FAQ’s

Please, let First Pacific Financial assist in reaching your homeownership dreams!

Why choose First Pacific Financial for my Manufactured or Mobile Home financing?

First Pacific Financial has many years of Manufactured and Mobile Home industry knowledge and financing expertise. First Pacific Financial specializes in financing for Manufactured and Mobile Homes. First Pacific Financial is a seasoned leader in Manufactured and Mobile home financing in California, providing extraordinary service while helping homeowners reach their dreams. Finally, First Pacific Financial offers a wide range of Manufactured and Mobile Home financing products and programs for new and existing (Pre-Owned/Used) Manufactured and Mobile Homes to meet each Borrower’s unique needs.

So what is a Manufactured Home?

The term “Manufactured Home” specifically refers to a home built entirely in a protected environment under a federal code established by the US Department of Housing and Urban Development (HUD). Manufactured Homes are NOT Mobile Homes. The term “Mobile Home” describes factory-built homes produced prior to the June, 1976 HUD Code enactment. The HUD code requires each Manufactured Home to meet the following requirements:

  • Built as a one, two or three section home in an environmentally controlled center which is then transported to the home site on a frame.
  • Meets the strict HUD code for design and construction, durability and strength, fire resistance, transportability, energy efficiency and quality.
  • Built on steel beams with wheels under each section.
  • Meets the high standards for heating, plumbing, air conditioning and thermal and electrical systems performance.
  • Passes stringent third party inspections.

Today’s Manufactured Homes are built with the same materials as site-built homes, but in a controlled factory environment using the latest in computer-assisted design. They come with “standard” features that you would find in a site-built home and today’s manufacturers offer a variety of floor plans and designs which can include vaulted ceilings, state-of-the art kitchens, fireplaces, master suites, walk-in closets, and bathrooms with recessed bathtubs and whirlpools. Your Manufactured Home can be completely customized to fit your lifestyle and budget.

What are the advantages of purchasing a Manufactured Home?

Manufactured Homes can deliver outstanding quality and performance at 10 to 35 percent less per square foot than conventional site-built homes. Manufactured Homes offer all the quality and amenities you want at a price you can afford. Manufactured homes are the only housing in America built to a national building code. Because manufacturers use the latest in computer-assisted design, you have the flexibility of customizing your home’s floor plans, interior finishes, and exterior designs. Your lifestyle and your budget are the only limitations to the options available to you.

How will I determine which Manufactured or Mobile Home financing product or program is correct for me?

First Pacific Financial provides extraordinary service while helping homeowners reach their dreams. This means, First Pacific Financial applies our many years of Manufactured and Mobile Home industry knowledge and financing expertise to tailor a financing solution to your specific needs. Our experienced staff takes the time to clearly explain the advantages of applicable financing products and programs and how those financing products and programs will help you meet your goals.

Does the Manufactured or Mobile Home have to be on permanent foundation?

For Manufactured and Mobile Home Chattel (Personal Property – Home Only or In-Park) financing, a permanent foundation is not required. This allows borrowers to site their Manufactured and/or Mobile Homes on private property as well as in a Manufactured and/or Mobile Home parks/communities. For Manufactured Home Real Estate (Real Property – On Land) financing, a permanent foundation is required for FHA, Conforming, and VA loans. This allows borrowers to use the Manufactured Home and the land the Manufactured Home is placed as collateral for the financing.

Where do I close my loan?

First Pacific Financial closes all loans through escrow. Escrows are handled by local escrow and title companies chosen by the buyer and seller in a purchase transaction and the borrower, First Pacific Financial, and lender in a refinance transaction. The escrow company is an unbiased third party to the transaction that can also usually provide notary services, document preparation, recording, etc.

What documentation/information does First Pacific Financial need from me

First Pacific Financial need the following (as applicable);

  • Agent Information
    • Name, phone, and email address of any Real Estate Agents involved in purchase
    • Name, phone, escrow #, and email address of Escrow Company and/or Officer
  • Purchase Information
    • Correct address for Subject Property and APN
    • Year, make, model, dimensions (LxW)
  • Income Documentation
    • 2 most recent w-2 forms (Last 2 years)
    • Pay stubs for 2 full months
    • Award letters for Pension, Retirement, Disability, or Social Security Income
    • 2 months statements (All Pages) from each account showing monthly deposits of Pension, Retirement, Disability, or Social Security Income
  • Down Payment/Asset Documentation
    • 2 months statements (All Pages) from each account used to fund Down Payment
  • Gifted Down Payment Documentation
    • FROM GIFTOR: 2 months statements (All Pages) from each account used to fund Gift
    • Gift Letter (First Pacific Financial can provide Gift Letter to be signed by Giftor)
  • Personal Identification Documentation
    • Clear photo copies of Driver’s License and Social Security Card

The above apply to all borrowers.

Who orders the appraisal, title work, loan closings and etc.?

Where applicable, First Pacific Financial will order all necessary pre- and post-closing requirements for the borrower’s financing, including flood certification, appraisal, tax certification, site inspection, title search, etc.

Is homeowner’s insurance required and how much?

Yes, as a condition of closing the borrower must provide proof of one year full coverage. The borrower may choose the homeowner’s insurance agent/provider or First Pacific Financial can, as needed, recommend homeowner’s insurance agents/providers that specialize in homeowner’s insurance for Manufactured and Mobile Homes.

How long does it take between application and closing?

Typically 30 days or less for Manufactured and Mobile Home Chattel (Personal Property – Home Only or In-Park) purchase/refinance financing. Typically 30 days or less for existing Manufactured Home Real Estate (Real Property – On Land) purchase/refinance financing. Typically 60-90 days or less for new Manufactured Home Real Estate (Real Property – On Land) purchase financing. Of course, all transactions are unique and the time it takes to close the transaction depends on the transaction’s specific complexities and the commitment of all the parties involved. In all cases, the faster everyone involved responds to requests for required information/documents, the faster we will be able to close.

How do I get started?

At First Pacific Financial you can get started by calling our expert staff at 1-800-460-0019, or printing, completing, and returning via fax or email on of our applications, click here for forms, or applying online.

 

First Pacific Financial understands that there are more questions than what is included above. Our staff is prepared to answer all of your additional questions. Please contact First Pacific Financial by clicking here, Contact Us