-Homes newer than 1977 have a maximum term of 25 years
-Homes 1976 & older have a maximum term of 20 years
NOTE: Terms vary by program, not all programs have the same maximum terms
Rates are based on 3 factors
NOTE: Please contact us for rates specific to you, we will ask for these 3 variables.
A down payment is a requirement. How much you put down changes your interest rate.
-Homes newer than 1977 have a mimimum down of 5%, the standards are 10% & 20%
-Homes 1976 & older have a minimum down of 25%
NOTE: Rates vary by program, not all programs have the same down payment rate adjustment
-Down Payment
-2 years of employment history in the same field (retirement does not need to be 2 years before we can consider it)
- US Citizenship or Permanent Residency
-Income sufficient to cover the Loan & Space rent 3x
Both credit score and credit profile are considered in the qualification process. It is hard to pinpoint the guidelines because they are considered on a case by case basis, but here are the basics:
-3 years of credit history with 2 of those being installment credit
-Bankruptcies & Short sales need to be at least 4 years from completion with at least 2 years of new installment history with no lates.
-Minimum Score 620
It is best if you have no lates but as few as possible, we may ask for an explanation of recent late payments as a part of our prequalification interview. If there are any open collections/liens/judgements the lender will need them to be paid in full and see proof of the zero balance.
Please reach us at info@mhmortgages.com if you cannot find an answer to your question.
Application, credit review, income and identification verification.
After a review of your credit history and application(including employment history) we analyze your income documentation. Using your newly calculated income we calculate an allowed monthly payment (Space Rent and Mortgage combined), if you know the space rent we can determine a loan amount.
Yes! You need to have received it for at least 6 months and will need to continue to receive it for 38 more months. To prove this income we need the final court order and proof of 6 months of payments.
Sometimes, for homes newer than 1977 we can do a singlewide, otherwise all homes must be a doublwide or larger.
Yes, the rate, term, program availablity, down payment requirements and underwriting guidelines change with the age of the home. Homes newer than 1977 have more loan opportunities.
These are the general requirements, additional items may be required based on your individual loan circumstances.
Copies of the Front and Back of your Driver's License & Social Security cards
*If you are retired we need your retirement and social security award letters showing monthly income and we need your most recent bank statement (all pages) showing income deposits and if you are self employed we need the last 2 months business bank statements (all pages)
*If you are retired we need the 1099s instead of W2s and if you are self employed we need the full IRS only tax returns, if you are an owner of a corporation we need the corporation tax returns also
Minimum of 1 months bank statement (all pages) from the source account for all of the down payment sources (gifted downs are available also, please ask us about them, a statement is still required)
These are the general requirements, additional items may be required based on your individual loan circumstances.
The appraisal fee will need to be paid up front ranges from $500-$650 depending on the appraiser for the area where your home is located
Letter on Employer letterhead verifying 24 months+ of employment (for all employers over the last 24 months)
*This is not always required* Letter on landlord letterhead verifying 2 year of your rental payments, signed and dated
We must have your decision 2 weeks before your closing date. The home must have a minimum insurance coverage of the loan amount, the maximum deductable is $1000. You provide us the quote and we will set it up for you with all the information the lender requires. The policy is paid in escrow
The new lease will need to be signed prior to loan funding and a copy provided to the bank
Mobile Home Mortgage
1270-C Lawrence Station Road, Sunnyvale, CA 94089
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