Our philosophy in lending for the purchase or refinance of a manufactured home is based on a 3 “C” methodolgy; Capacity, Character, Collateral.
Capacity
Can the borrower repay the loan? CU Factory Built Lending will look at the following factors in an attempt to determine the capacity of a borrower to repay the loan:
- Indebtedness
- Income
- Job Quality and Stability
- Income Dependability
- Debt-to-Income Ratio
Character
Does the borrower INTEND to repay the loan? This question is answered by an in-depth analysis of debt history as seen through a credit report. CU Factory Built Lending will carefully review a borrowers’ credit history and will seek clarification, on a case by case basis, where warranted. We understand that “life happens” and we will do our best to work through past credit issues.
Collateral
Lastly CU Factory Built Lending endeavors to put our borrowers in a strong collateral position. This means that the VALUE of property the borrower is intending to purchase or refinance is in line with the AMOUNT of the loan.
In coming to an intelligent decision that benefits not only CU Factory Built Lending but the borrower as well, we will weigh all the facts and establish their relative importance.
In general, CU Factory Built Lending ultilizes the following credit guidelines:
- Minimum credit score of 660
- 60 months total credit depth (length of time the applicant has had credit)
- One installment account with a minimum high credit of $5000 and minimum 24 months reporting
- No repossessions, or bankruptcy in the previous 5 years; repossessions or bankruptcy in excess of 5 years must have a minimum credit score of 680
- No foreclosures
- No unpaid tax liens
- No unpaid collections
CU Factory Built Lending credit decisions are never made based on race, color, religion, sex, marital status, national origin, ancestry, or age.