FAQ

Mobile Homes

Definition of a Mobile Home

For lending purposes a mobile home is any manufactured home that is either not attached to the land where it is located; or an attached manufactured home where the land upon which it is situated is not owned by the mobile home owner.

A mobile home is considered personal property (as opposed to real property), in that the mobile home is movable.

What Factors Affect My Mobile Home Loan?

There are several factors that influence the rates that Blue Coast can offer:

Age - The best financing terms are found on mobiles homes that were manufactured after 1976, which are known as “post HUD homes”.

Size – Rates are slightly better for multi-wide homes versus single-wide

Equity/Down Payment – For purchases, 20% down or more offers the best rates; for refinances, the more equity you have built up the better.

Credit (Fico Score) – There is no minimum, but it is easiest to qualify with Fico scores that are 660 and above, and the best rates come at 720 and above.

Assets – Underwriters prefer to see that you have at least 3 times the dollar amount of your monthly mortgage payment in some type of bank/retirement account (for example, if the monthly loan payment is $400, it is best to have $1200 in the bank).

Ability to Repay the Loan – Underwriters like to see that you’re taxable income is at least twice as much as your total monthly obligations (including mortgage loans, lot rent if applicable, car payments, credit card debt, student loans, etc.). Blue Coast does offer loans that do not use income to qualify, but those types of loan require larger down payments/more equity.

What is the Minimum Required Down Payment for a Mobile Home Loan?

The minimum down payment is 5%; at this time there are no exceptions

What Types of Loans are Available?

The most common financing terms available for mobile home loans are 10, 15 or 20 year fixed rate loans, but Blue Coast does offer a fixed loan amortized over 30 years to help keep payments lower.