Rates/Guidelines

• 5-8% Origination Fee to MHLF and $450 Processing Fee and $450 Lender Fee paid in cash 
• Closing costs to be paid in cash (Escrow, Transfer Fee, Taxes and Insurance)
• FULL DOC Only. Income verified with 2 years Returns or W2s and Paystubs
• Self-Employed must provide 2 years Tax Returns, Business License(s), and 6 months Bank Statements showing cash flow.
• SSI is determined at 125% it can be grossed up
• Verification of Rent Minimum 2 years no gaps
• Verification of Down Payment-3 months bank statements. Or Proof of Funds
• Primary Residence Only. No Vacation Homes, 2nd Homes, Etc.
• No Non-Owner Occupied
• Completed 1003
• BK must be discharged. With Letter of Explanation
• Copy of current credit report
• Collections require Letter of Explanation
• Roof Certification required on all homes older than 5 years with Composite, Metal or Tile Roofs
• Full Comp Appraisal on all loans. Subject to In-House Appraisal review
• On Used Homes Only, Proof of Home Inspection with all Health and Safety Repairs completed (Not Required for Brand New Homes)
• Termite Inspection for Used Homes only with acceptable proof of Section 1 repairs complete (Not Required for New Homes)
• HUD Homes 1976 or newer max 70% LTV
• Pre-HUD Homes 1975 or older, Max 60% LTV
• Loan terms are max 360 months or 30 years, ALL LOANS HAVE A 5 YEAR BALLOON PAYMENT, If loan is paid as agreed, we will extend loan term an additional 5 years with no change in terms and no additional fees.
• NO Pre-Payment Penalty
• ACH Debits required for ALL Loans. Loans Serviced by FCI or Assignees.
• Taxes and Insurance Reserves required on all loans
• Dealer and Seller carry backs not to exceed half of required down payments
• Fixed Rate Loans Only
• Park Subject to approval (See website for list of Parks we will not lend in)Park approval letter or copy of lease
• Phone Audit Required prior to Funding
• All qualifying borrower(s) will be submitted to Correspondent lender automatically, if they fit the parameters
  Rates range from 7-12% Fully Amortized
• All conditions are subject to exceptions determined only with loan package
• All loans subject to approval and rates vary depending on credit risk


Employee or W-2 Borrower(Documents Required)

• Copy of Valid State ID/Drivers License
• Copy of Social Security Card
• Proof of down payments can be current bank statement or document proving down 401k statement or related documents disclosing proof of funds
• Cash down payments must be Have Letter of Explanation of where cash came from
• Gift down payment require gift giver current bank statement or acceptable proof of down payment statement
• Current pay stubs with in 30 days of funding (Income is factored on Monthly Gross Income)
• 2 years current W-2
• Verification of employment (Current employer)
• 2 yrs Verification of Rent (If they are renting) OR In the case of foreclosure Hand written letter of explanation
• Bankruptcy must be discharged with letter of explanation
• Derogatory Credit Letter of explanation
• Proof of any permanent Disability (If borrower Claims this income)
• Proof of any retirement (If borrower Claims this Income)
• Proof of Social security income (If Borrower Claims this income)
• Completed 1003
• Copy of current credit report
• Current Comparison Sale Appraisal (Review by MHLF )
• Park approval letter or copy of lease
• Escrow Documentation and Related Purchase Agreements
• On Used Homes Only, Proof of Home Inspection with all Health and Safety Repairs completed (Not Required for Brand New Homes)
• Termite Inspection for Used Homes only with acceptable proof of Section 1 repairs complete (Not Required for New Homes)


Self Employed Borrower (Documents Required)

• Copy of Valid State ID/Drivers License
• Copy of Social Security Card
• Proof of down payment, current bank statements or proof of 401K or related documents that prove the down payments
• Cash down payments must have letter of explanation where the money came from
• Gift down payments requires gift giver current bank statement or acceptable documentation
• 2 years current filed Federal Tax Returns with all schedule attached. (State income tax documents not required) In the event tax return shows little or no income, income can be determined by cash flow on business bank accounts. Min 6 months current business bank statements . Lenders Discretion
• 6 months current business bank statements showing cash flow with letter of explanation of average net income on a monthly bases
• 3 months current personal bank statements (If available)
• Current Valid Business License
• Bankruptcy must be discharge with letter of explanation
• Derogatory Credit requires letter of explanation
• Completed 1003
• Copy of current credit report
• Current Comparison Sale Appraisal (Review by MHLF )
• Escrow Documentation and Related Purchase Agreements
• On Used Homes Only, Proof of Home Inspection with all Health and Safety Repairs completed (Not Required for Brand New Homes)
• Park approval letter or copy of lease
• Termite Inspection for Used Homes only with acceptable proof of Section 1 repairs complete (Not Required for New Homes)


Please call for details Lender Reserves the Right to Refuse and/or Deny all Loans Download Rates/Guidelines Sheet websitematrix.pdf