Qualification, Rate and Payment Guidelines

Although every mobile, manufactured and modular home loan application is considered based on a "total picture" of your qualifications and your specific project and purchase, we have a few guidelines that will help you determine your eligibility and how various factors will influence your interest rate and payment.

Some helpful guidelines that contribute to being approved:

Steadily employed for at least three years in the same line of work
Total loans and credit card payments including this new loan of less than 50% of your combined gross family income.
Cash, net trade or equity in owned land of at least 10% of the total project or building cost.
A history of borrowing for at least three years with a good payment history. Credit scores below 680 generally require more down payment or equity.
Reserves: liquid assets you have that will not be used for down payment or purchase, but are available to you in the event a financial problem arises such as loss of employment: 401K or other retirement accounts, savings, checking, stocks or bonds, annuities, etc.

Factors that determine rates and payment:

Modular homes on permanent foundations are financed the same as site built. The prevailing rates that you see in the newspaper are generally what your rate would be.
Manufactured home loan rates are determined by a wide variety of factors:
- New or pre-owned (pre-owned rates are higher)
- Singlewide or multi-section mobile home (singlewide rates are higher)
- Credit score (scores under 700 have higher rates)
- Percentage of down payment (20% down payment or equity has the lowest rate)
- Mobile home community or on private property (private property rates are lower)
- Rates vary from 5.25% to 9% or more depending on the factors listed above
Monthly payments can be roughly estimated by multiplying the interest rate times the number of thousands of dollars being borrowed.

To apply:

Call us toll free at: 1-800-950-0070 or: Click here to request an application package by mail.