Vocal Credit Union is one of the only financial institutions in our region to offer a Mobile and Manufactured Home Loan option in order to serve our community, and to help our members get started as homeowners.
We understand that loans for building a house or the cost of purchasing a single family home can be prohibitive in today’s market. Buying a mobile or manufactured home can be a great alternative for our members who want to stop paying rent, and start making loan payments that will help strengthen their credit history. There were previously limited options available for this type of financing, so we modified our lending policies to accommodate this need in our community.
As with any line of credit we offer, loans will be based on the standard underwriting criteria, including but not limited to the member’s credit score. Our experienced team will work with you to find the most affordable rate, so payment plans are realistic for where you are now – and help get you where you want to be.
The Mobile and Manufactured Home Loan has a maximum single loan amount of $75,000 and a loan term of 12 years. The Loan to Value (the ratio of a loan to the value of the asset being purchased) will be based on the applying member’s credit score. The mobile or manufactured home being purchased will need to be less than 20 years old, and an appraisal of the property will be required to qualify for this loan option. All members will be required to purchase insurance to cover the full loan amount.
Current and potential members of Vocal Credit Union interested in the Mobile and Manufactured Home Loan option can complete an online loan application available on our web site at www.vocal.coop under the Lending/Personal loan tab.
If you’d like to learn more about the Mobile and Manufactured Home Loan option, please call 406-442-1421 to schedule an appointment to meet with one of our knowledgeable team members, or stop by our office at 2910 Prospect Avenue in Helena.