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| Main | Purchase | Refinance | Real Estate Agents | Mortgage Brokers | Mobile Home Brokers/Dealers | FAQ | |
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Peoples Manufactured Home Loans Credit Guidelines Our programs are underwritten on a case by case basis. We do have a few basic guidelines to help guide the process. Our loans do require good credit with a minimum score of 620 and at least three trade lines. Please note that credit exceptions can be made for large down payments or low LTV situations (60% LTV). Also, please note that down payment amounts are based on sales price and not the appraised value. For refinances, there is a three month minimum mortgage payment history required. Borrowers must have a consistent employment history. (Workers Comp. not accepted) If self-employed, must have 2 years consecutive with tax filings. A minimum of 20% down is required for Stated Income loans. No Repossession, Charge-Off or Major Collection Activity within 2 Years. No Bankruptcy within 2 years. Other factors may apply that have not been listed. Home must be 1976 or Newer. (Except California, 1960 and newer) The amount to finance cannot be less than $20,000.00. Home can be in a park, on leased land, or on land that is not tied to home by mortgage or deed. Home must be set at the home site, and be in livable condition, with skirting. Other factors may apply that have not been listed. Contact us for more information. |
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