must have been running your own business for at least 2 years. You must also be able to prove that you have had this business for that 2 year period. Proof includes 2 years business licenses, tax returns in the business name, professional license, etc. 

Next, you must still be able to verify enough income to qualify for the loan. The most common scenario for small business owners is that they write off as much income as possible in order to pay the least amount of taxes. The catch 22 in this is that you end up looking like you don't make enough to survive on and this won't qualify you for a loan.

Unfortunately Tax Returns, Bank Statements, Invoices and Receipts are not acceptable forms of proof of income.

We do not allow 'stated income' or 'no income documentation' for mobile home loans. 

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How come most banks won't finance mobile homes? The major reason for this is that the current default or foreclosure rate for mobile homes is far in excess for that of stick built homes or single family residences. With rates as low as they are and an abundance of customers, most banks have decided not to deal with the higher risk properties such as mobile homes. Add to this the fact that your loan is not secured by real estate and this an even worse position for the bank.

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Is there a minimum loan amount for mobile home loans without the land? Yes we do have minimum loan amount for these properties is $26,000. The reasoning behind this is simple. We did an extensive study of the man-hours it takes to process and close one of these loans and a legal, moral, and ethical limit to how much you can charge to do the loan. By the time we pay our employees for their time we would be losing money at any amount less than this. We do realize that this will keep some people from taking advantage of some real bargains, but unfortunately we do not know of any alternate source of funding for these lower priced homes.

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Why don't you allow cash out or debt consolidation loans at the same time I buy the home? From a lenders perspective, at the time of purchase there is no such thing as owning any equity in the property. Even if you are buying the home for half of it's fair market value, it's not your equity until you actually own the home. This then becomes a separate loan.

You may be able to refinance the home later in order to pull a limited amount of cash out although you should be cautioned not to borrow the money short term (i.e. on a credit card) and then count on getting the cash later. The mobile home lending market changes often and you may not be able to get this done later.

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