All of our lenders currently require a minimum credit score of at least 620 or higher. The score should be from Equifax, TransUnion or Experian. Scores obtained from other sources like credit improvement sites are not always accurate.
Unfortunately, we are only able to provide Chattel Loans. This is financing for the home only, no land. The home can be in a park/community or on leased or rented land. If you own a piece of property already and buy a brand new or used home from a dealer, we can finance the home being placed on the property along with add-ons from the dealer.
Within a 45 day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry since creditors realize you are only going to buy one home. This way, even if you are approved by one of our competitors, you can make sure they are giving you the most favorable terms to meet your needs.
Our minimum loan amount is $18,000 in all states we service.
A minimum down payment of 5% is required to purchase a home in New York, Texas and Pennsylvania. Florida requires a minimum down payment of 10 - 12%%. Regardless of the amount of your down payment, at least 5% of it must be from your own cash resources or a gift from a family member. It cannot be borrowed. Lenders will generally accept a gift from a family member as an acceptable down payment provided a letter stating it is a true gift, not a loan, is signed by the donor. (We will provide the form)
Depending on the circumstances surrounding your bankruptcy, generally some lenders would consider providing financing if the bankruptcy has been fully discharged for at least 4 years and you have re-established some installment loan credit.
Where child support and alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for. Where child support and alimony are received by you from another person, generally the amount paid can be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender. We will need copy of your divorce decree, copy of separation agreement or court order and up to 12 months cancelled checks(Proof of receipt).
Most lenders will accept down payment funds that are a gift from family as an acceptable down payment. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan along with the check for the gift amount made payable to the seller from the donor.
Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a loan the first step in a potentially long-standing relationship. But even with a loan, you will need to raise the money for a down payment. The down payment is that portion of the purchase price you furnish yourself. The amount of the down payment (which represents your financial stake, or the equity in your new home) should be determined well before you start house hunting. The larger the down payment, the less your home costs in the long run. With a smaller loan, interest costs will be lower and over time this will add up to significant savings.
There are ways to reduce the number of years to pay down your loan. You'll enjoy significant savings by: Selecting a non-monthly or accelerated payment schedule Increasing your payment frequency schedule Making principal prepayments Making Double-Up Payments There is no fee for extra principal payments and no pre-payment penalty.