Mobile Home Loan
    5.25%*

Q:What Credit Score is Needed for a Manufactured Home Mortgage Loan?
A: JCF Lending Group is an A paper lender and we require good to excellent credit. Currently, our minimum credit score for purchase financing is an Equifax 660, straight refinance Equifax 660 and cash out or consolidation requires an Equifax score of 700+. Homes 1970 - 1975, in California only, requires an Equifax 700, for both purchase & refinance. JCF primarily uses Equifax Credit, but may also use Experian and Trans Union. We will look at lesser scores on a case by case basis. In all situations, you must have a minimum of 4 years credit history. There are no exceptions.

Q: What Types of MH Homes Qualify for Financing?
A: JCF Lending Group finances mobile homes, broken into three categories, manufactured homes, modular homes and park "RV" models. We can finance single and multi-section homes as follows, single section homes can be no older than 20 years. Multi-Section homes can be no older than 1977, with the exception of California, where the multi-section homes can be 1970 & newer. All homes must be in good condition, and must not need major repair, to include roofing, skirting, siding and carpeting. The home must have been previously titled and cannot be a brand new home being sold by a dealer. If the home must be financed and then moved, we are not the lender for you.

Q: What About Consumers with Poor or Fair credit?
A: Unfortunately, our low loan rates do not allow for us to make risky loans. But it is also important to understand why. Recent studies have shown that Seventy percent of homes that have been repossessed in recent months have been owned by consumers in the sub-prime category, those people with fair to poor credit records. Of the 7,000 repossessed in the last three months, nearly 5,000 were on sub-prime mortgages. Those figures jump dramatically when you look at a two year time span. Nearly 90% of poor credit mortgage holders will be seriously late or will have gone into collection on their home mortgage.

Q: I Have Bad Credit. Can I use a Co-Signer with JCF Lending Group?
A: No. Every applicant must meet our credit criteria. We would caution potential consumers looking for this solution, as most upscale mobile home parks and leased lot communities will not grant approval for residency for consumers with a poor credit history. Normally, all occupants over the age of 18 that plan to live in a mobile home park or leased lot manufactured home community, must pass both a credit and criminal background check.

Q: Does JCF Offer Land & Manufactured Home Financing?
A: No. JCF Lending Group is a manufactured home only lender. If there is land or acreage involved in your transaction, we are not the lender for you. JCF is not licensed to finance land or the combination of land and manufactured home. We can only finance the home when it has not been deeded together with land. Most of our customers live in mobile home parks, manufactured home communities or rented/family land situations.

Q: My Mobile Home is in a Park and/or on leased land, Can You Help?
A: Yes. JCF specializes in this type of manufactured home financing and/or loans. In fact, this is what the name of our URL (www.chattelmortgage.net) means, a loan for a home not attached to property by way of deed or title. We offer the lowest rate & fee combination Nationwide.

Q: Does JCF Finance Brand New Homes coming from a Dealer?
A: No. There are several reasons why we do not finance brand new manufactured homes from dealers. First and foremost, our approvals are only good for 60 days. Normally, it takes between 90-120 days to have a manufactured home built and delivered. Our approval would not be valid at the time of delivery. Second, the dealer is responsible for any and all warranties, either written or implied. When a lender agrees to finance a brand new home, they are, as well, bound to any promises made by the dealer. If the dealer goes out of business or does not fulfil their obligation, the manufactured home lender must do this. Finally, reputable dealerships have contracts in place with lenders that pay the dealership for application origination.

Q: Can I obtain 100% Financing for a Manufactured Home?
A: No. We require a minimum 5% down payment on all purchase financing transactions. We should be clear that a 5% down payment will not be acceptable in all cases. The final determination if a 5% down payment will be sufficient will be determined by either an Advanced Book Value Report or an appraisal. The year of the mobile or manufactured home determines the maximum LTV or loan to value of the manufactured home in question. Manufactured homes 15 years and newer should qualify for the 5% down payment program, but in some cases, an older mobile home will qualify for this program as well. For example, a 1982 mobile home that appraises for $100,000, but the sales price is $50,000, should qualify for the 5% down payment because of the equity involved. The appraisal or book value report can offset the needed down payment either positively or negatively.

Q: What are JCF's Manufactured Home Down Payment Requirements?
A: As stated above, we require a minimum of 5% down payment for our manufactured home purchase program with rate breaks at 10% & 20%. We require that consumers provide two (2) recent bank statements to support that the proceeds were in the bank and not borrowed. We also must see all down payment checks as a condition of funding. If the down payment is coming from a 401K account or a home sale, we will need to see a paper trail to support the down payment proceeds. If you are in doubt, please contact customer service for more information and/or clarification.