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Home : Financing Your Mobile Home : FAQ

Frequently Asked Questions About Manufactured Home Loans, Mobile Home Loans and Financing Information

Q: How do I qualify for a mobile home loan through First Credit?

A: You must simply fill out and submit our First Credit manufactured home loan credit application. You can submit our on-line application - click here to go directly to our Secure On-Line Mobile Home Financing Application page. We can also mail or fax you an application. Call us at 1-800-562-6036 to request an application.

Q: How good does my credit have to be for a mobile home loan?

A: You will need to have established good credit to qualify. Your FICO or Fair Isaac Credit Score generally needs to be 650 or higher. Bankruptcies need to have been discharged for at least four years and there must be some re-established credit. Cosigners are not accepted and do not make up for negative credit.

Q: How can I get a copy of my credit report to see if I am eligible for a manufactured home loan?

A: The three major credit reporting bureaus have set up a site where you can access your credit report. The site is www.annualcreditreport.com. Each of the three bureaus allows you to get one free report each year.

Q: What are your interest rates and terms for manufactured home loans?

A: Rates and terms can vary greatly on manufactured home loans. Factors that affect rates and terms are the age of the home, amount of down payment and the amount of the loan. Use our morgage caluclator to get an estimate of your mobile home loan rates. Call a First Credit loan specialist for more details on financing a mobile home at 1-800-562-6036.

Q: What steps take place after I submit an application for a mobile home loan and how long does the entire process take to close on my mobile or manufactured home?

A: It usually takes less than a day to get a conditional approval from First Credit Corporation for mobile or manufactured home financing. You will then need to get us proof of your income. For pre-owned homes, a First Credit representative will need to do an appraisal of the mobile home. First Credit will take care of the lien investigation, prepare title documents and all paperwork necessary in order to make the closing fast and easy. The whole process can be completed in a week or two.

Q: Where does the closing on the manufactured home take place?

A: Anywhere that is convenient for you. The First Credit representative can come to the realtor’s office, the park office or even to the new home. The seller gets a check on the spot for the loan proceeds.

Q: Can First Credit refinance my existing mobile or manufactured home?

A: Yes, we can. We may be able to lower your interest rate and thereby lower your monthly payment. And, under certain circumstances, we can get you additional cash for home improvement. Call a First Credit loan specialist for more details.

Q: I am trying to sell my manufactured home. Can First Credit help?

A: Yes, we can. We can get your buyers the loan they need in order to purchase your mobile home. We also help with the paperwork including title and bills of sale. And best of all, you will get your money from us at the closing. Call us to get our free seller’s kit, which can help you sell your home, at 1-800-562-6036.

Q: How does your Manufactured Home Insurance Program work?

A: We are licensed professional insurance agents who specialize in writing insurance for mobile homes and manufactured homes. We are independent agents and represent several highly rated companies. You can fill out a secure on-line insurance application for a free quote. We can write insurance for you whether or not you end up getting your financing through us. Click here to go to our manufactured home insurance information page.

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Connecticut Mortgage Broker License, MB-3228
Massachusetts Exempt Company Registration, NMLS Entity ID 3228
New Jersey Residential Mortgage Broker License, NMLS Entity ID 3228
New York Exempt Mortgage Broker Registration, NMLS Entity ID 3228
Pennsylvania Partially Exempt Mortgage Company Registration, 33520

© 2006 First Credit Corporation of New York, Inc.
21 North Main Street, Gloversville, NY 12078
(518)773-2718, 1-800-562-6036