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Mobile Home Loans Phoenix, AZ

When it comes to owning a home, the mortgage can be as complex as the floor plan of your dream home. Cascade Financial Services proudly serves Phoenix, Arizona, and the surrounding area, providing all of the resources you need to purchase or refinance a mobile home. If you are interested in owning a mobile home or refinancing in Phoenix, Arizona, Cascade Financial Services can help you reach your goal for attainable homeownership.

What Are Mobile Home Loans?

The broad answer is that a mobile home loan is a specialized loan pertaining to a manufactured, modular, or mobile home.  Cascade Financial Services offers a range of loan programs and refinancing options made to suit your needs. Regardless of your past credit history, we have many available programs for those with credit challenges and top qualifying applicants. Cascade Financial Services offer several different mobile home loans for you to consider.

FHA Manufactured Home Loans

FHA loans are popular and offer benefits for borrowers with less than perfect credit and have a relatively low down payment. Cascade's FHA loan program is tailored to fit your needs if you have a higher debt-to-income ratio but have stable employment as a strong compensating factor. In addition, the down payment and interest rate requirements of an FHA loan are less susceptible to credit scores when compared to traditional loans. In some cases, applicants with low credit scores may be eligible for lower mortgage insurance rates. 

A few of the requirements for qualifying for an FHA manufactured or modular home loan include:

  • Proof of down payment.
  • Proof of sufficient income.
  • No foreclosures over the past three years.
  • Additional requirements may apply as the loan process moves forward.

Manufactured homes that qualify for an FHA mobile home loan must meet specific criteria, including:

  • Must be the borrower's primary place of residence.
  • Must be taxed as real estate.
  • Must have access to water and sewer facilities.
  • Must be accessible by one all-weather road.
  • Must be permanently affixed to a foundation that is up to FHA standards.
  • Must meet or exceed Model Manufactured Home Installation Standards.
  • Must be on an approved or designated lot.
  • More requirements may apply.

VA (Veterans) Manufactured Home Loans

Cascade financial services are one of the proud few lenders to offer VA manufactured and modular home loans that include construction financing. These loans provide American military veterans with manufactured and modular loans that are easier to secure. A few facts about VA Manufactured and modular home loans include:

  • They are private-lender funded but guaranteed by the United States Department of Veterans Affairs (VA).
  • They may cover 95% of the purchase price for manufactured homes and 100% for most modular homes.
  • They allow financing for the required VA funding fee, which may be waived for disabled veterans.
  • Monthly mortgage insurance is not required.
  • They must be for the borrower's primary residence.
  • A credit score of 620 and up is required, but Cascade may consider borrowers whose credit score is lower than 620.
  • Check the VA lenders handbook for more information.

Manufactured homes must meet certain requirements to be eligible for a VA loan:

  • Cooling, heating, and electrical systems must be in excellent working order.
  • The roofing materials must be capable of withstanding the elements.
  • Must be of adequate size to support living necessities.
  • Clean water must be supplied to the kitchen, bathroom, and laundry areas.
  • Safe and sanitary sewage disposal system.
  • No lead-based paint.
  • Accessible by an all-weather street.

Construction to Permanent Financing

When the borrower is building a home on land they own or are purchasing and need to close on the property at one time, a construction-to-permanent loan will serve this purpose. The one-time close structure of construction-to-permanent loans allows borrowers to close the loan before any construction starts on the property. Other facts about construction-to-permanent financing include:

  • All guaranteed loan funds are dispersed according to a set draw schedule.
  • Typically no out-of-pocket payments are required from the borrower until the home is completed and ready for occupancy after the loan has closed.
  • Construction-to-permanent financing is available through Cascade Financial Services via VA, FHA, and LandSmart programs.  

Chattel (Home Only) Loans

Conventional mortgages secure loans to real property, which include the land and permanently attached structures. Unlike traditional mortgages that secure loans to real property, chattel loans are secured by movable personal property. This allows the property financed by the chattel loan to be moved and for the loan to remain intact regardless of where the property is transferred.

Manufactured homes that qualify for chattel loans are not affixed to wooden pillars, piers, a basement, or a solid foundation. Even though the house may never be moved once placed, its transportation chassis will be left intact, hence the name mobile home. Chattel loans are their own type of loan and not associated with FHA or VA loans. Several of the qualifying factors for a chattel loan are:

  • A minimum credit score of 575.
  • At least $35,000 loan amount.
  • A maximum loan amount of $275,000.
  • New multi-section or single manufactured homes.
  • Terms of 15 to 25 years.

A few of the specific rules that apply for chattel loans include:

  • Twenty-four months without an auto loan repossession.
  • No open collection accounts in the past 12 months greater than $1,000.
  • Active past due accounts will need to be paid current before closing.
  • More rules may apply; contact Cascade Financing Services for more information concerning chattel loans.

LandSmart Portfolio Land Home Loan

Cascade Financing Services designed their LandSmart Portfolio land home loan to give qualified borrowers reasonable monthly payments and affordable rates when purchasing both the home and land. A few of the required factors for qualifying for Cascade's LandSmart portfolio land home loans include:

  • Can only be a new home.
  • A 575 credit score or better.
  • $50,000 minimum loan size.
  • No repossessions within the past 24 months.
  • No open collection accounts in the past 12 months greater than $1,000.

Ask Cascade Financial Services

If you find yourself interested in one of the available loans from Cascade Financial Services in Phoenix, Arizona, or the surrounding area, don't hesitate to contact us today. Our trained and highly skilled customer service team is ready to assist you with all of your mobile home loan and refinancing needs. Each of these loans has much more depth to explore, and we look forward to helping you today.

Contact us at (877) 869-7082 to learn more about our FHA modular and manufactured home loan programs, or get started right away by filling out our online prequalification.