Manufactured Home Loans
Agri-One Financial has loans available to finance your manufactured rural home or part-time farm property. If you own or are purchasing a manufactured home with acreage in a rural community, we have the product for you. Long term fixed and adjustable rate loan products are available. We offer competitive rates and a variety of loan products to meet your financing needs.
KEY CRITERIA FOR ELIGIBLE LOANS
- Must meet the general loan program requirements for either the Rural Home Loan or Part-Time Farm Loan programs
- Manufactured home must meet the Manufactured Home Construction and Safety Standards established by HUD June 15, 1976
- Must be a doublewide or larger on permanent foundation meeting state and county regulations, with wheels and axles removed
- Must be classified as real property with title surrendered or retired (if not permissible by state law lender must hold original title and UCC filing required)
- Loan amounts up to $1 million
- Maximum loan to value of 75-80% for purchases and limited cash-out refinance and 65% for cash-out refinances.
- Loan term may not exceed remaining economic life of manufactured home
- Must be typical for the community with comparable sales on the appraisal
CUSTOMER QUALIFICATIONS
- Two years established employment and/or stable income
- Acceptable 24 month credit history with a minimum credit score of 620
- Must have minimum cash reserves of two months PITI
- Monthly Housing Expense to Gross Income Ratio of 28% or less
- Monthly Debt to Gross Income Ratio of 36% or less
- Flexibility in the above ratios with compensating factors such as excellent credit, substantial cash reserves or low loan to value
PRODUCTS
- Fixed rates: 10-year, 15-year, 20-year and 25-year fixed rate loans
- Adjustable rates: 1-year, 3/1, 5/1, and 7/1 with 5-year to 25-year term
- Adjustable rates: 10/1 and 15/1 with 15-year or 25-year term
For More Information Contact:
Agri-One Financial
303-773-3545
steve@agrionefinancial.com