FAQs
Q: Do you offer manufactured home loans
for land and home packages?
A:
No, we do not offer land and home loans. All loans are chattel
loans (home only). That means we only finance the mobile home. We do
not finance land.
Q:
I have a Vanderbilt Mortgage or 21 st Mortgage Loan; can you
refinance my loan?
A:
Yes! It does not matter who your current lender is.
We refinance Vanderbilt Mortgage, 21st Mortgage or any lender as long as it
saves you money!
Q: Do you refinance singlewides mobile homes on parks or leased land?
A:
Yes, we can refinance your singlewide or doublewide mobile home that is
on a park, leased land or community; you do not need your own land!
Q: What interest rate can I get?
A:
Rates for mobile home loans vary widely based on the size and value of
home, credit worthiness of applicant, and time-in-job. There are too many
factors involved to quote a rate without any information from you.
Q: I have very bad credit; can I still refinance or purchase through you?
A:
No, we do not have any sub-prime financing products. All applicants
must meet the minimum credit guidelines.
Q: What should my credit score be?
A:
We need a minimum of a 660 Fair Isaac & Co. (FICO) score for
refinancing and 660 for purchase. You can check your credit at
www.freecreditreport.com .
Q: Can I
use a co-signer or have someone get the loan for me?
A:
No, the one on the loan must live in the home.
Q: I want to purchase a mobile home direct from manufacturer/dealer; can you
help finance it?
A:
No, we only finance mobile homes that are already set up on the park,
lot, or land.
Q: Do you
have any zero-down payment programs for purchases?
A:
No, we have no zero-down programs. All purchase programs require at
least 5% down payment.
Q: Can I remove
someone from a loan or add someone?
A:
Yes, as part of the refinance process, we can add or remove a name from
the loan and title of the home.
Q: I have
had a bankruptcy; can you still refinance my home?
A:
Yes, as long as the bankruptcy has been discharged for at least four
years, and you have established good credit history since discharge. A
bankruptcy must be discharged for at least five years for a purchase.
Q: Are there
any up front fees or out-of-pocket expenses?
A:
No, there are no upfront fees when you refinance with us. There may be
an out of pocket expense to get an inspection/appraisal on your home. Cost is
$110-$350. You will know this before you sign.
Q: Do
you offer cash-out or debt consolidation for mobile homes?
A:
Yes, your credit must be good at least 660 FICO score and required
loan-to-value (LTV). Please contact us for details.
Q: Do your loans have a
prepayment penalty?
A:
No, none of our loans includes prepayment penalties.
Q: Can you give me an interest rate on my mobile or manufactured-home loan
before I apply?
A:
No, we cannot give you and exact rate before you apply, but with a
little information from you, we can give you a quote.
Q: Can you help
finance moving my mobile home?
A:
No, we do not offer this type of mobile home financing.
Q: Can you finance
a second home or a vacation home?
A:
Yes, we have programs for vacation and secondary homes. Applicant
must have a primary residence. Must be fully disclosed before signing.
Q: Can you help me
purchase land and move my home?
A:
NO
Q: Is there an application fee?
A:
No, applying for an approval and credit report is free of charge and
obligation.
Q: My loan is with Vanderbilt Mortgage, can you refinance it?
A: Yes, we can refinance Vanderbilt Mortgage and all other lender loans.
Need more help or have more questions?
Call us today at 1-831-920-4578
or e-mail us at info@montereybayfinancial.com .