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FAQs

AMERICAN MOBILE HOME FINANCE FAQ'S

Q: How Long does it take to get Approved for Financing?

A: If you apply for financing by phone or apply online, it normally takes between 24-48 hours. Some purchase financing applications may take slightly longer in cases where additional information is needed. If additional information is needed, we will contact the appropriate party by phone and/or email. If you need an answer fast, simply call us at (800) 563-3549. The purchase financing approval you receive will be valid for 60 days and cannot change in that time period.

Q: What Types of AMHF Homes Qualify for Financing?

A: AMHF finances mobile homes, broken into three categories, manufactured homes, modular homes and park "RV" models. We can finance single and multi-section homes as follows, single section homes can be no older than 30 years. Multi-Section homes can be no older than 1976.

Q: Are there any Fees associated with Applying for Financing?

A: No, AMHF does not charge an application fee to finance a home. There may, however, be fees associated with the manufactured or mobile home financing program that you choose. Once you are approved for financing, your loan representative will go over all fees that will be financed into your new mobile home financing loan. The most common out of pocket expenses would consist of homeowners insurance and the cost of an appraisal and/or inspection. If the mobile home is in a leased lot community, there is commonly the first month's rent to pay, along with a security deposit. Contact the park in question for details.

Q: Is an Appraisal Required?

A: An appraisal may or may not be required. An appraisal is required on a used manufactured home. New homes may or may not require an appraisal, but do require an inspection. Contact an AMHF customer service representative for more information.

Q: How Long is the Mobile Home Finance Process?

A: Home sales normally take 2-3 weeks from application to closing. Keeping the communication channels open with your loan officer can normally always expedite the finance process. Your loan officer will provide you with a list of items, called stipulations, that we will need you to fax or email to us. Once we have these items and your appraisal/inspection has been completed and cleared, we will be ready to close your mobile home financing loan.

Q: What are AMHF's Foundation Requirements for Financing?

A: AMHF has no specific foundation requirements. As previously mentioned, the home must be set-up and in move-in condition, to include functioning electrical and plumbing. The mobile or manufactured home can be on blocks, iron pier settings, ground set, or on a full foundation with basement.

Q: How are Down Payment Amounts Determined?

A: Our minimum acceptable down payment is 5% of the selling price for those that qualify based on credit score. Depending on your credit score, your minimum down payment amount may vary.

Q: My Mobile Home is in a Park and/or on leased land, Can You Finance?

A: Yes. AMHF specializes in this type of manufactured & mobile home financing. We offer the lowest mobile home financing rates & fees available in the market.

Q: Does AMHF Finance Brand New Homes coming from a Dealer?

A: Yes, as long as the home is set-up and in livable condition prior to funding.

Q: Can I Buy a Home Directly From a Home Seller or Do I have to Use a Realtor?

A: Yes, you can buy a home directly from the home seller and/or owner. We will provide all closing instruments, to include a purchase agreement and closing statements. AMHF provides a complete internal closing / settlement service which is included with your new loan.

Q: My credit is not the best. Can I use a co-applicant on my loan?

A: Yes you can, but the co-applicant must reside in the house. Non-occupant co-applicants are not allowed.

Q: My credit is very limited. Can I use a co-signer on my loan?

A: Yes you can. A co-signer is only used in limited credit situations, not delinquent credit situations. A co-signer is only there to guarantee the loan. You must have enough income to be able to qualify for the housing expenses and other credit obligations on your own.

Q: I am self employed. Can I still buy a mobile home?

A: Yes, but there are some restrictions.
First,  you must have been running your own business for at least 2 years. You must also be able to prove that you have had this business for that 2 year period. Required proof includes 2 years of business tax returns. Next, you must still be able to verify enough income to qualify for the loan. Your qualifying income is based on the average income over the last two years.

Q: Is there a minimum loan amount for your home loans?

A: Yes we do have minimum loan amounts. The minimum loan amount for Singles, Doubles or Modular Homes is $20,000

Q. Can a shorter term save me money?

A. By opting for a shorter term, you can save thousands of dollars in interest - not only because you'll be paying off the loan sooner, but lenders generally offer better interest rates on shorter-term loans.

Q. I am interested in buying a home in a park, can AMHF help?

A. Yes AMHF can help with your home purchase for in-park or on rented / leased land. Simply submit an application or call us for more information.

Q. Should I refinance my mobile home?

A. Homeowners have all kinds of great reasons to refinance their mobile home. Complete a short application or call and we will gladly go over the monthly savings with you.

Q. Can I get financing for a repossessed home in a park?

A. Yes, please call us with the home address and the lenders name selling the home and we will assist you with the purchase.

AMERICAN MOBILE HOME FINANCING KEY HIGHLIGHTS

· AMHF provides purchase financing approvals in 24 – 48 Hours

· We offer used mobile home financing with as little as 5% Down.

· Financing terms from 7 years up to 20 Years, Best rates offered at shorter terms.

· Your down payment may be gifted. (10% minimum down payment is required)

· We finance Multi Section Mobile Homes built in 1976 & Newer

· We finance Single Section Mobile Homes built in 1980 & Newer

· The minimum loan amount is $20,000, There is No maximum loan limit.

· The minimum Equifax/Beacon credit score is 600; Get the best rates with a score of 720+.

· All financing are Fixed Rate programs.

· There are No prepayment penalties or close-out fees.

· Your closing costs can be financed into the new mortgage.

· Automatic payment withdrawal is available.

· There are zero application fees and No up-front origination fees.

AMHF MOBILE & MANUFACTURED HOME QUALIFICATIONS

· The home must be in Good to Excellent condition. Minor necessary repairs are OK.

· The home must exceed 840 square feet and be a Minimum of 14 feet wide.

· The home must be your primary residence or vacation home.

· No rentals or investment purchases are allowed.

· The home must be on existing lot and have skirting with utilities intact.

· The home must be located on rented/owned land that is Not tied to the home by deed.

· Multi Section Mobile Homes must be built in 1980 or Newer.

· Single Section Mobile Homes must be built in 1995 or Newer.

· AMHF home qualifications are subject to change without notice.

AMHF CUSTOMER FINANCE QUALIFICATIONS

· You must be a Minimum of 18 years of age.

· You must have Fair to Excellent credit. No poor credit accepted.

· You must have a two year work history, unless retired.

· You Cannot be currently enrolled In credit card or debt counseling service.

· You must not have filed for bankruptcy or foreclosure within 2 Years of application date.

· Your income must be verifiable. (There are no stated income programs available)

· The home to be financed Must be your primary residence or vacation home.

· AMHF customer finance qualifications are subject to change without notice.