Mobile Home Loans for Leased Land allow someone to purchase a single wide or multi-wide mobile home that has a lot lease or in a mobile home park with a minimum credit score of 550. Mobile Home Loans allow you to purchase a single wide or multi-section mobile home for a primary residence or second home. Mobile home parks are welcome! If you want to find out how much you qualify for, call the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE.

What are the Guidelines for Mobile Home Loans on Leased Land?

Mobile Homes on Leased Land require special financing because the property is not considered real estate but Chattel which means traditional loan types will not work such as FHA, VA, USDA or Conventional as these loan types only work for Manufactured Homes on permanent foundations. These specialized chattel loans for mobile homes have the following guidelines:

• All Loan Programs available for new, pre-owned, single, & Multi-section homes
• Up to 95% Loan to Value (LTV) on Primary Residences
• Up to 85% Loan to Value (LTV) on Vacation or Secondary Homes
• All Appraisals are done through Datacomp
• New or Used Mobile Homes Eligible
• Up to 300 Month Terms (25 Years)
• Maximum Loan Amount is $450,000
• Max Debt to Income Ratio is 50% for 600+ Credit Scores (Equifax Credit Score Only)
• Max Debt to Income Ratio is 48% for 550-599 Credit Scores (Equifax Credit Score Only)
• Escrow of Homeowners Insurance & Property Taxes
• June 15, 1976 or Newer Multi/Single Section Homes with a HUD Label.
• No Pre-payment Penalties
• Non-Occupying Co-borrowers only allowed to meet credit guidelines cannot use their income

What are the Credit Guidelines for Mobile Home Loans?

Mobile Home Loans for homes on Leased Land credit requirements are different than traditional home loans. Below are the credit guidelines for Mobile Home Loans:

• 600 Minimum Credit Score for Primary Residences to 95% LTV
• 550-599 Minimum Credit Score for Primary Residence to 85% LTV
• 625 Minimum Credit Score for Vacation or Secondary Homes
• Judgements and Liens MUST be paid in full, or setup on a payment plan and still be within DTI Guidelines
• Charge Offs and Non-Medical Collections must be paid in full – No open Collections
• 5 Years from Discharge of Bankruptcy
• 5 Years from Foreclosure
• No currently PAST DUE accounts allowed. Must be brought current.

Must also have one the following to meet minimum credit guidelines fro Chattel Loan:

• Possess at least three revolving accounts within the past 12 months
• Have a 6 month installment history
• Have a documented 12 month rental history

What are the Mobile Home Loan Products Available?

Home Only (Chattel Loan):
Offers buyer financing options on new or pre-owned, single or multi-section manufactured homes. Land can be owned or leased, including in leased site communities. Not required to be attached to real property. Triad only finances the manufactured/park model home.

Land Home:
Borrowers who are looking to secure property and their home in one payment. The home and land are included in the purchase. Only existing manufactured homes, modular or park model homes, land and all required site improvements being purchased together. The home must be on a permanent foundation, title on the home surrendered, and the Manufactured Home and land taxed together as real property. It allows for different tax breaks as well as ownership of the land on which their home will be placed. The final product is classified as a real property mortgage – much like a conventional site-built mortgage.

Land Plus:
Eligible borrowers must own the land free and clear at the time of purchase. The client can use the equity in the land towards part or all of the required down payment. Financing allows for up to $25,000 in land improvements to be included in the approval, and both new and pre-owned homes qualify with no PMI required. The program offers terms of up to 360 months, with a minimum down payment of 5% and a maximum loan-to-value ratio of 95%.

ITIN Borrower Can Purchase Mobile Home on Leased Land

ITIN Borrowers are accepted for all our Chattel Loan Programs. The guidelines for ITIN borrowers to qualify for a Mobile home on leased land are as follows:

• ITIN Applicants must have a minimum credit score of 550 or above.
• US Government issued non-resident identification and ITIN card required
• Applicants with both social security number (SSN) and ITIN will have a credit check run on both numbers.
• ITIN numbers will be verified through www.tincheck.com

Important Things to Identify for Mobile Home Title

To Avoid Delays in funding, please double check these common scenarios for Title on the Mobile Home:

• Titles in the Name of a Trust
  • Full Trust agreement or certification of trust required (varies by state)
  • If trustee is deceased – need death certificate to transfer to successor trustee
• Deceased Seller
  • Rules vary by state and how ownership is listed
  • Two owners with “or” – surviving owner can transact without deceased documentation
  • Two owners with “and” – requires further review by Title Department
  • Single Owner – probate or small estate process required; will alone not sufficient. Typically need death certificate & probate status
• POA for Seller
  • Full POA document must be provided before closing
• Seller on Title
  • Current seller must match title exactly
  • Cannot close if title is still in previous owner’s name

Can You Refinance a Mobile Home on Leased Land?

Yes you can refinance a Mobile Home on Leased Land. The guidelines for qualifying for a refinance of your Mobile Home or Manufacture home are as follows:

• No Seasoning Requirements for Rate and Term Refinance
• Cash Out Refinance requires minimum of 700 Credit Score
• Cash Out Refinance only on Multi Section Homes
• You can Add or Remove a Co-applicant from Ownership

How Do You Apply for a Mobile Home Loan on Leased Land?

If you would like to qualify for a Mobile Home Loan or Manufactured Home Loan to purchase or refinance a property as your primary residence, a vacation home, or a Secondary Home then you can call the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE.