Interest Only Mortgage Loan on MH

[Michelle]

I'm in the process of closing escrow on a Karsten MH on 2.5 acres which will be all mine! The monthly payment is a bit too high, but could not find a lender that would do an interest only loan. Does anyone have any info on a lender that is providing that kind of loan program? Thanks

[mac]

You must be in California... A manufactured home on land, titled together, is the same as a site-built home, for mortgage purposes, so I would look around the major banks and mortgage brokers. Large dealers sometimes have mortgage arms for this purpose, because they often do construction loans as a bridge.

[Michelle]

Yes I am in California. I hit up the major banks and I've been told that since
this January most lenders are cutting back on funding the MH. I was also told that
with demand should bring easier financing. We'll have to see. Thanks~

[Roy Bonney]

Interesting Note: Quoted from the Old Dominion Outlook, a publication of the Virginia Manufactured and Modular Housing Association..
"Fannie Mae (FNM) eased financing requirements for mobile-home buyers on Tuesday, sending stocks in prefabricated home-building companies soaring.
The government-chartered mortgage company said it would join with nine lenders to provide purchasers of manufactured homes access to 30-year mortgage financing with down-payments as low as 5 percent.
....In its announcement, Fannie Mae said the nine lenders in the venture are AgFirst Farm Credit Bank, Flagstar Bank, GMAC Manufactured Housing, Huntington Mortgage Group, Origen Financial, RBC Mortgage, 21st Mortgage, Vanderbilt Mortgage and Washington Mutual (WM). These companies will screen borroweres and make the loans. Fannie Mae will purchase the loans from the lenders.....

[Michelle]

WoW that IS great news! Thanks for the info!!!