Underwriter Criteria for Applicants
Identification
Borrowers must provide both sides of their driver's license, passport, or other legal ID, along with a valid social security number or ITIN.
FICO Score
The minimum accepted credit score is 500. For scores between 500 and 549, borrowers must pay an additional 5% on their down payment.
Financing Amounts
We will finance amounts ranging from $25,000 to $100,000. If a prospect wishes to purchase a mobile home valued at $125,000 and is prepared to make a down payment of $25,000, this arrangement will be accepted. The underwriter will be informed of any exceptions.
Interest Rates
Our interest rates depend on the loan amount. They range from 14% to 17%. We charge higher interest for mobile homes on private property.
Loan Term
All loans are fully amortized with a maximum maturity of ten years. We will inform you if any borrowers request earlier terms.
Pre-Payment Penalty
No penalties for early payment.
Paying Additional Fees
When a borrower makes an extra payment on their monthly installment or any additional payments, the funds will first be applied to the interest portion, followed by late and NSF fees, then the principal balance, and finally escrow.
Mobile Home Age
Homes of any age can be financed if there is a Loan Guarantor.
Debt-to-Income Ratio
A Debt-to-Income ratio of up to 50% is acceptable.
Loan-to Value Ratio
As appraisals are not being conducted on mobile homes and every loan requires a guarantor, the LTVs are not necessary.
Appraisals
Due to our Loan Guarantee on each loan, appraisals are not required for mobile homes.
Down Payment
Borrowers in a park community must pay a minimum of 10% of the sales price. For private property, the minimum down payment is 25%.
Private Property
Borrowers wishing to place a mobile home on their property must rent, not own, the land. Owning the land or paying a mortgage for it requires a different loan type.
Loan Fees
The borrower is required to pay the following fees. These fees can be paid at closing or added to the loan amount. This information will be reflected in the documents emailed to you. The total fees are below the maximum limit of 8% of the loan amount.
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Application Fee: $295
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Underwriting Fee: $750
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Closing Fee: $795
Photos
A minimum of 6 photos must be provided of both the inside and outside of the mobile home along with pictures of the VIN plate.
Credit Vendor References
Borrowers are required to provide at least 3 credit references showing they have not missed any payments or been late in the last 12 months. These must be from reputable creditors. A 5-day grace period past the due date will be allowed for all 12 months.
Verification of Rent
Borrowers must provide a letter from their landlord confirming no missed or late payments in the past 12 months, with a 5-day grace period allowed each month.
Home Insurance
Borrowers must maintain full home insurance coverage and provide annual proof to the Loan Servicer.
Title
The seller is required to provide the old title, and both the seller and the new owner must submit executed Power of Attorneys.
Loan Guarantee
All loans must have a Loan Guarantee Agreement signed by the guarantor and Keyhole Connect. This executed agreement will be sent to the underwriter once the application has been approved.
Income Proof
Borrowers must provide evidence of earnings through one of the following:
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W2 wage earner (last year’s W-2 and two current pay stubs)
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Self-employed (two previous years' tax returns or 12 months of bank deposits)
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Pension/SSI/Disability (last year's 1099 or current award letter)
Those receiving cash payments must demonstrate consistent deposits in their bank account over the past 12 months.
Mobile Home Agreement
All loans must have a Mobile Home Agreement signed by the borrower and Keyhole Connect. This executed agreement will be sent to the underwriter once the application has been approved.
Co-Borrower
If the borrower doesn't meet our criteria, they can add a Co-Borrower or Co-Signer, reduce their debt to lower the DTI%, or pay a larger down payment. The Co-Borrower is someone who will live with the borrower.
Co-Signer
If the borrower does not meet the requirements outlined in our Borrower Criteria Box, they may include a Co-Borrower or Co-Signer, resolve any debt to reduce their Debt-to-Income percentage, or provide a larger down payment. The Co-Signer is an individual who will not reside with the borrower.
Documentation
After the underwriter approves the borrower and we pay the fee; the underwriter will email a link to all collateral files for the borrower.