For many people, financing their Manufactured Home and Lot can be overwhelming. They are concerned about hidden costs and whether they can afford to proceed. However, with P.S. Home Loans financing and guidance, most Borrowers will save money because the terms are more favorable and the transaction less costly than other lending alternatives.

WHAT TYPE OF MOBILE HOME LOAN PROGRAMS ARE AVAILABLE?

P.S. Home Loans offers a wide variety of loan programs: 10, 15, 20, 25  and 30 Year Loans; Fixed Rates, Adjustable Rates, Term Loans and more.  P.S. Home Loans also offers programs for applicants with fixed income, low income and for those that have had unfortunate credit experiences in the past. 

You may borrow up to 95% of the purchase price or appraised value of your home and lot and up to 90% if you want to consolidate debt or need cash out for other items(if your State Law allows).  In many cases, you may include closing costs in your loan.  If you currently own your home or lot, P.S. Home Loans will allow your equity to cover down payment and closing cost requirements. 

DO I HAVE TO HAVE A PERMANENT FOUNDATION ON MY MOBILE HOME?

NO!! P.S. Home Loans does not require you to pay for an expensive Permanent Foundation System. 

DO I HAVE TO OCCUPY THE HOME TO QUALIFY FOR THE LOAN?

No, P.S. Home Loans offers loans for Owner Occupied residents, Second Homes and Rentals. Also, if you don't qualify on your own, on many loan programs P.S. Home Loans will accept a Co-Signers that do not live in the property. 

HOW DIFFICULT AND LONG IS THE MOBILE HOME LOAN APPROVAL PROCESS?

P.S. Home Loans uses common sense in processing your loan request. We do not "Cherry Pick" loans. With appropriate documentation, we can provide an Approval within 24 hours of receipt of the completed application subject to verifications, credit report and appraisal. 

WHAT ARE THE CLOSING COSTS?

Closing Costs include normal and typical costs for a residential transaction in your local area and usually include: Charges by local vendors such as Appraisers, Title Companies and Closing Agents. (The charges may vary depending upon the services contracted.) Costs to other third parties including fees for Recording, Tax Service and Flood Certification. P.S. Home Loans charges for Credit Reports, Processing and Underwriting. (If Points are required, they will vary depending on the loan program.) Other fees may apply. An Estimate of Closing Costs is forwarded to each applicant within three business days after the application is received by P.S. Home Loans. 

HOW ARE CLOSING COSTS TO BE PAID?

Credit Report Fees are paid with the loan application. Appraisal Fees are paid directly to the Appraiser at the time of the Appraisal. All other costs are usually paid at closing of the loan. Closing Costs are the responsibility of the participants in the Transaction (Buyer, Seller, etc.). Closing costs may be included in the loan amount for refinances. 

WILL HOMES TITLED UNDER HCD (IN CALIFORNIA) BE SUBJECT TO PROPERTY TAXES?

Yes, Homes levied under HCD license fees will be transferred to tax rolls However, under P.S. Home Loans guidance, there may be no increase in property taxes over current HCD Fees and in some cases, property taxes will be lower than HCD Fees.