Another 10%, do not have credit due to, recent extending prison terms, the social security number they are using is not their own and most commonly their are illegal aliens, using a purchased social security card. We require a minimum 5% down payment on all purchase transactions.
An installment loan is normally, but not limited to, a car loan. The final determination if a 5% down payment will be sufficient will be determined by either an Advanced Book Value Report or an appraisal. Finally the remaining 10%, truly use cash as an option of choice. We should be clear that a 5% down payment may not be acceptable in all cases. If this person does not pay the debt, you are financially responsible, and the lending institution can come after you for the unpaid balance. Q: Can I Finance a Modular Home for My Family Member with JCF Lending Group? If we discover within a one (1) year period of time that the applicant(s) that initiated the loan do not, in fact, reside in the modular home, your loan agreement allows us to repossess the modular home and retain any down payment and/or equity that may be present. We do not require previous modular home ownership for an approval. If your name is on an account, either as a co-signer, authorized user, or on a joint account, you are legally responsible, even if the other person agrees to pay by way of verbal agreement, contract or divorce decree. Normally, all occupants over the age of 18 that plan to live in a modular home park or leased lot community must pass both a credit and criminal background check. Many times consumers will apply for a modular home mortgage stating that the modular home they wish to purchase will be their primary residence.