help!

[Mindy]

We recently removed our old home and had a new manufactured home installed with a permanent foundation on our lot. We live in a leasehold condominium project and have been told that the lenders are no longer offering this product. I need financing to pay off the old loan (which included the interest in the land lease), the dealer and the contractor...I've been told that Freddie Mac only does leaseholds, Fannie Mae only does Condo's (could be vice versa) but in any case, neither one does BOTH, therefore the investors will not fund the loan. How is it possible that NO ONE does these types of loans anymore?!!?!?!?!?

[rmurray]

Boy..this is tough...since I do not even know what a "leasehold condominium project " is...

The mortgage market is a large market the depends on the marketing of mortgages in large packages..these marketing packages have to be of like type of mortgages..and your situation is VERY unusual..Probably not anything that is done very often..

Well..I did find the definition of the term...seems complicated to me..

"559.107. Definitions

Sec.7. (1) "Leasehold condominium" means a condominium
project in which each co-owner owns an estate for years in
all or any part of the condominium project if the
leasehold interests will expire naturally at the same "

Seems like you may need a private investor mortgage...Ask others in the community who they have financing with and call them..