Mobile home financing has become increasingly difficult over the past couple years, most lenders have eliminated it but we are starting to see a comeback. Still, for those lenders who have opened it up most are looking for 620 FICO scores (although some are still OK with FICO's below 620). One of their guidelines are:
- Purchase/Refi - Max 90% LTV
- Max 2 acres
- No Flood Zones
- No Dirt Roads
- Under 620 FICO allowed if overlays met
- 2nd Appraisal may be required at UW's discretion
- 2 closed manufactured comps within 90 days, close-by
- No hauled water or cisterns
- New builds case-by-case, must own lot
FHA Under 620 Overlays
Max DTI of 31/43%
Can stretch ratios to 40/46 with 3 strong compensating factors from 4155.1, page 4-F-6
No late pays in last 12 months
No collections/charge-offs/judgments opened in last 12 months
12 months cancelled rent checks
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
