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Construction Loan Highlights

Manufactured Home Loan Construction Highlights

We Can Get You Off the Ground.

In the process of building your dream home on land you’ve already purchased? LoanJunction.com can assist you with a flexible Construction to Permanent loan.

Because Construction to Permanent Loans are often considered Refinances, the need for a down payment is usually eliminated. Both fixed rates and adjustable-rate mortgages (ARMs) are available.

Loans are treated as refinances only if the customer has owned the land for more than a year; otherwise, the loan is treated as a purchase.

We are Your One Stop Source.

Because The Construction to Permanent Loans are considered Refinances, the need for a down payment is eliminated.

LoanJunction.com is your one stop institution for all your construction needs, and we handle the Construction and Permanent financing. This feature allows greater flexibility, personalized service, and quick closings.

Our methods work for you. We obtain the Loan-to-Value ratio, or LTV, by using the appraised value of the property. You only pay interest during the construction phase.

• Conforming 15- 20 and 30-Year Rates
• Fixed Rates
• One-Time Close, in which costs are kept to a minimum
• Up to 100% Loan-to-Value (LTV) Ratio
• Jumbo Loans

If we are able to get the following information

• Information about the Unit you are purchasing, including factory invoice

• Signed Costs Breakdown and verification of costs (or a contract) from the contractor doing the work

• Appraisal (future value appraisal) 

• Loan Application (This can be done by phone, fax, online or mail)

• Permits and other necessary approvals(in most cases set-up crew will aquire the appropriate permits).

With all the requires iformation we can issue loan approval within 48 hours, and fund the project within 2 weeks. 

Mobile Home Questions & Answers

 Mobile Home Q & A

• What is the Fico range for good, fair & bad credit rating with manufactured lending?
  Good credit is usually defined as the borrowers with few if any past or present collections, good income & credit over 680 fico. Fair credit borrowers would have more deragatories, lower income & credit from 600 fico to 679. Generally bad credit is those clients with a previous bankruptcy or significant ongoing collections and/or leins, significant debt, lawsuits amd/or past or present ongoing foreclosure and a credit score of 599 and below. (in some cases credit score is not the only determining factor for a fair credit loan. We will always try to qualify you fair credit first)
• What is debt to income ratio?
  Debt to income ratio is the calculation used by us to determine how large of a loan balance your income can support. Typically this calculation is figured by adding all your bill's minimum payments due each month, your space rent & new mortgage payment divide by your gross income.
• What is the lowest down payment I can put down: for good credit 5% down on land home & in park. In some case we allow for 100% financing when getting the home at a significant valuation.
• What loan term will be best for me?
  This depends on your goals. If your goal is to pay off the home quicker then a shorter term is suggested. If your goal is lowest payment then a longer term is best.
• What will my closing costs be?
  Good credit borrowers never pay points & the closing cost for these borrowers is usually $1300 to $1800. Bad credit borrowers will usually have to pay points. Typically, our closing cost ranges from $2700 to $4800 depending on the loan size. (In some cases bad credit borrowers may require more closing cost depending on overwhelming negative factors)We do have no closing cost programs.
• Can I consolidate bills? Yes. In some cases we actually may have to pay bills to get your debt versus income inline.
• Can the seller assist with down payment?
  Not on good credit loans. In CA, OR & WA we have a program where the seller can assist with securing part of the risk in a bad credit mobile home purchase loan... they may also assist with closing cost, repairs, fire insurance and home warranty. We do allow gift for down payment. 
• What items must be prepaid?
  There are no pre-pay items. Typically we allow you to finance into your new bad credit purchase loan up to 2 year of fire insurace, 2 years of a home warranty program, closing cost and up to 6 months of space rent.
• How long is quoted interest rates good for?
  Called a rate lock, under normal instances we lock the rate for 60 days which is free to the client. 
• How long will the approval take?
  With a complete file and motivated client approvals take 30 minutes with loan closings in as quick as 3 days for bad credit & 7 days for good credit.
• Will the loan have a prepayment penalty?
  Absolutely not. Even with a bad credit standing we won't be assigning a pre-pay penalty.

Getting To Know Us

 

• Experience.
  Founded in 1999, West Coast Mobile Homes is a sister company wholly owned by LoanJunction.com. We have processed and funded 10's of thousands of mobile home loans across the country.
• Customer Service.
  We are only as good as our last clients says we are. That's why with every customer we'll move mountains for the privilege to be your lender. With caring staff, 24 hour customer service & online account management we intend to move mountains for you for years to come.
• Financial Resources.
  LoanJunction.com is a national lender drawing upon over 4 billion in investment capital for our clients needs. 
• Track Record.
  You don't get to be a proud AAA rated Better Business Bureau company by doing things the wrong way. We intend to keep it that way.
• Community Support.
  We have a larger responsibility to support our clients long after the transaction is done. Please visit our Park Crime Prevention Page to join us in keeping our park communities safe and crime free; Also As rent control advocates, no one is more out spoken about keeping our parks free of exuberant & predatory rent increases.
• Technology.
  With an eye on the 22nd century, our client management services are second to none. Our award winning online operations coupled with 24 live customer service, automated bill pay and rate decrease notifications we stand at the forefront of mobile home lendings' long awaited technological revolution.
• Hands On.
  There are no substitutions for rolling up the sleeves to get the job done right. That's why each client is assigned a proven & considerate account executive to oversee the loan transaction from start to finish. This is your guy or gal in the trenches with their "hands on" approach.
• Accountability.
  Each staff member is 100% accountable to you and your needs. Whether the loan has unforeseen difficulties, or tough measures need to be taken, our staff from the president on down will always field your calls and/or concerns. 

Since In Park mobile home Loans are “consumer loans” not “real estate” loans and are treated as such by each state. There are no special programs for borrowers such as First Time Home owners or Veterans.

Let's get together and talk about your home buying and/or selling plans. Call us at the main office 310-534-2041 or at our branch office 310-257-9297 or send us a simple e-mail to support@westcoastmobilehomes.com we'll set-up a time that is easy and convenient for you to meet.

Today's Featured Mobile Home Rates

30 Yr Land/Home Rate APR Points 5.99% 6.25% 0.0% 15 Yr Land/Home Rate APR Points 5.75% 6.01% 0.0% In Park 20 Year  Rate APR Points 7.74% 8.24% 0.0% In Park 15 Year  Rate APR Points 7.24% 7.49% 0.0% In Park 10 Year  Rate APR Points 6.74% 6.99% 0.0%

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