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Is this owner financing?
No. This is financing through the Lyons State Bank in Lyons, KS. It is a bank loan.


How much down payment do I need?
Typically we require 20% on most loans. If your credit is particularly good we can take as low as 10%. If your credit is particularly bad we may require more to get the financing done. The down payment is the bank’s security that their borrowers will have enough invested in their purchase that they will want to stick around until it is paid off.


My credit isn’t that great, can I get financing?
You do not need perfect credit to qualify for our loan program. Obviously, the better your credit rating, the better your terms will be, but less-than-perfect scores are ok. We try to treat our customers as individuals, not numbered scores on a credit report. We will go over it with you, and do our best to get loan terms that work for everyone.


What do you look for on a credit report?
We look for car loans that are paid on time, mortgages, personal loans, money you intentionally borrowed and paid back. Good renting references go a long way as well. Unpaid medical bills are less important, we realize that accidents happen and people get sick. Things we don’t like to see are collections on utility bills and rent.


How long until my home is paid off?
We like to keep the terms of the notes short. A mobile home is not a stick-built house, and shouldn’t be financed like one. The term depends on many factors, but on the typical homes we sell we like to keep the term between 6 and 8 years. If it is a more expensive home we can go up to 10 years. And if the buyer wants a short term loan, we can go as short as you want.


What kind of interest rate can I expect?
Due to the increased risks of lending on Mobile Homes, our bank is not able to offer the low rates of a traditional mortgage on a stick-built house. This is offset by the shorter term compared to a conventional mortgage. Most customers are going to be in the 8% – 11.5% range.


I want to move the home out of Kansas, can I get financed?
Unfortunately the Lyons State Bank is only able to finance homes in the state of Kansas.


Are there bank fees to finance a home?
Due to the increased cost of credit reporting agencies, we charge a $30 fee to run the credt, this is to cover the cost of retrieving the report from the agency. There are also few small fees that Lyons State Bank charges to get the loan done. LSB makes no money off of these fees, but they are to cover the cost of services required to complete the loan. These fees can be built into the loan and aren’t required up front.


What is escrow?
In October 2010 the SAFE act went into effect. It changed many of the rules on how banks structure loans. Part of the act was requiring that taxes and insurance on mobile home loans be “escrowed”, or built-in with the payment of the house. This makes paying the bills each month easier, as your taxes and insurance are taken care of and there’s no surprising property tax bill at the end of the year. Additionally the SAFE act requires that the first year’s taxes and insurance be paid up front before the loan can be made. These are costs that would have to be paid over the course of the year anyway, however for the first year they must be made up front. We realize this puts stress on our buyers and we will do what we can to help get this taken care of.


What paperwork do I need to get the loan completed?
Once you’ve filled out an application and the terms of the loan have been decided, we will need proof of income (pay stubs, etc), 2 forms of ID, and any credit or renting references you can come up with. Usually verbal references will get the job done, but a letter from a lender or landlord will never hurt. Additionally, it’s up to you to find an insurance company and provide their contact information for the bank at closing.


I need extra money to move the home / set up utilities / etc. Can I borrow that too?
In some cases it is possible to allow for moving expenses to be added into the loan. Utilities and skirting are up to the buyer, however.


My bank can give me better rates and a smaller payment, why should I finance with you?
Feel free to use your own bank. Our terms are not the best out there, if you have a long term relationship with your local bank and want to use them you can probably get a better rate. We’re in the business of selling homes, not lending money. Our program allows us to finance people who might not otherwise be able to get financing. If you can get your own, go for it!


Anything else?
Every customer will have different needs and a different credit history. Our goal is to get you a home with a payment you can afford. There are no hard-and-fast rules with our financing program, we will look over each customer individually. If there are bad marks on your credit report, we’ll give you the chance to explain them. Getting a loan is a difficult, and often embarrassing process these days, but we aren’t a huge financing company with a long list of regulations, we’re a family business working with a small-town bank to get people financed as easily and painlessly as possible.



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Home Value: $
Loan amount: $
Interest rate: %
Loan term: years
Start date:
Property tax: %
PMI: %
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