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Angela Alcorn

[email protected]#$$$%%&***

Post by Angela Alcorn » Thu Jan 09, 2003 12:32 pm

How am I supposed to finance a 99 MH that is on 10 acres and offered through HUD for bid??? We have been trying for months. We found out through a VA appraiser that the foundation was never retro-fit. So that ruled out the VA and every other company I have called. We WANT THIS PROPERTY!!!!!!!!! My husband is an active duty Marine and we have served our country overseas for 10 years only to find out we can not finance the home and land we want because of the foundation. I am hoping someone can help. Please reply.


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Post by rmurray » Thu Jan 09, 2003 4:09 pm

"Permanent Foundation" means different things to different folks...The VA and FHA have by far the most stringent definition...In the other mortgage programs...It will be entirely upto the appraisor...Each has a different idea..but most will say it is permantly set if it meets local code...

Have you asked the Real Estate folks involved...They should have some idea sn know the appraisors in your area...Good Luck..


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Post by Angie » Thu Jan 09, 2003 4:32 pm

I will call my real estate agent for a list of lenders in the area. Do I have to mention the foundation is not VA approved, but it is permanently attached? Or should I just apply for the mortgage and let the appraisor decide?


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Post by rmurray » Fri Jan 10, 2003 8:12 am

I would not say anything....Make sure they know that FHA or VA is out...but the rest should be up to them...

Have you talked to the appaisor??? If you have his number ask him if he thinks the home qualifies for Fannie Mae or Freddie Mac...If not maybe you need another appraisor..

Have you asked HUD themselves...often they will refi properties they are selling..Good Luck

the refiman

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Post by the refiman » Fri Jan 10, 2003 10:09 am

I would suggest you contact a Mortgage broker and explain the situation and ask if they do manuf. homes and land loans.

If you could provide some more info I could advise you as to what you need to ask.

Please describe the foundation, Is it concrete footers with brick or masonry underpinning?

Is the home a doublewide or larger?

How much money are you puting down?

Is it taxed as real property?

Do you have good credit?

Do you knoe if your credit score is 560 or higher?

Do you know what your debt ratio is?

If you would like to e-mail me with the answers to these questions I will be more than happy to steer you in the right direction for financing?

Good Luck,

the refiman

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Post by the refiman » Fri Jan 10, 2003 10:11 am

It would help if you had my e-mail.

[email protected]

S. Jordan

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Post by S. Jordan » Sat Feb 01, 2003 1:11 am

What does financing have to do with all of this, if the home is not safe against uplift and windshear? I have been given information regarding hurricane zones, etc. Is someone pulling my leg and trying to get even more $$$$ from me.

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