Frequently Asked Questions
Below are some frequently asked questions about manufactured home financing.
Please call us at (518) 725-5000 or use the contact form if you have any additional questions.
First Credit Corporation is open for business Monday through Friday from 8:30 to 5pm. Applications, emails, or requests for additional information will be addressed on the next business day.
To qualify you must meet the following financing eligibility requirements:
- You must have good credit, generally a 600-credit score or above.
- A cash down payment, sometimes as low as 5%-10% of the home’s selling price.
- You cannot have declared bankruptcy within the last four years.
- You must have retirement income such as social security or a pension, or 2 years employment in the same job or profession.
- The manufactured home must be located within a land lease community or park. Financing is not available for homes on private property.
- The year of the manufactured home must be 1980 or newer.
DID YOU KNOW?
The above are the minimum requirements to qualify for a loan.
To get the best rates consider:
- Improving your credit score(s)
- Paying down debts
- Increasing the amount of your down payment
- Purchasing a home 2005 or newer
Pre-approvals for manufactured home loans are different than traditional mortgages. Rather than being approved for a loan up to a specific amount, pre-approvals for manufactured homes are specific to the home you are interested in.
In order to be pre-approved, you will need to submit an application for financing and supply information about the home you wish to purchase or one that you may be interested in purchasing. Your application can always be updated if you find a different home.
You must have good credit, generally a 600-credit score above. Bankruptcy cannot have been declared within the last four years and your credit should be clear of delinquencies, late payments, and collection activity.
Rates and terms can vary greatly on manufactured homes due to a number of factors such as the age and size of the home, amount of down payment, and credit scores.
We strive to provide our customers with the lowest rates available.
Loans are generally offered in 10, 15, or 20 year terms.
Please call (518) 725-5000 to learn more about financing a manufactured home and the rates you could be eligible for!
The first step is to submit a financing application. You can complete our application online in less than 10 minutes or if you would feel more comfortable, our loan experts can complete the application with you over the phone by calling 518-725-5000.
It usually takes one business day to get an approval from First Credit Corporation for manufactured or mobile home financing. Once the loan is conditionally approved, your loan underwriter will be in contact to discuss the conditions of your loan and the documents required from you.
All manufactured home loans require the first year of homeowners insurance to be paid in full and in place at the time of closing. Your loan underwriter will discuss the insurance requirements for the manufactured home with you. While you are free to obtain insurance coverage from any licensed agent, our agency PowerSports Insurance has been assisting manufactured homeowners with their insurance needs for 30 years. Please visit www.powersportsinsure.com or speak with an agent by calling 518-725-7000 for more information.
You can assist your underwriter by having the following documents available:
- Proof of identity such as your valid driver’s license or passport, social security cards, or TIN. Please note that driver’s licenses and passports cannot be expired. If they are, you will need to obtain a current copy.
- Proof of your income such as your W’2’s, 30 days’ worth of paystubs showing the year-to-date figures, social security income letters, pension award letters, or tax returns for the last 2 years. These documents must be clear and display your name and the date on them.
- Proof of downpayment such as copies of all checks used for the deposit/ down payment on the home. You will also need to provide 2 months of bank statements showing the source of the initial deposit and funds for the remaining deposit. Bank statements cannot be screenshots from a mobile app. They must include all pages (including blank pages, and disclosures), clearly show your name, the date, the account number, and the name of the banking institution on them. Your initial deposit and remaining funds must be paid from the same account.
- If you have experienced any special circumstances, such as reduced pay due to disability, maternity/ paternity leave, layoff, a lapse in employment, or one-time deposits for large sums to your account you will be asked to provide a letter of explanation detailing your circumstances.
This list is not exclusive and other stipulations may be required as you move forward with your loan.
If you are purchasing a pre-owned home or refinancing one, you are required to have the home appraised. First Credit Corporation will assist you in obtaining the appraisal. Once completed, you will receive a copy for your records.
All manufactured home loans require the first year of homeowners insurance to be paid in full and in place at the time of closing. Your insurance premium must be escrowed for the first 5 years of your loan. Your loan underwriter will discuss the insurance requirements for the manufactured home with you. While you are free to obtain insurance coverage from any licensed agent, our agency, PowerSports Insurance are industry experts on manufactured homes insurance requirements and products. Let our agents find the perfect manufactured home policy for you. Please visit www.powersportsinsure.com or speak with an agent by calling 518-725-7000 for more information.
First Credit will work with you, the park office, realtors, attorneys, or settlement agents to schedule your closing at a place and time convenient for you. Unlike many of our competitors, First Credit Corporation disburses the loan proceeds at the closing in most instances.
Yes, we can! We may be able to lower your interest rate resulting in a lower monthly payment and reducing the amount of interest paid over the term of your loan. Under certain circumstances, we can get you additional cash. Call a First Credit Corporation Mortgage Loan Originator for more details on refinancing your manufactured or mobile home.
Yes, we can! We can get your buyers the loan they need to purchase your manufactured home or mobile home. We also help with the paperwork including titling 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 518-725-5000.
All loans must have one year’s insurance paid and in place at the time of closing. Your insurance premium is required to be escrowed for the first 5 years of your loan. While you can use any licensed insurance agency, few can offer the level of experience and expertise in writing insurance for manufactured or mobile homes as our in house firm, PowerSports Insurance Agency.
PowerSports Insurance Agency employs licensed professional insurance agents who specialize in writing insurance for mobile homes and manufactured homes. The agents on staff are independent agents and represent several highly rated companies. You can fill out a secure on-line insurance application for a free quote. Financing your home with First Credit Corporation isn’t required for our agents to assist you. If you’re looking to save money on your home, auto, or recreational vehicles, PowerSports Insurance agency is happy to help. To find out if you can save money on your insurance needs, visit our website: www.powersportsinsure.com or call us at 518-725-7000 for a free quote today!
Park Model Homes, although considered recreational vehicles, are transportable and primarily designed for long-term or permanent placement. Park Model RV Homes appear to look like small manufactured homes, and can be built as big as 12 feet wide and 36 feet long.
Yes. First Credit Corporation offers highly competitive loans for purchasing Park Model Homes located in land lease RV parks and manufactured home communities.