Fair Credit Purchase Loan Highlights

Fair Credit Mobile Home Purchase Q & A  

• What is considered Fair credit?
  Generally fair credit is those clients with a previous bankruptcy or significant collections in the past but with a good rebuilding track record, debt to income ratio less than 50% & a credit score of 600 Fico to 679. (in some cases credit score is not the only determining factor)
• What is debt to income ratio?
  Debt to income ratio is the calculation used by us to determine how large of a loan balance your income can support. Typically this calculation is figured by adding all your bill's minimum payments due each month, your space rent & new mortgage payment divide by your gross income.
• What loan term will be best for me?
  This depends on your goals. If your goal is to pay off the home quicker then a shorter term is suggested. If your goal is lowest payment then a longer term is best.
• What will my closing costs be?
  Fair credit borrowers will usually not have to pay points. Typically, our closing cost ranges from $1300 to $1800. (In some cases fair credit borrowers may require more closing cost depending on negative factors) 
• Can the seller assist with down payment?
  No. The seller can only assist with closing cost, repairs, fire insurance and home warranty. We do allow gift for down payment from family & buy for programs. For seller assist programs please see our bad credit section. 
• What items must be prepaid?
  Typically we allow you to finance into your new loan up to 2 year of fire insurace & 2 years of a home warranty program if purchased through us.
• How long is quoted interest rates good for?
  Called a rate lock, under normal instances we lock the rate for 60 days which is free to the client. 
• How long will the approval take?
  With a complete file and motivated client approvals take 4 to 6 hours with loan closings in as quick as 7 days.
• Will the loan have a prepayment penalty?
  Absolutely not. Your fair credit standing has earned you the right to never have a pre-payment penalty.

• Experience.
  Founded in 1999, LoanJunction.com has processed and funded 10's of thousands of mobile home loans.
• Customer Service.
  We are only as good as our last clients says we are. That's why with every customer we'll move mountains for the privilege to be your lender. With caring staff, 24 hour customer service & online account management we intend to move mountains for you for years to come.
• Financial Resources.
  LoanJunction.com is a national lender drawing upon over 4 billion in investment capital for our clients needs. 
• Track Record.
  You don't get to be a proud AAA rated Better Business Bureau company by doing things the wrong way. We intend to keep it that way.
• Community Support.
  We have a larger responsibility to support our clients long after the transaction is done. Please visit our Park Crime Prevention Page to join us in keeping our park communities safe and crime free; Also As rent control advocates, no one is more out spoken about keeping our parks free of exuberant & predatory rent increases.
• Technology.
  With an eye on the 22nd century, our client management services are second to none. Our award winning online operations coupled with 24 live customer service, automated bill pay and rate decrease notifications we stand at the forefront of mobile home lendings' long awaited technological revolution.
• Hands On.
  There are no substitutions for rolling up the sleeves to get the job done right. That's why each client is assigned a proven & considerate account executive to oversee the loan transaction from start to finish. This is your guy or gal in the trenches with their "hands on" approach.
• Accountability.
  Each staff member is 100% accountable to you and your needs. Whether the loan has unforeseen difficulties, or tough measures need to be taken, our staff from the president on down will always field your calls and/or concerns.

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