Our industry's major lender based in Jacksonville, FL has announced its biggest single-day rate cut in that company’s 50-year history. A reduction of .75% for all categories of loan products for MH’s in parks to take effect immediately.
New "floor rate" , with 20% down, is a 10-year loan @ 5.99% fixed.
This news came out barely two weeks after our industry’s other lender, CU Factory Built, rolled out its new “step-up” loan with very low rates starting at 4.5%.
This is a typical reaction among our MH chattel lenders who are competing for top-tier borrowers (which means borrowers with 700+ credit scores). Without having seen rate sheets, it cannot yet be confirmed if this rate reduction from Triad will affect all tiers of their loan products. However, the source for this story did indicate that the .75% reduction will be “across the board”.
We now have very attractive rates to offer to manufactured home buyers moving into parks. Four years ago, the “floor rate” with our biggest lender was at 10.5%. We can now potentially offer rates less than half what they used to be.
After years of sour news, this is something that should be told to all buyers of manufactured homes in parks. Check back frequently for the latest in this “rate war”.
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Dave Shanklin
Mobile Brokers Acceptance
Fair Oaks, CA
NMLS # 314463
800-401-3372
916-962-7128
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