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Frequently asked questions

  1. Does Credit Human lend in every state?
    Credit Human offers financing programs in all states except: AK, HI, VT, NH, ME, MA, CT, RI, NJ & MI.

  2. Does Credit Human require communities to be approved before customers can obtain financing?
    Credit Human does not have an approval process for communities before a customer can utilize us for financing.

  3. Why can’t real estate agents sell untitled homes?
    New homes from a manufacturer can only be sold by a licensed retailer/dealer of manufactured homes to consumers. All untitled homes that were sold to a business need to be titled prior to being “re-sold”. Ask your Credit Human business development executive for further clarification.

  4. Can I get additional funds during purchase transactions for items such as furniture/landscaping?
    Credit Human provides home loans for manufactured homes. Our loans require a minimum of 5% down of the borrower’s own or gifted funds. Any additional items are not eligible to be financed through the sale of the home unless they are included with the sale at no value.

  5. What is the minimum credit score needed to qualify for your refinance or purchase programs?
    In general we require a credit score 660 or higher. There are some exceptions to this score, but the lowest score we will consider is a 650.

  6. Does Credit Human have a minimum or maximum loan amount?
    Our programs do not have minimum or maximum loan restrictions. Limitations can apply due to loan to value or debt to Income ratios.

  7. What are Credit Human's debt ratio requirements?
    To qualify for a loan through Credit Human a member is generally required to have a debt to income ratio of 34/45. The (34%) is based on anticipated housing debts (home payment, taxes, Insurance and land or lot costs) divided into the member’s monthly income. The (45%) Is based on the overall debts (new home payment, taxes, insurance, land or lot costs and all other current monthly debts) divided into the applicant’s gross monthly income.

  8. Credit Human does not offer cosigner programs?
    Credit Human only offers financing for primary residences and vacation homes. Co-borrowers must live in the home with the same intended use. We do require the person applying for a loan to reside in the home.

  9. Does Credit Human offer financing for non-owner occupied or investment properties?
    Credit Human does not currently offer programs for investment properties. Buying a home for a relative or friend, while not intended to make a profit, is considered an investment property.

  10. Do you finance modular homes?
    We do not finance modular homes. We only finance HUD code single and multi- section manufactured or mobile homes that are titled as personal property with no real estate involved.

  11. Does Credit Human offer programs for applicants with individual Tax Numbers (ITIN)?
    An (ITIN) is an Individual Taxpayer ID number issued by the IRS to individuals who are required to have a US taxpayer ID number but is not eligible to obtain a Social Security number from the Social Security Administration. Credit Human requires all applicants to have an unrestricted Social Security card which are issued to US citizens and people lawfully admitted to the United States on a permanent basis and allows the individual to work without restriction.

  12. What is the difference between a signing and a closing?
    A signing is when a buyer and seller (not specifically together or at the same time) sign documents in the presence of a notary public and ship the documents, as well as other required items, back to the lender. Possession and ownership remain unchanged until a later date. This is common for chattel loans.

    Conversely, a closing is an event where a buyer and seller come together and sign loan documents, pass keys and funds. The end result is the transferred ownership from seller to buyer. This is more common with real property loans.

  13. When are the funds disbursed?
    Credit Human requires the review of the closing documents prior to disbursing funds to the seller or retailer related to the transaction. This process is called a “dry closing” which means no money or ownership changes hands on the day of signing. Funds are disbursed once all documentation has been returned and reviewed for accuracy. A customer interview will be completed by phone with the buyer just prior to the consummation of their loan to verify loan terms.

  14. How are listings or other agent fees collected?
    Credit Human does not collect listing fees or commissions like a settlement company. However, Mountainside can deduct listing or agent fees from a seller’s proceeds disbursing funds separately. Credit Human requires a copy of the listing agreement to confirm disbursement of fees separately. If no written agreement is in place, the buyer or seller must pay any fees due for any services directly to the agent outside of settlement.

  15. What type of appraisal is needed for my resident’s loan?
    Determination of value for a manufactured home can vary depending upon the location and type of home. If a manufactured home is located in a leased land community, there are 2 options in determining the value: a comparable based appraisal or an NADA book value. The book value uses make, trade name, size and year built to determine a base structure value. A comparable based appraisal requires a licensed appraiser to research prior sales in the area that are similar in size and age to the subject property to determine a market value. When a home is located outside of a leased land community the value is subject to the NADA book value method only.

  16. Who handles the title work?
    In most instances the lender will complete the title work necessary to perfect the lien and confirm ownership of the home. In some states loan closings and title transfers are handled by a title, Escrow Company or licensed retailer. If you have questions regarding the completion of title work by title/escrow companies or retailers, please contact your Credit Human closing coordinator associated with the borrower’s file.