#get a loan
FREQUENTLY ASKED TRAILER LOAN QUESTIONS
TRAILER LOAN CREDIT QUESTIONS
Q:What Credit Score is Needed for a Trailer Home Mortgage?
A: JCF Lending Group is an A paper lender and we require good to excellent credit. Currently, our minimum credit score for purchase financing is an Equifax 660, straight refinance Equifax 660 and cash out or consolidation requires an Equifax score of 700+. Trailer Homes 1970 – 1975, in California only, requires an Equifax 700, for both purchase refinance. JCF primarily uses Equifax Credit, but may also use Experian and Trans Union. We will look at lesser scores on a case by case basis. In all situations, you must have a minimum of 4 years of credit history in order to qualify for a trailer home mortgage. There are no exceptions.
Q: What does the Credit Score Represent?
A: Simply put, the lower the score, the more likely you are to file bankruptcy. The higher the score, the less likely you are to file bankruptcy. Keep in mind the bureaus have no idea of your monthly income, but use other factors to determine your score. The most important factor used in determining your score is your credit card limits in relation to your outstanding balances. The higher the limit, with a low or zero balance, the better. Likewise, a consumer with credit cards at or near the maximum credit limit will equate to a lower credit score. It is also important to know that currently all credit bureaus score somewhat differently. We have seen as much as a 100 point difference between bureaus.
Q: How Can I find Out My Credit Score Before I Apply?
A: You must keep in mind that there are three major credit bureaus. They are Equifax. Experian and Trans Union. You can click on the credit bureaus above to obtain a copy of your credit report and score. You may also correct information appearing on your report that is incorrect at that time. Remember, it normally takes 30 days for the correction, but can take as long as 90 days for inaccurate information to be accurately reported on the bureaus.
Q: What About Consumers with Poor or Fair Credit?
A: Unfortunately, our low rates do not allow for us to make risky loans. But it is also important to understand why. Recent studies have shown that Seventy percent of trailer homes that have been repossessed in recent months have been owned by people in the sub-prime category, those people with fair to poor credit records. Of the 7,000 repossessed in the last three months, nearly 5,000 were on sub-prime mortgages. Those figures jump dramatically when you look at a two year time span. Nearly 90% of consumers with poor credit will be seriously late or will have gone into collection on their Trailer Home mortgage.
TRAILER LOAN DOWN PAYMENT QUESTIONS
Q: Can I obtain 100% Financing for a Trailer Home?