Mobile Home Loans on Leased Land
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. Mobile Home Loans allow you to purchase a mobile home for a primary residence, second home or as an investment property. 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:
- Up to 95% Loan to Value (LTV) on Primary Residences
- Up to 80% Loan to Value (LTV) on Vacation or Secondary Homes
- New or Used Mobile Homes Eligible
- Up to 240 Month Terms (20 Years)
- Escrow of Homeowners Insurance & Property Taxes
- Chattel or Home Transaction Only
- 1976 or Newer Multi/Single Section Homes
- No Pre-payment Penalties
- No non-Occupying Co-borrowers on primary residences
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:
- 660 Minimum Credit Score to Primary Residences
- 700 Minimum Credit Score for Vacation or Secondary Homes
- 60 Months total credit depth
- 24 Months installment history with minimum $5,000 start balance
- 5 Years from Discharge of Bankruptcy
- 36 Months Installment History after Bankruptcy minimum start balance of $5,000
- No Foreclosures or Short Sales in the Last 10 years
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.