The Manufactured Housing Forums

We currently own our 20 acre property in Kansas. After months of research we decided upon a Hart Roosevelt Park ( 2040 sq ft) and want to put it on a full basement. We have been preapproved for the construction loan pending appraisal. We have been waiting for 4 weeks now . The mortage company which specializes in manufactured housing now has 2 appraisors working on it. We live in a small county that has smaller manufactured homes . We have a large family. Our property is paid for. How long does it normally take to complete an appraisal? Our rate is locked in till mid February 2004 and we are getting concerned. The home was on the lot . They had marked down the price after another family ordered it but their financing fell through. This home is loaded with almost all the extras, full sheetrock, fireplace, ceiling fans, all cabinets, etc. Is it possible to have the basement done, lagoon done and the home completed before mid February? Thank you

Appraisals can be a problem in some rural communities...At least you have large real equity..

You did not mention which lender you are using..or the rate...but if your credit is very good..there are lenders out there as low as 6.25% who do not depend on package appraisals...Only land appraisals to prove the equity position...

4 weeks is not unheard of...but is long for appraisals...if there are 2 appraisers involved...they are having a problem finding the required comps...often the appraisal is done...but loan underwriters (GOD at the lenders office) question the appraiser and cut the amount or reject the appraisal...This might be what is happening now and the dealer does not want to alarm you...

Ask the dealer about Chase or Triad land in lieu financing..These are the 2 available with good rates and land only appraisals..Remember...rates with these lenders might be a little higher...but they do not have PMI insurance which can effectively add 1/2% to some conventional mortgages..Also..these lenders will only appraise the value of 5 acres..so you could survey off 5 acres and keep the other 35 free and clear..

Financing aside, what about inclement weather.

That time of the year is awful for construction. Especially concrete work like you are talking about having done. That can also be a time factor to figure in.

The lender we are using is a mortage company in Topeka that specializes in manufactured homes. They roll closing into the final loan. They do both the construction and roll into the permanent. The rate is 6.25%. The weather up until last week was 60's and dry. Now it is 20's and 30's and cold. We have had one good rain but nothing since. The concrete contractor is waiting for the go ahead. We are on their list. They just move us down one. But we are starting to get worried. The appraisers were recommeded by the dealer. The dealer is very reputable and has no complaints filed with the BBB. The mortage company is also very reputable. This is another reason I believe you may be right about the dealer not wanting to alarm us. Living in the country has its assets as well as its problems. We may have to wait and try to go for a modular in the spring. Thanks for the feedback.

Be sure to ask the dealer about Chase and Triad programs available in your area..