Triad Mobile Home Park Financing
I am often asked by potential manufactured home purchasers about mobile home financing. They want to know how it works, where to obtain it, and how high the interest rates are. Perhaps the information below will be helpful.
I attended the Manufactured Housing Institute (M.H.I) Conference in Las Vegas, Nevada, and visited with Shela Holley and Neil Roszkowski who are the Regional Managers for the Southern California and Northern California offices of Triad Financial Services. Triad is a nationwide lender specializing in mobile/manufactured home loans. Triad has been a lender for more than 50 years, providing mobile home financing for customers of mobile home dealers. The company headquarters is located in Jacksonville, Florida.
Shela and Neil explained to me that Triad Financial Services has financing programs designed for manufactured home dealer customers that are unique to their needs and requirements in various areas of the country. The following are the highlights of a program for customers with homes located or to be located in mobile home parks in the State of California.
Programs are geared to customers with strong credit ratings that want the lowest rates and fees.
Triad can finance mobile homes in parks going back to 1976-Post HUD.
All rates are fixed for the full term of the loan. (Dealers are encouraged to have their customers compare Triad rates and fees with other banks and credit unions, and make sure customer compares the rates total fees they are being charged).
_New and used rates are the same for single-wides and multi-width.
_Gifted down payments allowed, up to one-half of the total down payment must be borrowers’ funds.
_Refinance program – rate/term only.
_Vacation home program – 20% down and 700 credit score required.
_Co-signer program – co-signer must be a family member.
_No credit report fee. No Fannie Mae 1003 needed – easy Triad application.
_No pre-payment penalties, no credit report fee, no PMI or MI required.
_No application or up-front fee, no loan points, no termite or inspection
_No rate lock fee-Rates are good for 60 days.
_No variable rate, adjustable rate, or balloon payment – fixed rate only with no surprises
_No cash reserves needed.
Another Triad feature designed around the unique needs that California dealers can offer to their customers is:
Loan amounts can be increased with the Comparable Appraisal Program, which uses the appraised value to determine the maximum loan amount on your transaction and only requires a 10% down payment.
The Triad Financial Services programs are designed for mobile home dealers to offer “in-house” financing of manufactured homes with competitive rates and flexible terms and conditions to meet the needs and desires of manufactured home purchasers.
Many mobile home dealers across the country are approved to represent Triad’s retail mobile home financing programs.
If you have located your manufactured dream home and will require financing, I would suggest you inquire if the selling dealer offers a Triad financing program. If he does, thats great! If not, perhaps you could suggest to the dealer that the program might be available.