Credit Human - Federal Credit Union

What is the minimum credit score?
While there are some exceptions to our minimum score, we generally require a 660 score or higher.

What states do you lend in?
Credit Human offers financing programs in all states except: AK, CT, HI, MA, ME, NH, NJ, RI and VT.

Does the home have to be on a permanent foundation?
There is no requirement for the home to be set up on permanent foundation but the home must be in its final location before we will disburse funds.

Do you finance the land with the home?
We currently only offer programs to finance the manufactured home solely. This is known as chattel financing or home only financing. We do not have financing programs available for land or land and home combinations.

Do you have a minimum or maximum amount you can finance?
No, there are no minimum or maximum amount restrictions on our programs. Limitations can apply due to the loan to value or debt to income ratios but there are no caps on our programs.

Can I get extra cash during a purchase transaction for things like furniture or landscaping?
We do not offer additional funds with the loan when the home is being purchased.

Do you require a down payment?
Yes, we require a minimum of 5% down on all transactions with certain situations requiring a larger down payment. See our guidelines section for more details on required down payment amounts.

Do you have any government programs?
We do not offer VA, FHA, HARP, or other government type loans.

Do you offer financing for homes located on leased land?
That’s our specialty. We offer financing on leased land, rented land, family land, as well as owned land as long as the land and home are not financed together.

What amount would I qualify for?
To determine if we can help, we need to have information about a home that you are interested in purchasing. There are many factors specific to a home which affect what we are able to finance. In order to issue an approval letter we need the following details: type of home, lot or space monthly cost and location. We do not offer pre-approvals at this time. For more information see question #11.

Why doesn’t Credit Human offer a pre-approval?
Credit Human doesn’t offer pre-approval letters due to the home being personal property where several important details of the transaction can fluctuate greatly from home to home. The details that can change are: monthly land costs, age and size of home as well as location. These varying factors can change the rate offered, total overall customer payment obligation and the terms a home is eligible for. As a lender, this makes it extremely difficult to follow through on pre-approving customers for financing without a home and location chosen prior to applying and therefore; makes pre-approvals impractical.

Is there a difference between manufactured homes and modular homes?
In most states manufactured homes, also called factory built housing, are titled like automobiles because they are delivered on axles. They are built in a factory on a frame that is used to deliver the home in one or more sections. Modular homes are also built in factories but are built in pieces which are delivered on a flatbed truck and then site assembled. Manufactured homes are built to HUD code standards and are issued a HUD number where modular housing is built to regional code standards, not HUD standards.

Do you finance modular homes?
We do not finance modular homes. We only finance single and double section manufactured homes.

Do you require a larger down payment if you own multiple homes?
Applicants who own more than one home are considered multi residential customers. The minimum down payment for a multi residential customer is 20% down.