Financing

Financing of Manufactured Homes can be financed as Home Only (Chattel) with the title to the home as security or Land and Home together (Deed to Property as Security). 

Financing Modular Homes requires a deed to the property to complete the financing arrangements.  The reason, there is no title to a Modular Home therefore the homes become part of the property and security is held in the deed to the property.

Mitchell's is signed up with every available lender for these types of homes to secure the best possible financing options for you the buyer.

Interest rates change almost daily and are not guarnteed until the Chattel approval is published or the Land/Home Disclosures are signed by the buyer.

Credit controls your ability to purchase.  It controls your ability to purchase a manfactured or modular home.  To purchase on credit you must have a decent credit history.  Most lenders require a minimum credit score of 620. 

At this moment, Mitchell's has an available lender that will finance a buyer with a credit score of 575-620.  Call Mitchell's to find out more about this program.  We also have a program for buyers with no credit history or those who do not score.

A perfect score is an 800 or above.  The highest possible score is 840.

If you have any intention to run credit for major purchase, a lender will consider your credit score, job history, time between employments, amount of debt and your income.  Debt ratio plays the most important role.  Meaning you must have a sufficient income to cover the amount of debt you possess.  Lender will request a copy of your most recent bank statements, last two W2's, and most recent check stubs showing a year to date amount. 

If you are self-employeed and recieve a 1099 then you must turn in your last two years completed and signed tax returns.  For the self-employed, Mitchell's is signed up with one lender that offers a stated income program.

Only the income of the applianct can be used.  To use the income of spouse or co-applicant, both names must be on the application to be considered.

Here are a few items that greatly effect your credit rating:

The amount of times your credit is pulled is a great factor in your credit score.  Don't not let everyone pull your credit.  It is best to get your own credit report, which is availabe to you online free at least once per year, to know if you qualify to make a major purchase.  Pre-qualification is also available.

You must have a least 12 months of postive payments with no lates.

Do not let your credit cards go above their credit limits.

If you have any questions about your credit report or financing a new home, please don't hesitate to give us a call at Mitchell's.  We understand this part of the industry and can help guide you in the right direction.  Contact us anytime at (501) 305-2360.