Mobile / Manufactured Home Finance: "The first 3 question that i ask a borrower".

Where does your income come from?

Your lender will need to know where your income has come from for the last 2 years. It does not matter if you have been on the same job as long as your Job Title has not changed. If you are self employed you will be asked for 2 years worth of Income Tax Returns and maybe a Year to Date Profit and Loss Statement. If your income is from Social Security, Retirement or some other source you may be asked to provide proof that the income will continue to come in.



How much money do you have available for a Down Payment?

For most Mobile Home Loans the borrow will be required to put a minimum of 5% down. The only exception to this rule is if you a purchasing a New Manufactured Home that has never been lived in. If this is the case you can borrow up to 100% of the purchase price. If you have 20% or more for a down payment you will qualify for a reduced interest rate. Your lender will ask you to show proof that you have money available for your down payment. The proof can be a current statement from your savings account, checking account, Roth, 401K, IRA or other. Some lenders will also allow you to get a gift from a family member for your down payment.


How is your Credit?

Your credit report is one of the most important pieces of your financial life that a person should keep track of. If you have really good credit you will qualify for a lower interest rate. If you are really credit challenged you may not qualify for a loan at all. If you have the luxury of time and do not need a loan today you may want to request a free copy of your credit reports from annualcreditreport.com. It is a good idea to look at your credit reports at least 1 time a year to make sure that they are reporting accurately. Your credit scores can go down each time some one pulls your credit report so you should be careful about allowing people to access it any more than is necessary. I will NOT pull credit until I am relatively sure that a borrower has a good chance of qualifying for a loan. In order for a lender to be able to pull your credit score they are going to need to know the Borrower/s Full Name, Social Security Number, Date of Birth and their Current Home Address. With these 4 things your lender will be able to pull your credit report.


These are the first questions that I will ask a borrower/s about their financial situation. Please keep in mind that these are just basic guidelines and sometimes do not need to be followed.

Please feel free to email me with a question or leave a commitment.

Thanks again,

Ron Hopkins
Specializing in Financing for Manufactured Housing.
WK: 360-567-2596
Cell: 360-903-7601
Fax: 360-838-6578
Email: ronh@lsfloans.com