Manufactured Home Equity Loans in Mobile Home Parks. - *PROGRAM SUSPENDED BY LENDER UNTIL FURTHER NOTICE*
Exclusive manufactured home equity loans. Now offering cash out, debt consoldation, renovation lending program for manufactured homes in mobile home parks and approved co-ops.
MH Lender Factory Built Finance is now offering a mortgage home equity loan program for manufactured homes that are 25 years old or newer in land lease parks and approved cooperative communities.
This program has not been previously offered in California and is part of a group of loan programs designed solely for the unique California manufactured home market. Now, California manufactured home owners in land lease communites and approved cooperatives can improve their lives and lifestyles by using the equity in their manufactured home.
Manufactured Home Debt Consolidation Loans
With loan terms to 25 years, qualified home owners can convert their equity and payoff high interest rate credit cards, get rid of student loan debt, or lose that crazy high car loan payment. You choose what is best for you.
It's simple. Let us know your estimated current home loan payoff and what debts you want paid and we'll take it from there. Need additional cash out for future plans? If your equity is sound and you qualify, we can do that too.
Manufactured Home Renovation Loans
Have you been wanting to remodel? Does your home need repairs? We can make that happen. Need a new roof or HVAC system. OK!
Determine what renovations you need to make and get quotes from your contractors. A general contractor is always best, but we will work with your situation. It works like this.
We underwrite using the payoff on your current loan plus the contractor quote. You can also add debt or additional cash out if equity and credit underwrirting are within guidelines. Once the loan is fully underwritten and the appraisal is completed, you can have the work done with the assurance that contractors will be paid at the close of escrow. This is much better for homeowners than using a high interest rate credit card or personal loan.
Straight Cash Out Loan for Manufactured Home
Your current payoff plus the amount of cash requested will be your new loan. Underwriting may require statement regarding use of funds.
Manufactured Home Free & Clear Loan?
Yes, That's OK too.
Program Guidelines
- Debt Rato - Max 50%
- Credit Score - Minimum 600
- Maximum Loan Amount $250,000
- Minimum Loan Amount $100,000
- Age of Home - 25 Years or Newer
- No Prepayment Penalty
How Do I Get Started?
Easy. Use the online application in the menu above or email rory@mhlender.com for an application package.
NOTE for Cooperative Community Borrowers - We require a copy of your HOA docs at the time of underwriting. All HOA's must be formally approved for lending.
What if my home is older than 25 years? Email us with the emal topic "Include Us" with your name and property address. We are encouraging our lenders to expand the program. Your input will help.