Home -Only Loans

[lfrane]

Need to find out what banks might do home only loans. Thanks.

[admin]

There are dozens of lenders who are happy to finance manufactured housing without land... especially if you have reasonably good credit history.

There are thousands of Manufactured Home Land Lease Communities across the country. A "home alone loan" is still the only way to finance homes on rented land. Most of our lenders will also finance just the home, on land that you own.

Getting FREE Home Only Loan Quotes from Multiple Lenders is Simple! Use our Manufactured Housing Loan Finder. Answer a few basic questions and click the "Find My Loan" button. You'll be matched with lenders and brokers who meet your exact financing needs.

[jcthebear]

Does using the Loan Finder affect credit rating in any way. I know that inquiries for loans or credit can, at a certain point, reflect negatively on a credit score...... (which I find appalling since the reason to inquire is to be an educated and wise consumer, which is what you'd think lenders want!).

[admin]

I agree that it is silly to drop ones credit score because they are clever enough to understand the market and shop for the best loan opportunity. This seem to me to be counterproductive for the finance companies that are looking for the best prospects to lend money to. The best prospects should be ones smart enought to find the best deals.

This practice was started by lenders watching for prospects that were not just shopping a home loan but who at the same time were shopping for other loans.. like for a car, jewelry etc... this scared lenders as they didn't know how many loans the prospect might make and if the prospect would then have enough income left to make all the possible payments.

In today's world of computerized scores it is difficult for the scoring program to tell what type loans the prospect is shopping for, so (in my humble opinion) the system has gone a bit crazy. But it should not be a problem to overcome this. Investigate as many loan opportunities as you can but only give an application to the lenders or brokers that have the best plans to fit your needs

The MH Loan Finder form has no field that asks for your social security number. The only way a lender can pull your credit report is to have your SS# and your signed application. The loan finder service will match you with potential lenders who will phone you to tell you about their programs. Then it is up to you who you offer an application to.