How to qualify for mobile home loans:
You are eligible for mobile home financing if the conditions given below are fulfilled:

Credit Score:
Borrowers must have a minimum credit score of 640 in order to get an affordable rate of interest on a manufactured or mobile home loan.

Down payment:
Lenders expect you to put down 5-10% of the purchase price for newly built homes for a loan term of 15 to 30 years depending upon your credit profile, size of the home and type of loan. For a pre-owned home, the down payment is the same but loans are available for 20 years depending upon the factors stated above.

Mobiles homes built prior to 1976 hardly qualify for mortgage because lenders are concerned over the life expectancy and quick depreciation of such a home compared to that of traditional site-built houses.

The manufactured home must follow the building standards proposed by HUD under the Federal National Manufactured Housing Construction and Safety Standards Act of 1974.

The HUD code requirements are as follows:
The houses must be built as one, two or three section homes in a protected building center and then transported on a frame to be installed on the site. The wheels and axles must be removed and the mobile home should be fixed to the ground to give it a permanent foundation. As per HCD rules, you need to record form 433(A) which implies that the home is changed from personal to real property due to it's permanent foundation.

The homes should comply with the HUD code restrictions for construction, design, durability and strength, fire resistance, energy efficiency, transportability and quality.

The property should maintain high standards for heating, plumbing, air conditioning, thermal and thermal systems.

The property must pass through strict inspections conducted by third party.

Ownership Rights:
The borrower must have absolute ownership (free of liens) rights except if the loan is required for a lot which consists of a share in a co-operative association owning and operating the mobile home park.

Purpose of the loan:
The loan must be taken in order to purchase or refinance only a manufactured home with the lot/land being owned by the borrower, the home and the lot on which it is situated, only the lot on which the mobile home (already owned by the borrower) will be installed.

The home must be the principal residence of the borrower.

For a lot loan, the mobile home must be placed on the lot and must be the principal residence within 6 months after the date of the loan.

If the loan is meant for a home in a mobile home park, then the lease on the home should extend for at least 5 years beyond the loan term.

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Would you like more information about how we can help you?
Please complete our Request More Information form or you may also call and speak directly to a Loan Specialist, Toll-Free at 1-800-238-9202

Fax or mail to:
Financial Services Unlimited Inc.
11950 SW 2nd St. Suite 300
Beaverton, OR 97005
(503) 626-8910 (Fax)
Toll-Free at 1-800-238-9202