Manufactured Home Purchase Loan Highlights

• A, B, C & D Credit Files accepted
• Manufactured Loan Best Rate Guarantee
• 5% down purchase program(good & fair credit)
• 30% down payment bad credit program 
• No Maximum Loan Amount
• No Cash Reserves Required
• Gift Down Payment Allowed 
• Loan Terms up to 30 years
• No Private Mortgage Insurance(PMI)
• Debt to Income Ratio up to 50%
• Secure Fixed Rate Programs Only 
• Approvals In 1 to 2 days
• Closings In As Little As 14 Days
• Seller Assist Allowed (CA, OR, WA)
• Stated Income Allowed (2 years business Taxes)
• Pre Hud Financing Available
• Singlewide Financing Available
• Online billing & impound setup available

Manufactured Home Refinance Loan Highlights

• Secure Fixed Rate Programs Only
• 80% LTV cash out program
• 75% LTV cash out bank statement program
• Stated Income in some areas
• Term to 30 years
• A, B, C, & D credit files accepted
• Best Rate Guarantee
• Singlewide Financing Available
• Pre-Hud (pre 1976) financing available
• No maximum loan amount
• Approvals In 30 Minutes
• Closings In As Little As 14 Days
• 5 Years No Cost Refinance

Land & Home Questions & Answers

Manufactured Home finance 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. For bad credit the minimum down payment is 30%
• 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 can expect closing cost between $1300 & $2500 depending on loan sizeBad Credit borrowers will usually have to pay points. Typically, our closing cost ranges from $2700 to $5800 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?
  Taxes and insurance as a rule. Typically we allow you to finance into your new purchase loan up to 1 year of fire insurance, 1 years of a home warranty program, closing cost and for bad credit up to 6 months of payments.
• How long is quoted interest rates good for?
  Called a rate lock, under normal instances we lock the rate for 30 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 & 14 days for good credit.
• Will the loan have a prepayment penalty?
  Absolutely not for good credit borrowers. In some case a bad credit land home manufactured home loan will have a pre-payment penalty.

Getting To Know West Coast Mobile Homes & LoanJunction.com

 

• 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.

Factory-Built Homes Many types of structures are built in the factory and designed for long-term residential use. In the case of manufactured and modular homes, units are built in a factory, transported to the site and installed.

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.

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