Mobile Home - Manufactured Home Financing Guidelines

mtgfixit · Joined: 13 Apr 2009 Posts: 73 27.91 Dollars($)

Here are some general Manufactured Home Refinance Guidelines:

Age of Home: All homes 1976 and newer. Homes older than 1987 may require independent appraisal paid by the homeowner. Homes older than 1987 may not qualify in some states.

Home Location: Home must be in a manufactured home park, community, leased land, or owned land (Can be either the home owner or other, land deed not in current loan)

Home Type: All manufactured Homes

Credit Score: FICO score of 600+ required. Cannot accept Bankruptcies in the last 2 years or anyone using contractual credit repair services. Current late pays within 6 mo on current mortgage forbidden.

Income: Proof of income required. (w-2's, bank statements, and/or other)

Debt to Income Ratio: DTI of 45% or less. DTI = (Your Monthly Gross) / 12 * .45 DTI is the amount a bank will allow you spend per month on your monthly bills (Credit Cards, Mortgage, Other Loans) Individuals who calculate above 45% may fall below 45% with a refinance!

Cash Out Refinance: Current balance of home must be below 80% of the appraised value of the home

Debt Consolidation Refi: Current balance of home must be below 80% of the appraised value of the home.

And some general guidelines for Manufactured Homes On Owned Land Refinance

Age of Home: Homes older than 1990 may not qualify in some states.

Home Location: Home must be on owned land (Home owner must have deed)

Home Type: All manufactured Homes! On fixed foundations only

Credit Score: FICO score of 600+ required. Cannot accept Bankruptcies in the last 2 years or anyone using contractual credit repair services. Current late pays within 6 mo on current mortgage forbidden.

Income: Proof of income required. (w-2's, bank statements, and/or other)

Debt to Income Ratio: DTI of 45% or less. DTI = (Your Monthly Gross) / 12 * .45 DTI is the amount a bank will allow you spend per month on your monthly bills (Credit Cards, Mortgage, Other Loans) Individuals who calculate above 45% may fall below 45% with a refinance!

Minimum Refinance Amount: $75000

Mortgage Terms: 5/10/15/20/25/30 year fixed.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 459 7.03 Dollars($)

Hi mtgfixit ,

Thanks for giving this information on our forum.

I like your this post, Thanks for giving this guideline to us.
I hope you will doing work like this in future for us.

Thanks & Regards.

mtgfixit · Joined: 13 Apr 2009 Posts: 73 27.91 Dollars($)

gunzijjistaff,

You are more than welcome! And yes, I will continue to post very informative info - education is key!

Make it a great day!

gmakerley · Posted: Wed Apr 15, 2009 10:59 am Post subject:

karla, we get queries from people seeking loans on mobile and manufactured homes regularly, so your posting is timely and effective. we can only hope that borrowers and potential borrowers will avail themselves of the information. thanks.

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