New Home Financing
We have a variety of loan programs available for the purchase of new mobile homes. These loans are for homes to be placed in a park, on rented land or on your own land where home will not be converted to real property. Down payment is as little a 5% and we have terms up to 30 years. Insurance, loan fees, taxes, and some amenities can be financed. Rates vary with term, size of home, and credit rating. Call us for a pre-qualification before you shop for your new home. Pre-qualification normally takes only 5 minutes and it’s FREE.
Pre-Owned Home Financing (Purchase)
Used mobile and manufactured homes up to 15 years old have finance programs similar to the programs for new homes. Homes older than 15 years may have loans available for up to 90% of the appraisal value. (See Appraisals) Down payment may be more and term may be less on these homes. To our knowledge installment loans are NOT available for homes manufactured before June 15, 1976.
Refinancing for lower rate or longer term (cash out also available)
We have several programs available to refinance your current high interest rate loan. We may be able to get a lower rate and extend the term, resulting in lower payments. Ask your loan officer about cash out to use for any purpose.
There are several ways to obtain an evaluation of your home for financing purposes. One is a NADA appraisal. This is a book value and is very subjective. This takes into consideration a value of where the home is located and the amenities. Another appraisal is Data Comp which is a computer and physical evaluation using recent sales as a comparison. The appraisal we use most often is a “Comps” appraisal made by a fee appraiser. This takes into consideration the condition of the home, the accessories, and the sales price of recent sales in the same area. We feel this is the most accurate and gives the borrower the best evaluation in the current market. Appraisals generally vary from $150.00 to $350.00 depending on type and location.
A Word about Manufactured home titles
Before making a purchase or even looking at a home ask the seller if the title is in their name. Many lenders will not make a loan if the title is in another persons name. This includes repossessions. You can obtain this information from the Manufactured Housing Division of the State of Nevada by paying a small fee or for free from their website. Website link is below.
Please call us anytime with your questions about manufactured housing. With 20 years of experience in this business we have most of the answers. If we don’t know we have resources available to get the information for you. This includes solar accessories.
We will process your application within 24 hours and contact you promptly with a loan proposal.
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