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Mobile Home Dealers and Realtors
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 Mobile Home Loans we have been successfully
serving sellers needs for the last six years. We can give you:
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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.
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Construction to Perm or Staged Funding for your Land
Home deals.
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Chattel (Mobile Home Only) lending programs for
purchases or refi's.
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Easy submission. Simply send us any standard credit
application, the credit you have already pulled, and the basic
figures on the house. We will contact you shortly with an initial
estimate of your customers' terms.
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No dealer 'set up' required.
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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.
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Minimum credit scores for chattel loans = 620.
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Minimum credit scores for land/home loans = 580.
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Full income documentation required for all mobile
homes.
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Modular homes treated as stick built for
underwriting purposes.
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Appraisal comps should be located within a maximum
10 mile radius. One to three miles is preferable.
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Max advance for chattel is 125%.
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Down payment requirements range from 5% to 20%
(average is 5%).
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Land in
Lieu of down payment is acceptable on land home purchase
transactions.
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Max DTI for chattel = 45%.
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Max DTI for land-home = 50%.
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Homes as old as 1977 - Not all older
homes will qualify. Please call for program details
if the home is more than 15 years old .
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Pre-HUD
programs (homes built before June 15th 1976) are now
available in California ONLY. Please call for program
details.
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We do finance repo's.
How to get a deal to us:
To submit an
application you may do one of the following:
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Quick
Application Link |
Quick
Application
Link |
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Fax any standard manufactured housing credit
application, the credit report, and a worksheet on the house to
775-295-3961 (Attention: Dealership Account Manager). Be sure to
send a cover sheet with your dealership / real estate office contact
information so that we can get back to you as to the quality of your
customer.
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Download one of the application forms found on this
site if you do not have one of your own. Be sure to use the
application from the appropriate category as this speeds up the
process.
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Use this e-mail
application. Include 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 with the land on
the same note or without. The state the property is located in, and
the best time to contact the customer.
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