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Frequently asked questions

  1. Do you offer financing on leased land?
    Credit Human Specializes in financing for homes located on leased land.

  2. 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.

  3. What is the difference between manufactured homes and modular homes?
    In most states manufactured homes, also called factory built housing, are titled like automobiles because they are delivered on axles. They are built in a factory on a frame that is used to deliver the home in one or more sections. Modular homes are also built in factories but are built in pieces which are delivered on a flatbed truck and then site assembled. Manufactured homes are built to HUD code standards and are issued a HUD number where modular housing is built to regional code standards, not HUD standards. The best identifier of a home being manufactured is a HUD label number.

  4. 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. All untitled homes that are sold to a business need to be titled prior to being “re-sold”.  Ask your Credit Human Business Development Executive for further clarification.

  5. Can you finance a home that has been moved from its original placement?
    Yes. We can finance a manufactured home that has moved several times previously so long as it is currently placed where it will be lived in. We can only finance a home that has to be moved if it’s being sold by a retailer.

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

  7. Do you have a minimum or maximum loan amount?
    There is no minimum or maximum amount restriction on our programs. Limitations can apply due to the loan to value or debt to income ratios but there are no limits on our loan amounts.

  8. What does my client’s debt ratio need to be?
    To qualify for a loan through Credit Human a customer is 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 customer’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 customer’s monthly gross income.

  9. What amount would my client qualify for?
    We can determine quickly if the customer is a good match for our programs but to qualify for a dollar amount a home must be chosen. In order to determine if an applicant can qualify for a manufactured home loan, we require the buyer to identify a home they are interested in purchasing. There are many varying factors in relation to monthly land costs which affect a buyer qualifying for amounts to be financed. Please apply for a specific home to determine an amount to be financed.

  10. Does Credit Human offer programs for investment and non-owner occupied homes?
    Credit Human offers programs for primary residences, vacation/ second homes. We do not finance investment properties or non-owner occupied homes.

  11. Does Credit Human offer programs for land home packages?
    We currently only finance the manufactured home. Known as chattel or home only financing, we do not have loan programs available for manufactured homes that are deeded as real property.

  12. Does Credit Human offer cosigner programs?
    Credit Human does not offer co-signer programs. This means applicants must live in the home they are taking a loan on. Co-borrowers must live in the home with the same intended use.

  13. Do you have any government programs?
    We do not offer VA, FHA, first time home buyer programs, HARP, or other government type loans.

  14. Do you finance modular homes?
    We do not finance modular homes. Modular homes often get confused with manufactured homes because some retailers sell both products. A modular home is typically built to local standards similar to stick built construction but have no frame or axles.

  15. Does Credit Human offer programs for applicants with Individual Tax Identification Numbers (ITIN)?
    An (ITIN) is an Individual Taxpayer ID numbers issued by the IRS to individuals who are required to have a US taxpayer ID number but are 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 permanent basis and allows the individual to work without restriction.

  16. What is a dry closing?
    A dry closing means there are no lender funds available at the time paperwork is signed.

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

    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.

  18. How does a chattel closing procedure differ from a real estate transaction?
    Chattel loans are completed as a mail away signing and closing occurs days later once funds are disbursed by the lender. Real estate transactions are conducted at an attorney, title or escrow office where signing and closing happen at the same event. All chattel loans are completed as personal property transactions by transfer of a title similar to an auto. Real estate is considered real property and ownership is conveyed by a deed.

  19. 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 or escrow company. Title insurance is not required for a manufactured home-only loan. If you’re unsure of the requirements of titling in a particular state, please contact your Credit Human representative for clarification.

  20. How are real estate agency Commissions disbursed?
    Credit Human offers 3 disbursement options to meet the needs of agent and the client:

    Option 1: Funds are disbursed to the agency by overnight check or wire, who then disburses to the seller.

    Option 2: Funds are disbursed to the settlement company who then disburses to the seller and agent

    Option 3: Funds are disbursed directly to the seller by overnight check or wire. Deductions for listing fees commissions or other seller costs can be made at funding from seller proceeds if available. A copy of the listing agreement will be required for this option.

  21. When are the funds disbursed?
    Credit Human requires the review of the final paperwork, after being signed, prior to disbursing funds. When the documents arrive back from the signing they are reviewed for accuracy and completeness. A customer interview is then conducted by phone with the buyer. This step is to verify the home is satisfactory, able to be lived in and the buyer’s loan terms are correct. Wire transfer is available ask your business development executive for more details.

  22. When do the buyers get the keys?
    The buyer gets the keys when funds are disbursed to the seller once all documentation has been returned and reviewed for accuracy and a phone interview completed is completed to verify loan terms.