MOBILE HOME FINANCING PROGRAMS & GUIDELINES
JCF Lending Group offers Manufactured
& Mobile Home Financing Programs for New & Used homes located
in mobile home parks, manufactured home communities and on private
land where the land and the home will not be financed together The
homes that we finance must be titled and will be your primary residence
or vacation home.
We will provide the quickest
financing approval possible, sometimes within 15 minutes and let you
know exactly the manufactured or mobile home financing program we can
offer. Then it's up to you to make the decision. We are open from 7:00
AM - 7:00 PM PST, Monday through Friday, and on Saturdays 8:00 AM -
3:00 PM PST. You can reach us toll free at (866) 967-0143. Below we
have outlined our basic requirements and guidelines to better assist
you. Meeting the below requirements does not guarantee approval.
Contact customer service for more information.
- Approvals in As Little as 15 Minutes. (Phone Only)
- New & Used Mobile Home Financing with as Little as 5%
- Financing Terms from 7 - 25 Years, Best Rates at Lower Terms.
- Down Payments May be
Gifted. (10% Minimum Down Required)
- Minimum Equifax/Beacon
Credit Score 630, Best Rates at 740+.
- All Financing Programs
Offer both Step and Fixed Rates.
- No Prepayment
Penalties or Close Out Fees.
- Closing Costs Can be
Financed into the New Mortgage.
- Automatic Withdrawal
and Online Payment is Available.
- Zero Application Fees and No Up-Front Origination Costs.
& MANUFACTURED HOME QUALIFICATIONS
- Home Must Be in Good
to Excellent Condition.
- Cannot Need Major Repairs, Roof, Flooring, Etc.
- Home Must Be Set Up on Existing Lot and Have Utilities Intact.
- We Do Not Finance Homes That Must Be Moved.
- Home Must Be Primary Residence or Vacation Home.
- No Rentals, Investment Properties or Homes Bought for Others.
- Home Can Be Single or Multi Section Home.
- Home Must Exceed 700 Sq. Feet.
- Home Can Be In a Park or Leased Lot Community.
- Community/Park Cannot Be Resident Owned.
- Home Can Be Located on Private or Family Land.
- Home Cannot Be Tied to The Land By Way of Deed.
- Single Wide Mobile Homes 1992 & Newer Only.
- Minimum Equifax Credit Score 630.
- Multi Section Mobile
Homes 1970 - 1976.
- Minimum Equifax Credit Score 720.
- Multi Section Mobile Homes 1977 - 1991.
- Minimum Equifax Credit Score 660.
- Multi Section Mobile Homes 1992 to Present.
- Minimum Equifax Credit Score 630.
- Vacation Home or Secondary Residence.
- Must Used by Applicants & Immediate Family Only.
- Minimum Equifax Credit Score 680.
- Meeting The Above Guidelines Does Not Guarantee Approval.
- All Programs Not Available in All States.
CUSTOMER FINANCE QUALIFICATIONS
- All Applicants Must Be Legal U.S. Citizens.
- All Applicants Must Have 4 Year Credit History.
- Must Have Positive Credit History.
- Previous or Current Car Loan Experience Mandatory.
- All Applicants Must Have Good to
- No Poor Credit Accepted. Minimum Equifax Score 630.
- No Bankruptcies Within 4 Years. Equifax Score 680 Required.
- No Repossessions, Short Sales or Foreclosures Within 7 Years.
- Cannot Currently Be Late Or In Default on Current Mortgage.
- Cannot Be Currently in Debt Or Credit Counseling.
- Cannot Be Currently Late Or In Default On Current Auto Loan.
- All Tax Liens & Collections Must Have Been Paid In Full.
- Child Support Cannot Be Outstanding Or In Collection.
- Must Have Consistent Work History, Unless Retired.
- No Major Job Gaps Within 2 Years.
- Employment Must Be Verifiable, Documentation Required.
- Part Time Employment Requires 2 Year History, Same Job.
- Self Employment Requires 2 Years Tax Returns.
- Bonus & Commission Income Requires 2 Year History.
- Retirement Income Must Be Verifiable.
- Award Letters and Proof of Receipt Required.
- Investment Income Must Be Consistent.
- Proof of Monthly or Yearly Receipt Required.
- Alimony or Child Support Income.
- Must Continue For a Minimum of 3 Years.
- Must Be Court Ordered and/or Documented.
- Proof of Receipt Required.
- Down Payments Must Be Documented.
- Must Provide 2 Months Proof of Funds.
- Minimal Down Payment 5% of Sales Price.
- Gifted Down Payment Minimal 10% of Sales Price.
- Cash on Hand, Considered on a Case By Case Basis.
- Down Payment Cannot Be Borrowed, IRA or 401K Acceptable.
- Meeting The Above Guidelines Does Not Guarantee Approval
- All Programs Not Available in All States.
MOBILE HOME FINANCING FAQ'S
Q: How Long does it take to get Approved for Purchase Financing?
