Mobile Home Financing
You can click on the "Loan Application" button and
then print the application (requires Adobe Reader) and fax it into our financial department
for
review. You can do this as a prequalification to purchasing your new
home. Or you can bring it with you when we
start looking at homes that
interest you.
If you don't have the latest version of Adobe
Reader, click
and download it for free.
Western Heritage assists in obtaining financing for
manufactured and mobile home owners. We pride ourselves in working
with
full service lenders, meeting your needs and exceeding your
expectations. Most mortgage brokers and banks hardly
even consider the
unique needs of manufactured homes financing. Here at Western Heritage Mobile Homes
we specialize in this
industry exclusively! We're here to meet your
finance needs, and we are also here to provide advice and assistance.
We
look forward to working with from you.
The Monthly Payment calculator below will calculate your payments based upon the interest
rates and loan amount you enter. You can enter a range of interest rates and loan values that
will allow you to compare different payments.
In general, the mobile home loan
documentation you need includes:
- Your contact information. (please include cell phone & best times to
reach you)
-
Purchase Agreement.(mandatory on in park mobile homes)
-
Copy of legal description. (Width, Length & Year of mobile Home)
Income & Assets
-
Pay stubs for the last 30 days.
- Names and addresses of each employer. (For the past 2 years)
-
W-2s / 1099’s (For the past 2 years)
-
Statements for each bank, mutual fund, and/or investment account for
the last three months. (6 to 12 months if using bank statements to
qualify)
-
Explanation and source for recent large deposits.
-
If large deposit was a gift:
- Signed gift letter (lender can supply).
- Copy of gift check.
- Copy of deposit receipt.
Corporate or partnership tax returns. (If you
own more than 25% of a business)
-
Tax returns for the last three years (If self-employed)
-
Tax returns for the last two years and current rental agreements (If
you own rental property)
-
Pension Award Letter. (If you are retired)
-
Social Security Award Letter. (If you receive Social Security)
-
Copy of divorce settlement. (If you are counting child support as
income)
-
Copy of twelve months of cancelled child support checks. (If you are
counting child support as income)
Debts
- Amount of all your credit card minimum payments & installment
loan payments added up.
- Explanation of credit report anomalies, including
-
Late payments, credit inquiries in the last 90
days, charge-offs, collections, judgments and/or liens.
-
Bankruptcy filed within last seven years (bring a copy of your
bankruptcy papers).
Miscellaneous
Basically, a general rule to remember is we are building a case to the
Underwriter on every loan submission. Therefore anything that makes you look
good to the bank should be submitted; things like child support, structured
settlements and rental agreements for other properties are all Examples of
things that make you look good to the bank.
Furthermore: Mobile home loans are not like regular home loans in the sense
that they are processed and evaluated case by case. If there are things that
make your file look better let us know. It is our goal to provide you with
the best mobile home loan that is available and in most cases we’ll need you
to work as hard as we will to accomplish this goal.
Please fill in your application as completely as possible. As well if there
are things we need to know about, such as loss of job or change
in careers are all critical things that you should tell us about up front.
Make a more informed decision by finding out how much house you can afford based on your
yearly income, your debts and other factors, with our Prequalification Calculator.
Mobile Home Loans Q & A
What is the FICO range for good, fair & bad credit rating with
manufactured lending ?
Good credit is usually defined as the borrowers with few if any past or
present collections, good income & credit over 680 fico. Fair credit
borrowers would have more deragatories, lower income & credit from 600 fico
to 679. Generally bad credit is those clients with a previous bankruptcy or
significant ongoing collections and/or liens, significant debt, lawsuits
and/or past or present ongoing foreclosure and a credit score of 599 and
below. (in some cases credit score is not the only determining factor for a
fair credit loan. We will always try to qualify you fair credit first)
What is debt to income ratio ?
Debt to income ratio is the calculation used by us to determine how large
of a loan balance your income can support. Typically this calculation is
figured by adding all your bill's minimum payments due each month, your
space rent & new mortgage payment divide by your gross income.
What is the lowest down payment I can put down ?
For good credit 5% down plus closing costs on land home
& in park, and home must meet appraisal value. With 10% down some lenders
will finance closing costs. An older home may require more down payment.
In some case we allow for 100% financing when getting the home at a
significant valuation.
What loan term will be best for me ?
This depends on your goals. If your goal is to pay off the home quicker
then a shorter term is suggested. If your goal is lowest payment then a
longer term is best.
Can the seller assist with down payment ?
Not on good credit loans. In CA, OR & WA we have a program where the
seller can assist with securing part of the risk in a bad credit mobile home
purchase loan... they may also assist with closing cost, repairs, fire
insurance and home warranty. We do allow gift for down payment.
How long is quoted interest rates good for ?
Called a rate lock, under normal instances we lock the rate for 60 days
which is free to the client.
Will the loan have a prepayment penalty ?
Most lenders do not have a prepayment penalty.
