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At First Alliance Credit Union, we believe that home-ownership is the heart of a strong community; which is why we are proud to offer Manufactured and Mobile Home Loans to our South East Minnesota area communities. Whether you're looking to settle down in a community or want your manufactured home on your own land, First Alliance has flexible financing solutions that will work for you to help you meet your personal home-ownership goals.
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Meet with Kandace Amazi (NMLS #2436933)
Kandace Amazi is a Home Lending Advisor with First Alliance Credit Union.
I can help you with...
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Manufactured Home Loans
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Home Equity Loans
Please use my calendar page to book a time to meet and discuss your financing needs. I look forward to meeting with you!
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Manufactured Home Loan Application Process
Ready to get started on your home ownership journey? These are the steps you can expect to take throughout the process of applying for your manufactured home loan.
Step 1 - You can start by completing an online application or if you want more support by scheduling an phone call with a Lending Advisor. In addition to a completed application, we will need several important documents:
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Proof of income documents
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W-2 employees will need the two most recent pay stubs and W-2 forms for the previous two tax years
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Self-employed individuals should provide the last two years of tax returns, including all pages and schedules
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Retirees and Social Security recipients need to provide award letters
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Two most recent financial statements for all your asset accounts, such as, checking/ Saving account and retirement accounts
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Proof of down payment (minimum of 5%)
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Copy of US Issued ID - any passports need a visa to be accepted
Step 2 - Once you’ve been officially pre-approved, the fun part can begin, looking for your manufactured home!
Step 3 - Once you’ve found your home, we will have the home appraised. In order to start that process, we will need to collect additional documentation:
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Closing costs of approximately $607
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A copy of the title
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A park approval letter
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A signed purchase agreement
Step 4 - Once the appraisal process is completed, it will be time to schedule and sign the closing documents to finalize your manufactured home purchase.
Please note: Final closing cost may vary based on location. We may require additional documents or steps be completed depending on your situation.
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Manufactured Home Loan Rates
Term
Interest Rate
APR*
7 Year 7.00% 7.62% 10 Year 7.25% 7.71% 15 Year 7.50% 7.83% 20 Year (double wide only) 7.75% 8.02% Effective September 25, 2024
*APR=Annual Percentage Rate. Rates are quoted "as low as" and are subject to an evaluation of your credit. Rates shown are based on a $30,000 loan amount, 5 years old or newer manufactured home, placed in a manufactured home park, with a 20% down payment, $607 application fee, and 720 credit score. Other loan options may be available. Final rates may vary from rates shown. Call 507-288-0330 for a personal quote.