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Top 12 Questions & Answers
Q:What Credit Score is Needed for a Manufactured Home Mortgage? A:JCF Lending Group is an A paper lender and we require good to excellent credit. Currently, our minimum credit score for purchase financing is an Equifax 660, straight refinance Equifax 660 and cash out or consolidation requires an Equifax score of 700+. Homes 1970 - 1975, in California only, requires an Equifax 700, for both purchase & refinance. JCF primarily uses Equifax Credit, but may also use Experian and Trans Union. We will look at lesser scores on a case by case basis. In all situations, you must have a minimum of 4 years credit history. There are no exceptions.
Q: What About Consumers with Poor or Fair credit? A:Unfortunately, our low rates do not allow for us to make risky loans. But it is also important to understand why. Recent studies have shown that Seventy percent of homes that have been repossessed in recent months have been owned by people in the sub-prime category, those people with fair to poor credit records. Of the 7,000 repossessed in the last three months, nearly 5,000 were on sub-prime mortgages. Those figures jump dramatically when you look at a two year time span. Nearly 90% of poor credit mortgage holders will be seriously late or will have gone into collection on their home mortgage.
Q: Can I obtain 100% Financing for a Manufactured Home? A:No. We require a minimum 5% down payment on all purchase transactions. We should be clear that a 5% down payment will not be acceptable in all cases. The final determination if a 5% down payment will be sufficient will be determined by either an Advanced Book Value Report or an appraisal. The year of the home determines the maximum LTV or loan to value of the home in question. Homes 15 years and newer should qualify for the 5% down payment program, but in some cases, an older home will qualify for this program as well. For example, a 1982 home that appraises for $100,000, but the sales price is $50,000, should qualify for the 5% down payment because of the equity involved. The appraisal or book value report can offset the needed down payment either positively or negatively.
Q: Does JCF Offer Land & Manufactured Home Financing? A:No. JCF Lending Group is a manufactured home only lender. If there is land or acreage involved in your transaction, we are not the lender for you. JCF is not licensed to finance land or the combination of land and manufactured home. We can only finance the home when it has not been deeded together with land. Most of our customers live in mobile home parks, manufactured home communities or rented/family land situations.
Q: Does JCF Finance Brand New Homes coming from a Dealer? A:No. There are several reasons why we do not finance brand new homes from dealers. First and foremost, our approvals are only good for 60 days. Normally, it takes between 90-120 days to have a home built and delivered. Our approval would not be valid at the time of delivery. Second, the dealer is responsible for any and all warranties, either written or implied. When a lender agrees to finance a brand new home, they are, as well, bound to any promises made by the dealer. If the dealer goes out of business or does not fulfil their obligation, the lender must do this. Finally, reputable dealerships have contracts in place with lenders that pay the dealership for application origination.
Q: Why Won't JCF Finance Homes that Will Be Moved? A:From our past experience, the amount quoted to move a mobile or manufactured home by a mobile home mover, is 75% of the time inaccurate or grossly off. This might not be intentional on the part of the home mover, but it leaves many consumers with an unexpected cash outlay that they may or may not be able to come up with. The current average approximate cost to tear down, move, re-set up a single wide home is $4,000.00. That is if the home is moved 5 miles or less. When the home is a multi-section home the average cost jumps to $10,000.00. These costs do not include the multiple fees paid to the county for trip permits, escorts, or multiple inspections that will be required before you can reside in the home. Again, many times the cost jumps dramatically higher than the quoted figures above, leaving the consumer with a home in pieces or not set-up, which they cannot legally live in.
Q: I Have Bad Credit. Can I use a Co-Signer with JCF Lending Group? A:No. Every applicant must meet our credit criteria. We would caution potential consumers looking for this solution, as most upscale parks and leased lot communities will not grant approval for residency for consumers with a poor credit history. Normally, all occupants over the age of 18 that plan to live in a mobile home park or leased lot manufactured home community, must pass both a credit and criminal background check.
Q: Can I Finance a Home for My Family Member with JCF Lending Group? A: No. All applicants must live in the home. Many times consumers will apply for a mortgage stating that the home they wish to purchase will be their primary residence. If we discover within a one (1) year period of time that the applicant(s) that initiated the loan do not in fact reside in the home, your loan agreement allows us to repossess the home and retain any down payment and/or equity that may be present. Your application will be considered Fraudulent and possible criminal charges may be initiated. We have several ways to verify residency. Also, it is important to realize most parks and leased lot manufactured home communities require ownership of the home in order to live in the park/community.
Q: What Income Sources Do Not Qualify? A:There are several sources of income that cannot be accepted: Unemployment insurance payments, both State & Federal temporary disability insurance payments, workers compensation or any employment or job where you are paid under the table or monies not declared for tax purposes cannot be considered. State and Federal disability, unemployment insurance, and workman's compensation are all considered a temporary source of income, and cannot be used or added into your monthly or annual income.
Q: How Long does it take to get Approved for Purchase Financing? A:If you apply by phone, normally 15 minutes. If you apply online, normally 24-48 hours. Some applications may take slightly longer in cases where additional information is needed. If additional information is needed, we will contact the appropriate party by phone and/or email. If you need an answer fast, simply call us at (800) 397-7533. The approval you receive will be valid for 60 days and cannot change in that time period.
Q: What Types of MH Homes Qualify for Financing? A:JCF Lending Group finances mobile homes, broken into three categories, manufactured homes, modular homes and park "RV" models. We can finance single and multi-section homes as follows, single section homes can be no older than 20 years. Multi-Section homes can be no older than 1977, with the exception of California, where the multi-section homes can be 1970 & newer. All homes must be in good condition, and must not need major repair, to include roofing, skirting, siding and carpeting. The home must have been previously titled and cannot be a brand new home being sold by a dealer. If the home must be financed and then moved, we are not the lender for you.
Q: What are JCF's Foundation Requirements? A:JCF Lending Group has no specific foundation requirements, as previously mentioned, the home must be set-up and in move-in condition, to include functioning electrical and plumbing. The home can be on blocks, Iron pier settings, ground set or on a full foundation with basement. We finance the home, not the land, so we are not concerned about the home being tied to the land by way of foundation.
