Chattel Purchase Financing

New or used, park model, single wide or multi-section are all eligible for financing. Our manufactured home loan programs can accommodate buyers with sub-prime credit, stated income and even those who have recently emerged form a foreclosure or bankruptcy. To keep payments low, the loan term can be stretched to 180 months. The only up front cost, to the mobile home owner, is for an appraisal and insurance as Capital Management funds all closing costs. Borrow up to 65% of the manufactured home’s appraised value, loans available from $10,000 to $70,000 and can fund within two working days after receipt of the apprisal!

Since Capital Management is 100% funded by private investors therefore we can offer loan terms and financing difficult to find in institutional loan programs.  As a wholesale lender we fund loans submitted by licensed loan originators, be they located in comunities, dealerships or mortgage brokers.  We are currently  one of the few resources for those seeking a purchase or refinance funding on their mobile home.  Below you find the benefits of dealing with Capital Management.

Benefits

• Up to 65% financing (secondary financing may be accepted)
• Prev. occupied and 2nd homes
• By-fors and co-signers accepted
• Older mobile homes w/usefull llife exceeding the loan
• Recent bankruptcy or foreclosure
• T.I.N. (in lieu of S.S. number) acceptable with alternative payment history

Terms

2nd homes/buy for's		25% down
Stated income		35% down
No credit		40% down
Minimum down payment 20%		with a minimum credit score of 700
Minimum down payment 30%		with a minimum credit score of 620
Minimum down payment 35%		with a minimum credit score of 600
Maximum D.T.I.		45% (all debt, except for stated income)
Maximum C.L.T.V.' s		65%@30% down / 60%@25% down / 55%@20% down
C.L.T.V. example:		25% down with a 670 score = 60% C.L.T.V.
Rates & terms		10% - 13% varies with amort. (qualify 11.5% @ 72 months)
Amortization		12-120 months (no call) or 180 months with a 60 month call

Funded Costs

• Origination: 5 points, maximum
• Lender: up to 5 points (net fund)

Required documentation from originator:

• Application (initial submission)
• Credit report (initial submission)
• Appraisal (buyer pays)
• Community lease and lender agreement
• Bill of sale or Purchase Agreement
• Insurance declaration
• Tax returns for stated income buyers
• Verification of paid up taxes (if applicable)
• Verification of rent (if applicable)
• Verification of down payment
• Verification of income or employment & assets

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