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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 and MI.

  2. Does Credit Human require retailers to get signed up before customers can obtain financing through MSF?
    There is no formal sign up process with Credit Human. Customer applications can be accepted for financing today.

  3. 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 can consider is a 650.

  4. Does Credit Human 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.

  5. What are Credit Human's debt ratio requirements?
    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 gross monthly income. The (45%) is based on the total debt load (home payment, taxes, insurance, land or lot costs and all other current monthly debts) divided into the customer’s gross monthly income.

  6. What amount would my customer qualify for?
    To determine a dollar amount that a customer would qualify for, a home must first be chosen. There are many factors specific to individual homes such as space rent, age and size of home that can impact a customer’s debt ratios and affect what they may qualify for. General qualification can be determined at time of application, however we do not issue pre-approval letters for our chattel loans.

  7. Does Credit Human offer programs for land home packages?
    We do not have any programs available for land home packages at this time. Credit Human specializes in financing for home-only / chattel transactions.

  8. Do you finance modular homes?
    We do not finance modular homes. We only finance HUD certified homes that are titled as personal property.

  9. Does Credit Human offer co-signer programs?
    We do not have a traditional co-signer program. Our loan programs are strictly for owner occupied situations only, so all borrowers must live in the home with the same intended use.

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

  11. Does Credit Human offer programs for applicants with individual Tax Identification Numbers (ITIN)?
    An Individual Taxpayer ID Number (ITIN) is issued by the IRS to individuals who require a US taxpayer ID but are not eligible to obtain a social security number from the Social Security Administration. All applicants must have an unrestricted Social Security card to complete a loan with Credit Human.

  12. Why does the home need to be set up to get paid?
    Credit Human has no recourse agreement with the selling retailer. This allows business to begin between the buyer and Credit Human right away. It also places more responsibility on us, as the lender, to make 100% certain the customer is satisfied and verify that they can begin to live in the home. We want to ensure our relationship with our new member starts off on the right foot, which is why we require the home to be set in place and all utilities are operational prior to funds being disbursed.

  13. 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, or licensed retailer. 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.

  14. What is a dry closing?
    ‘Dry closing’ is a term used to describe how our closing/settlement process works. No funds are disbursed at the closing appointment and ownership does not change hands until both the buyer’s and seller’s paperwork is returned and reviewed for accuracy and completeness. Once the final audit is satisfied, funds are disbursed and the transaction is complete.