Financing FAQ

Below are some frequently asked questions about manufactured home financing. Please call or email us if you have any additional questions. Please also visit our YouTube channel to learn more about First Credit.

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 by filling out our secure on-line mobile home financing application.

We can also mail or fax you an application or call us at (518) 725-5000 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 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.

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 credit scores. Call a First Credit mortgage loan originator for more details on financing a mobile home at 1-518-725-5000.

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, source of down payment and any addition stipulations required. For pre-owned homes, a 3rd party appraisal is required. First Credit will assist you in obtaining the appraisal. Once completed, you will have a copy of the appraisal for your records.

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 within a month.

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. Unlike many of our competitor’s, First Credit disburses the loan proceeds at the closing. Most all sellers will require this.

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. Call a First Credit mortgage loan originator 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 1-518-725-5000.

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.

Q: What is a dry closing?

A: First Credit does not engage in dry closings. First Credit is proud to disburse all proceed checks so that the seller can receive their money and release ownership. Please be aware that some of our competitors will have a dry closing. This simply means, all paperwork is executed and no money is disbursed at the closing. The seller will be forced to hand over ownership to the home without being paid. Disbursement will be delayed until all paperwork is approved. This could take a week or longer. Most sellers will not accept this type of closing.