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MICHIGAN MOBILE HOME
FINANCING LOANS
JCF Lending Group offers Michigan
mobile home financing loans for used and/or pre-owned manufactured &
mobile homes. We are a home only Michigan lender, providing
manufactured & mobile home financing loans for homes not attached to
real property by way of deed or title. JCF Lending Group
specializes in "Chattel Financing", a term used when referring to
financing loans on a manufactured or mobile home where the land is not a
factor and only the manufactured or mobile home will be financed.
You may also qualify for a JCF Lending Group Michigan mobile home
finance loan if your home and land are not tied together by deed or
title.
The majority of our Michigan
customers live in mobile home parks and/or
manufactured home communities, where the land is
leased or rented. We also may be able to provide Michigan
manufactured or mobile home finance loans if the home sits on a relatives
land, and once again is considered personal property.
The manufacturedor mobile homes
that we can finance in Michigan are considered personal property,
not real property and/or real estate. These homes are titled
through Michigan Department of Motor Vehicles, and all escrow and/or
closing functions will be handled by us, not a 3rd party escrow
company, as in real estate transactions.
We offer the lowest Michigan
mobile home financing loan rates possible, to meet the need of Michigan
homeowners. From city to country, JCF has a great financing program
for you. We will easily guide you through the Michigan manufactured
or mobile home financing process, providing you with whatever level
of service you require. We offer both fixed and variable rate
manufactured & mobile home financing loans, no pre-payment penalties,
no application fees and we are proud to be an Michigan Equal Housing
Lender since 1994. Always striving to provide the lowest
manufactured and/or mobile home financing rate & fee
combination in Michigan.
We will providethe quickest
Michigan financing approval possible, sometimes within 15 minutes
and let you know exactly the manufactured or mobile home financing
program 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 email.
Below we have outlined our basic
Michigan requirements and guidelines to better assist you. Meeting
the below requirements does not guarantee approval. Contact
customer service for more information.
MICHIGAN MOBILE HOME FINANCING
HIGHLIGHTS
- Purchase Financing Approvals in 15 Minutes.
(Phone Only)
- Used Mobile Home Financing with as Little as 5%
Down.
- Financing Terms from 7 - 25 Years, Best Rates at
Lower Terms.
- Down Payment May be Gifted. (10% Minimum Down
Required)
- Multi Sections Mobile Homes 1970 &
Newer.
- Single Section Mobile Homes 1999 &
Newer.
- Minimum Loan Amount $20,000.00, No Maximum Loan
Limit.
- Minimum Equifax/Beacon Credit Score 660, Best
Rates at 740+.
- All Financing Programs Offer both Variable and
Fixed Rates.
- No Prepayment Penalties or Close Out Fees.
- Closing Costs Can be Financed into the New
Mortgage.
- Automatic Withdrawal and Online Payment is
Available.
- Zero Application Fees and No Up- Front
Origination Costs.
MICHIGAN MOBILE & MANUFACTURED
HOME QUALIFICATIONS
- Home Must Be in Good to Excellent Condition.
Minor Repairs OK.
- Home Must Exceed 400Square
Feet and be a Minimum 12 Feet Wide.
- Must be Primary Residence or Vacation Home. No
Rentals Allowed.
- Home Must be On Existing Lot and Have Skirting
with Utilities Intact.
- Located on Rented/Owned Land that is Not Tied to
the Home by Deed.
- Multi Section Mobile Homes Homes 1970 &
Newer.
- Single Section Mobile Homes 1999 &
Newer.
- Home Qualifications Subject to Change without
Notice.
MICHIGAN CUSTOMER
FINANCE QUALIFICATIONS
- Must Be Legal U.S. Citizen, and a Minimum of 18
Years of Age.
- Must Have a Four Year Credit History and a Major
Credit Line.
- Must Have Good to Excellent Credit. No Poor or
Fair Credit.
- Two Year Work History, Unless Retired. Income
Must be Verifiable.
- Cannot Be Currently Enrolled In Credit Card or Debt Counseling.
- No Bankruptcy or Foreclosure Within 4 Years of
Application Date.
- Income Must be Verifiable. (No Stated Income
Programs are Available)
- No Borrowed Down Payments. Source must be
Seasoned Funds or Gift.
- Home to Be Financed Must Be Primary Residence or
Vacation Home.
