Financing a manufactured home with Hames Mobile Homes is simple. We have our own finance company! Circle Finance, LLC provides lending to otherwise-qualified mobile home buyers with not-so-perfect credit.
First Some History:
In the 1990’s the manufactured housing industry experienced its housing bubble. Much like the mortgage meltdown in 2008, mobile home financing was easy to get until about 2000. Borrower documentation was poorly verified by underwriters, and many BAD loans were made. The bubble burst. Defaults were common.
Starting in the early 2000’s, mortgage lending unfortunately started the same cycle; easy money to suspect homebuyers. At the same time, mobile home financing became harder and harder to get.
Case in Point:
A couple came into our sales office in 2007 but couldn’t get financing for a $15,000 used home. They were young and starting out, and didn’t have much credit or a strong down payment. However, this couple was able to procure a $100,000 site built home mortgage loan with no down payment. Does that make sense to anybody? I don’t know what happened to the young couple, whether they ended up underwater (owed more than the equity in the home) or whether the loan worked out for them. The bottom line is its totally unfair that our customers are discriminated against because they choose affordable housing!
We Don’t Give Up. Ever.
Hames decided to make the proverbial lemonade out of lemons. We started our own captive finance company so that our customers who couldn’t get loans somewhere else had another option. Circle Finance, which is wholly owned by the Hames family, is licensed in the state of Iowa to make loans for our customers.
As far as we know, we are the only mobile home dealer in the state of Iowa to have such certification plus two licensed Mortgage Loan Originators on staff. Complete our online application and let us talk to you about your financing options.
Call Us Today!
If you are credit challenged due to a layoff, divorce or illness, please let us try to help you.
You can find a great manufactured home in one of our five beautiful Hames Communities. Contact Hames-The Homes People online, call us today at (319) 377-4863, or visit our mobile home sales center at 640 Marion Blvd., Marion, IA 52302.
And, have a glass of lemonade on us!