If you apply for financing by phone, it normally takes 15 minutes. If
you apply online, normally between 24-48 hours. Some purchase financing
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 (866) 967-0143. The purchase financing approval you receive will be valid for 60 days and cannot change in that time period.
Q: Are there any Fees associated with Applying for Purchase Financing?
JCF Lending Group does not charge an application fee to finance a home.
There may, however, be fees associated with the manufactured or mobile
home financing program that you choose. Once you are approved for
financing, your loan representative will go over all fees that will be
financed into your new mobile home financing loan. The most common out
of pocket expenses would consist of homeowners insurance and the cost
of an appraisal and/or inspection. If the mobile home is in a leased
lot community, there is commonly the first months rent to pay, along
with a security deposit. Contact the park in question for details.
Q: Is an Appraisal Required?
appraisal may or may not be required, depending on the NADA book value
of the home and the amount you plan to finance. An inspection is always
required on every mobile home financing loan. An inspection will give
the overall condition of the home, and additional options of the mobile
home, such as decking, awnings, garages, etc. If we have enough value
booking the home out using the inspection, an appraisal is not
required. An appraisal is required if we do not have the value using
the above method. Appraisals take into account recent sales from the
same community, and surrounding area, community adjustments, and
location to determine the value. An appraisal is almost always needed
and recommended in the State of California. There are a handful of
other states where an appraisal is required. Contact a JCF customer
service representative for more information.
Q: How Long is the Mobile Home Finance Process?
sales normally take 2-3 weeks, depending on if an appraisal is
required. Keeping the communication channels open with your loan
officer can normally always expedite the finance process. Your loan
officer will provide you with a list of items, called stipulations that
we will need you to fax or email to us. Once we have these items and
your appraisal/inspection has been completed and cleared, we will be
ready to close your mobile home financing loan.
Q: What are JCF's Foundation Requirements for Financing?
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 mobile or
manufactured home can be on blocks, iron pier settings, ground set, or
on a full foundation with basement. We finance the mobile home, not the
land, so we are not concerned about the home being tied to the land by
way of foundation.
Q: How are Down Payment Amounts Determined?
minimum acceptable down payment is 5% of the selling price. This should
not be confused with loan to value, also called LTV. The value is
determined by appraisal or book value, which one you will need will be
determined by your loan underwriter. All LTV percentages include any
and all fees that are financed into the loan, including taxes &
insurance if applicable.
Updated Policy: Consumers with multiple current mortgages and/or residences,
to include vacation homes, will now be required to have a minimum down
payment of 20% on all purchases. This policy change is due to the
recent influx of consumers wishing to walk away their current home, in
favor of more affordable housing. This policy is only a temporary
change until the housing market has recovered. Consumers wishing to
purchase a manufactured home as their primary and only residence will
still enjoy down payments as low as 5%.
Q: Does JCF Offer Land & Mobile Home Combination Financing?
JCF Lending Group is a manufactured home only loan provider. If there
is land or acreage involved in your transaction, we are not the company
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
Q: My Mobile Home is in a Park and/or on leased land, Can You Finance?
JCF specializes in this type of manufactured & mobile home
financing. In fact, this is what the name of our URL
(chattelmortgage.net) means, a loan for a home not attached to property
by way of deed or title. We offer the lowest mobile home financing rate
& fee combination Nationwide.
Q: My Mobile Home is on a Indian Reservation, Can JCF offer Financing?
not at this time. Indian Reservations are unique as the true ownership
of the land is the Tribe, similar to a Co-Op park. As the tribe grants
you land, they retain the ultimate ownership of that land and access to
the reservation. In the past, we have made financing loans in
reservations with the agreement of the tribal counsel that we could
enter the reservation and/or property in the event of default. We have
found that a decision by the current tribal counsel can be overridden
by a future counsel, making our previous agreement null and void,
leaving us without the right of repossession in the event of default.
Q: Does JCF Finance Brand New Homes coming from a Dealer?
as long as the home is set-up and in livable condition prior to
funding. We also limit dealer commission to a maximum of 25% of the
dealers cost for the home. If the dealer needs funds prior to setting
up the home, we cannot assist you.
Q: Can I Buy a Home Directly From a Home Seller or Do I have to Use a Realtor?
you can buy a home directly from the home seller and/or owner. We will
provide all closing instruments, to include a purchase agreement and
closing statements. JCF Lending Group provides a complete internal
escrow service which is included with your new loan. In many cases,
buying a home directly from the seller saves the seller thousands of
dollars, which can result in a lower selling price, because there are
no Realtor commissions to pay.
Q: What is the Minimal Amount you will Finance, and what are your Terms?
minimum amount to finance is $20,000 Nationwide. Exceptions to our
minimum to finance can be made on a case by case basis. There is no
maximum amount to finance. Our terms range from 7 - 25 years, with the
following basic guidelines. Our terms are dependent on the amount
financed. Typically, for balances less than $40,000, we can provide a
maximum term of 15 years. If the balance exceeds $40,000, we can offer
a maximum term of 20 to 25 years. Exceptions can be made to the term on
a case by case basis.
If your questions
have not been answered, please contact
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