Manufactured homes are houses built to the set of HUD code standards established by the “National Manufacturing Housing Construction and Safety Act of 1974.” The code went into effect in 1976. Models built prior to this year are called mobile homes. Over the years, rapid advances in construction and design have made modern manufactured homes almost indistinguishable from site-built homes from a quality perspective and at a fraction of the cost. In the last few years, with the expansion of loan programs and sources of financing, these homes are becoming more popular among people looking for quality living space at an affordable price.
The HUD code is the set of standards for the construction, design, and performance of a manufactured home. The code was put in place to guarantee those buying these factory-built homes enjoy the same safe, quality living conditions as a site-built home. Some of the key standards required for a home to be in Code include:
Manufactured homes are built in factories. Unlike site-built homes, they are protected from the elements and built using a regulated, systematic process. Construction of manufactured homes includes the following process:
Each section is then wrapped in plastic and transported to the building site where sections are joined together and finishing work is completed.
A manufactured home is any home built in a climate-controlled facility and delivered to a home site while a modular home is built in sections in a similar facility and then assembled at the home site. From a legal standpoint, the primary difference between modular and manufactured homes is that modular homes are held to the same local, state and regional building codes required for site-built homes, while manufactured homes are held to a federal code set by the Department of Housing and Urban Development (HUD).
Yes, Cascade has programs available for single-wide mobile homes.
Yes, Cascade does offer purchase loan programs for mobile homes (chattel) in a park.
Yes, Cascade has programs available for triple-wide mobile homes.
Yes, if you own your own land and are buying a manufactured home, any equity in your land may be able to be used to meet your down payment requirements. In this scenario, you will want to be very careful when dealing with a dealer or manufacturer. The paperwork on this scenario can get very confusing and prone to unethical behavior. We strongly recommend the use of a third party, independent firm such as Cascade to finance your manufactured home.
Competitive rates, loan programs tailored specifically to manufactured homeowners, in-house underwriters who are manufactured home lending experts, and 20+ years of commitment to manufactured home loans.
Typically yes, though there are exceptions on certain loan programs such as streamline refinances. Financing a mobile home with land is treated no differently than financing a traditional stick-built home. The value of the manufactured home and land must still appraise out and meet or exceed the purchase price.
Yes, Cascade has cash out (home equity) loans available on mobile and manufactured homes. It is best to speak to a Cascade licensed professional to help determine if your home is eligible.
No, not currently. Cascade offers financing for primary and secondary residences.
Closing a manufactured home loan will typically take the same amount of time as a traditional mortgage loan. Expect around 30 days to 60 days, depending upon the complexity of the loan.
It depends. A copy of the survey is required for most loans, but in most cases, a survey copy is provided by the seller on a purchase. If you are refinancing, a copy of a prior survey may be readily available. If it is not, you may be required to order a new one.
Each home contains a data plate (an 8-1/2” X 12” piece of paper glued to a wall, inside an interior cabinet or closet wall). In some cases, homeowners may remove this data plate unknowingly. This plate contains, serial numbers, home energy information, home system information (furnace, hot water heater, stove, etc.).
Yes, we do from an affiliated business company. We try to make the lending process as simple as possible, and we offer our customers the convenience of quick and easy insurance quotes from a top-rated provider. You can obtain insurance from any carrier or agency that you wish as well.
Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage. Mortgage insurance can refer to private mortgage insurance (PMI) (or just MI for short) or mortgage insurance premium (MIP) for FHA loans. What these have in common is an obligation to make the lender whole in the event of specific cases of loss.
We have several convenient payment options for you.
Auto-Pay: The easiest way is to request to be set up on our auto-pay system. Sign up on our secure website at cascadeloans.com/existing-customers and select “I’d like to make a payment”. Once you have registered and logged in on the website, select payment options. One of the options you’ll see is for recurring payments.
By Mail: You may pay by check or money order. Please include your loan number with your payment. Note that we do not accept cash. Our payment remittance addresses are:
Southwest Stage Funding LLC
P.O. Box 613703
Memphis, TN 38101
Attn: Retail Lockbox – Southwest Stage Funding
First Horizon Bank
3451 Prescott Road
Memphis, TN 38118
By Phone: To make a payment over the phone with one of our agents, just call our Servicing Department at (866) 939-5581 during our office hours. A transaction fee may apply for payments taken over the phone. Our office hours are Monday through Friday, 8:00 AM – 5:00 PM MST.
MoneyGram: For your convenience, we also accept payments made through MoneyGram where available. Please note: We don’t charge a fee for the service, but MoneyGram does. MoneyGram requires payments to be made to them in cash. To use MoneyGram, present your funds at your local MoneyGram location and let the agent know that you need to make a “cash payment”. You will then need to provide Cascade’s Receiver Code: 16370 and your loan number.
At this time, you will not be charged a fee to make your payment through our website. Payments made over the phone may incur a transaction fee.
|May incur a fee
Your payment is considered late one day after the payment due date. However, late charges are assessed in accordance with the “grace period” specified in your Note or Retail Installment Contract.
Yes, please visit cascadeloans.com/existing-customers.
Questions about your existing loan can often be answered online at cascadeloans.com/existing-customers. Once you register through the website, you’ll be able to access loan information, make payments, or review notices. You may also call us at (866) 939-5581 during our office hours. Our office hours are Monday through Friday, 8:00 AM – 5:00 PM MST.
No. If we receive partial payments from you (i.e., payments in amounts that are less than what your loan agreement requires), such payments will be held in a suspense account and will not be credited to your loan until the amount in the suspense account equals a full payment.
Tax documents for the prior year will be available on the Cascade website on or before January 31st of the current year.
If you need a copy of your 1098 statement and it’s after January 31st, go to our payment portal, select '1098 Year-End Statement', and click 'View'.
NOTE: If the interest paid exceeded $600, a copy of your 1098 statement will be sent to the mailing address in our system.
Should you have any question or concerns regarding your prior Year-End Tax Forms, please contact us at your earliest convenience. We will be happy to assist you.
Phone Number: 866-939-5581
Fax Number: 480-812-3334
It means that Cascade will now be handling your loan. We will receive your loan payments, manage your escrow funds for taxes and insurance(if applicable), and provide information to you about your loan.
No. We want the transition to be as easy as possible for you, so we’re keeping your loan number the same. Whatever loan number appeared on the statements and letters from your previous loan servicer is what we’ll use.
Yes. We will continue to escrow these items for you, and you will continue to receive escrow-related notices and disclosures.
No. The transfer of servicing will affect the terms of or the continued availability of any mortgage life or disability insurance or other types of optional insurance products. Cascade will not be involved in the continuation of coverage. If you would like to continue coverage, please directly contact the company providing the product for additional information.
No. The policy you currently have with the previous servicer will stay in effect. If you choose to continue that policy, you will be responsible to pay them directly.
If you set up an auto-pay arrangement directly with your previous servicer, the auto-pay arrangement can’t transfer to us. We do offer auto-pay and we are happy to help you sign up for it with us. The easiest way to sign up for auto-pay is to use our secure website at cascadeloans.com/existing-customers and select “I’d like to make a payment”. Once you have registered and logged in on the website, select payment options. One of the options you’ll see is for recurring payments.
If you previously set up payments through a “Bill Pay” option with your banking institution, you will need to contact them to change the payee to Cascade (or Cascade Land Home Financing if your home is in Washington, Oregon, Pennsylvania, or Delaware). Please contact your bank directly for information on how to make this change.
Yes. We will continue to work with you on any loss mitigation programs that were in process at the time of transfer.