Frequently Asked Questions
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.
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.
Change score to 600 for consistency with above section.
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. Our financing programs range from 4.75% to 7.50% for well qualified applicants.
Loans are generally offered in 10, 15, or 20 year terms.
Call a First Credit Corporation Mortgage Loan Originator for more details on financing a manufactured home at 518-725-5000.
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.
You will need to provide your underwriter with proof of identity, proof of income, source of your down payment, and any other stipulations required. For pre-owned homes, 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 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.
How quickly you can close on your home, will largely depend on how quickly your loan stipulations are returned. Once First Credit has received all the required stipulations from you, your loan will be approved to close. First Credit will prepare all title and loan documents necessary for closing and will work with you to schedule your closing at a place and time convenient for you.
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. 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. PowerSports Insurance agency can write insurance for you whether you end up getting your financing through First Credit Corporation.