- Housing Allowance Cannot Exceed 35%. or Debt
Ratio exceeding 45%.
- Customer Finance Qualifications Subject to
Change without Notice.
MICHIGAN MOBILE HOME
FINANCING FAQ'S
Q: How Long does it take
to get Approved for Purchase Financing in Michigan?
A: If you apply for financing by
phone, it normally takes 15 minutes. If you apply online, normally
between 24-48 hours. Some Michigan purchase financing applications
may take slightly longer in cases where additional information is
needed. If additional information is needed, we will contact the
appropriate party by phone and/or email. If you need an answer
fast, simply call us at (866) 967-0143. The
purchase financing approval you receive will be valid for 60 days
and cannot change in that time period.
Q: What Types of MH Homes
Qualify for Michigan 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.
All homes must be in good condition, and must not need major
repair, to include roofing, skirting, siding and carpeting. The
Michigan mobile or manufactured home must have been previously
titled and cannot be a brand new home being sold by a Michigan
Dealer. If the home must be financed and then moved, we are not the
lender for you.
Q: Are there any Fees
associated with Applying for Michigan Purchase
Financing?
A: No, JCF Lending
Group does not charge an application fee to finance a home in
Michigan. There may, however, be fees associated with the Michigan
manufactured or mobile home financing program that you choose. Once
you are approved for financing, your loan representative will go
over all fees that will be financed into your new Michigan mobile
home financing loan. The most common out of pocket expenses would
consist of homeowners insurance and the cost of an appraisal and/or
inspection. If the mobile home is in a Michigan leased lot
community, there is commonly the first months rent to pay, along
with a security deposit. Contact the park in question for
details.
Q: Is an Appraisal
Required in Michigan?
A: An appraisal may or
may not be required, depending on the NADA book value of the home
and the amount you plan to finance. An inspection is always
required on every Michigan mobile home financing loan. An inspection
will give the overall condition of the home, and additional options
of the mobile home, such as decking, awnings, garages, etc. If we
have enough value booking the home out using the inspection, an
appraisal is not required. An appraisal is required if we do not
have the value using the above method. Appraisals take into account
recent sales from the same community, and surrounding area to
determine the market value.
Q: How Long is the Mobile
Home Finance Process in Michigan ?
A: Michigan home sales
normally take 2-3 weeks, depending on if an appraisal is required.
Keeping the communication channels open with your loan officer can
normally always expedite the finance process. Your Michigan loan
officer will provide you with a list of items, called stipulations,
that we will need you to fax or email to us. Once we have these
items and your appraisal/inspection has been completed and cleared,
we will be ready to close your Michigan mobile home financing
loan.
Q: What are JCF's Michigan
Foundation Requirements for Financing?
A: JCF Lending Group
has no specific foundation requirements in Michigan. As previously
mentioned, the home must be set-up and in move-in condition, to
include functioning electrical and plumbing. The mobile or
manufactured home can be on blocks, iron pier settings, ground set,
or on a full foundation with basement. We finance the mobile home,
not the land, so we are not concerned about the home being tied to
the land by way of foundation.
Q: Why Won't JCF Finance
Mobile Homes that Will Be Moved?
A: From our past
experience, the amount quoted to move a mobile or manufactured home
by a mobile home mover, is 75% of the time inaccurate or grossly
off. This might not be intentional on the part of the home mover,
but it leaves many consumers with an unexpected cash outlay that
they may or may not be able to come up with. The current average
approximate cost to tear down, move, re-set up a single wide home
in Michigan is $4,000.00. That is if the home is moved 5 miles or
less. When the home is a multi-section home the average cost jumps
to $10,000.00. These costs do not include the multiple fees paid to
the county for trip permits, escorts, or multiple inspections that
will be required before you can reside in the home. Again, many
times the cost jumps dramatically higher than the quoted figures
above, leaving the consumer with a home in pieces or not set-up,
which they cannot live in.
Q: How are Down Payment
Amounts Determined?
A: Our minimum
acceptable down payment is 5% of the selling price. This should not
be confused with loan to value, also called LTV. The value is
determined by appraisal or book value which will be determined by
your loan underwriter. All LTV percentages include any and all fees
that are financed into the loan, including taxes & insurance if
applicable. As a basic rule, manufactured homes that are ten (10)
years old or newer have an LTV of 95%, mobile homes built from 1976
to 1989, have a 85% LTV. Overall, value times (LTV) loan to value
equals the maximum amount to finance, including all fees.
