MOBILE HOME LOANS FOR HOMES IN PARKS &
JCF Lending Group provides mobile home loans to
include, mobile home financing and manufactured home refinancing for
homes located in mobile home parks and leased lot manufactured home
communities. We also can provide mobile home loans for mobile &
manufactured homes that are on private land as long as the home is
not tied to the land by way of deed. JCF specializes in
"Chattel Mortgages", a term used when referring to a loan on a mobile
or manufactured home where the land is not a factor and only the
mobile home will be financed.
JCF was established in 1994 to meet the loan
needs of in-park mobile & manufactured home owners and potential
buyers. Our mobile home loans, which include manufactured home
financing and mobile home refinancing are geared to consumers with
good credit, giving them a great mobile home loan rate that they
The majority of our customers live in mobile and
manufactured home parks and communities, but we may be able to help
you with a mobile home loan if the home is on leased, rented or
MOBILE HOME MORTGAGES WITH EXCEPTIONAL RATES
TO REWARD YOUR GOOD CREDIT
We are able to offer the lowest mobile home loan rates possible, along with a variety of
mobile home loan programs to meet the needs of a Nation. From
California to New York, Texas to Washington, JCF has a great mobile
home loan program for you. We will easily guide you through the
process, providing you with whatever level of service you require. We
offer fixed and variable rate home financing, No Pre-Payment
Penalties, No Application Fees and we are Proud to be an Equal
Housing Loan provider since 1994, always striving to provide the lowest
mobile home rate & fee combination possible.
We will provide the quickest loan
approval possible, sometimes within 15 minutes and let you know
exactly the manufactured or mobile home loan we can offer. Then it's
up to you to make the decision. We are open from 7:00 AM - 7:00 PM
PST, Monday thru Friday, and on Saturdays 8:00 AM - 3:00 PM PST. You
can reach us toll free at (866) 967-0143.
We also have "Live Help" operators standing by
24/7, helping both existing and new customers get the answers to the
questions they may have, all in real time. No waiting on
MOBILE HOME FINANCING
WITH AS LITTLE AS 5% DOWN
Need mobile home
financing - Whether you are considering buying a used mobile home or
buying a new manufactured Home, JCF Lending Group will find a
mobile home mortgage that's
right for you. The type of mobile home financing loan received
depends of several different factors, the year of the mobile home and
current value is a strong factor, as is the credit of the applicant
and the monthly Income. When you think
of mobile home financing, think JCF.
Once the mobile home financing
loan is approved, the amount of the down payment determines the
interest rate offered. As an example, a 10 or 20 percent down will
offer a better rate than 5 Percent Down. Our terms vary from 7 years
to 25 years, depending on the loan program you choose. The best
manufactured home financing rate can normally be obtained in most
cases with at a 10 year term. It is important to remember that the
shorter the term. the less interest you will pay in the long
HOME REFINANCING - LOWER RATE & LOWER
manufactured home refinancing - By adjusting your current
Interest Rate and the number of remaining loan payments, many things
can be accomplished. Savings can be great and long term savings even
better. Reduced monthly payments and thousands of dollars of savings
are a few of the possible benefits of mobile home refinancing or that
low rate manufactured home loan.
If the manufactured home is in good condition
and there is a sufficient amount of equity in your home, additional
options such as an equity cash-out and debt consolidation manufactured home mortgage can
be an option. Our Staff will quickly ascertain whether manufactured
home refinance will be beneficial. Our goal is to make sure each and
every customer is offered the right mobile home finance option.
Q:What Credit Score is Needed
for a Manufactured Home Mortgage Loan?
A: JCF Lending
Group is an A paper loan provider 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 company for
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 loan provider. If
there is land or acreage involved in your transaction, we are not the
company 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
Q: Does JCF Finance Brand New
Homes coming from a Dealer?
A: Yes, as long as the
home is set-up and in livable condition prior to funding. We also
limit dealer commission to a maximum of 30% of the dealers cost for
the home. If the dealer needs funds prior to setting up the home, we
cannot assist you.
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?
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.
Updated Policy: Consumers with
multiple current mortgages and/or residences, to
include vacation homes, will now be required to have a minimum down
payment of 20% on all purchases. This policy change is due to the
recent influx of consumers wishing to walk away their current home,
in favor of more affordable housing. This policy is only a temporary
change until the housing market has recovered. Consumers wishing to
purchase a manufactured home as their primary and only residence will
still enjoy down payments as low as 5%.
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