Monday, January 14, 2008

Mobile Home Financing from Bank of the West

Mobile Home financing is slightly different than financing the typical home. Rates and terms are different. Qualification standards are differ also. One of the largest lenders in the San Jose market is Bank of the West. My favorite officer at Bank of the West is Leo Ortiz (408-998-6800)who specializes in mobile home loans.

The typical loan scenario is something like this:
80% loan amount - 20% down payment
minimum 620 FICO score with lower rates at 720
1977 construction or newer
no prepayment penalties
20 year amortization
double wide homes or larger
Rates at approximately 8% with 1 point in fees
escrow and other closing costs may be financed too
46% overall debt to income ratio
1-2% points for the loan fees

For my current listing on Monterey Road, the payment would be $1,070 per month plus $850 approximate space rent with 20% down payment on a $159,900 purchase price.

Let me know if you want to see this wonderful home.

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