Q: Does JCF Offer Michigan
Land & Mobile Home Combination 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 in Michigan 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
Michigan Park and/or on leased land, Can You Finance?
A: Yes. JCF
specializes in this type of Michigan manufactured & mobile home
financing. In fact, this is what the name of our URL
(chattelmortgage.net) means, a loan for a home not attached to
property by way of deed or title. We offer the lowest mobile home
financing rate & fee combination in the State of Michigan
Q: My Mobile Home is in a
Co-Op Park where You Own the Land. Can you Finance?
A: No, not at this
time. Michigan Co-Op parks are not considered real property and they
are not considered personal property or Chattel, the correct term.
In a Michigan Co-Op park, each owner buys a share. The share gives
them ownership of a percentage of the park, including the roads and
common areas. The land sitting under a manufactured home in a Co-Op
park is not owned by the home owner, but rather all share holders
in the park. So, for example, if the park has 300 homes, the
ownership of the park is divided up into 300 shares. Our type of
personal property financing, commonly called Chattel Financing,
have foreclosure solutions that consist of selling the home at it's
current location or moving the home out of the park or its current
location. Because of the multiple owners of the land, we would need
each shareholder's permission to accomplish this, which is not
feasible. There are proposed law changes in Michigan that may open
Co-Op parks to personal property financing in the near future.
Q: My Mobile Home is on a
Michigan Indian Reservation, Can JCF offer Financing?
A: No, not at this
time. Indian Reservations in Michigan are unique as the true
ownership of the land is the Tribe, similar to a Co-Op park. As the
tribe grants you land, they retain the ultimate ownership of that
land and access to the reservation. In the past, we have made
Michigan financing loans in reservations with the agreement of the
tribal counsel that we could enter the reservation and/or property
in the event of default. We have found that a decision by the
current tribal counsel can be overridden by a future counsel,
making our previous agreement null and void, leaving us without the
right of repossession in the event of default.
Q: Does JCF Finance Brand
New Homes coming from a Michigan Dealer?
A: No. There are
several reasons why we do not finance brand new homes from Michigan
dealers. First and foremost, our approvals are only good for 60
days. Normally, it takes between 90-120 days to have a home built
and delivered. Our finance 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 Michigan lender agrees
to finance a brand new home, they are, as well, bound to any
promises made by the Michigan dealer. If the dealer goes out of
business or does not fulfil their obligation, the lender must do
this. Finally, reputable Michigan dealerships have contracts in
place with lenders that pay the dealership for application
origination.
Q: Can I go through a
Michigan Mortgage Broker when Financing with JCF?
A: No. Unfortunately,
due to Fair Lending Practices, all consumers, based on their credit
worthiness and the home they wish to purchase are given the same
rate and applicable fees. JCF Lending Group offers the lowest rate
& fee combination in the industry. This could not be
accomplished by adding thousands of dollars to your new Michigan
mortgage to pay commissions to a mortgage broker.
Q: Can I Buy a Home
Directly From a Home Seller or Do I have to Use a Michigan
Realtor?
A: Yes, you can buy a
home directly from the home seller and/or owner. We will provide
all closing instruments, to include a purchase agreement and
Michigan closing statements. JCF Lending Group provides a complete
internal escrow service which is included with your new loan. In
many cases, buying a home directly from the seller saves the seller
thousands of dollars, which can result in a lower selling price,
because there are no realtor commissions to pay.
Q: What is the Minimal
Amount you will Finance, and what are your Terms in
Michigan?
A: Our minimum amount
to finance is $20,000.00. Exceptions to our minimum to finance can
be made on a case by case basis. There is no maximum amount to
finance. Our terms range from 7 - 25 years, with the following
basic guidelines. Our terms are dependent on the amount financed.
Typically, for balances less than $40,000, we can provide a maximum
term of 15 years. If the balance exceeds $40,000, we can offer a
maximum term of 20 to 25 years. Exceptions can be made to the term
on a case by case basis.
Q: Is Escrow
required in order to Close a Michigan Financing Loan?
A: Escrow is not
required in Michigan. Escrow is handled internally by our office,
where we do all functions from titling the home, to cutting
disbursement checks to realtors, if applicable, and to the
seller(s).
If your
questions have not been answered, please contact us.
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