trying to understand financing for MH

What do you want to know about manufactured homes? The worlds greatest collection of expert advice on buying, installing, maintaining and repairing manufactured homes.



Post Reply
0426jd
Posts: 1
Joined: Wed Jun 18, 2008 6:29 pm

trying to understand financing for MH

Post by 0426jd » Wed Jun 18, 2008 6:32 pm

Can anyone explain why we can get a loan for a stick built home but cannot get one for a MH? We have checked with a lot of lenders who do loans for MH and they turn us down....makes no sense to us.

rmurray
Posts: 1086
Joined: Thu May 25, 2006 6:49 pm

Re: trying to understand financing for MH

Post by rmurray » Wed Jun 18, 2008 9:45 pm

A manufactured home loan expecially if it is NOT attached legally to land is much riskier than a mortgage thus harder to qualify for..If you can get a stick built mortgage it is likely you will qualify for a mortgage of real estate and a manufactured home (commonly called land home mortgage in the business)..Your dealer should be able to help you find a home mortgage company that does manufactured homes as well..

Celtlund
Posts: 118
Joined: Sun Jun 08, 2008 1:07 pm

Re: trying to understand financing for MH

Post by Celtlund » Wed Jun 25, 2008 5:11 pm

I am not having a problem finding financing. I have some property we purchased about 18 months ago and are now looking to get pre-approved for the home and setup costs. I used the loan finder here a few days ago but haven't had any responses yet. I contacted the real estate agent that sold us the property and she put me in touch with someone who is now preparing me two good faith estimates. One is for a conventional loan with 20% down and the other is for a USDA Rural Development loan also with 20% down. We also stopped in to the local Wells Fargo office last night and were told we wouldn't have a problem getting either a conventional or FHA loan thru them.

Don't forget to check your credit and get your scores as that can make a big difference in getting a loan. I recommend getting a copy of Grissim's book. I read it several years ago and just got the updated version. It is an excellent book and contains a wealth of information on purchasing a MH.

tina893r
Posts: 2
Joined: Fri Jul 11, 2008 10:25 am

Re: trying to understand financing for MH

Post by tina893r » Fri Jul 11, 2008 10:28 am

I don't know where you live, but if you are in MI try, Precision Financial, http://www.precisionfinancial.net/?page=home,
Good luck it worked for me.
Tina

Eva
Posts: 3
Joined: Sun May 25, 2008 4:46 am

Re: trying to understand financing for MH

Post by Eva » Sun Jul 27, 2008 6:17 pm

FICO score requirements are higher for manufactured homes. If you are planning to buy the land and finance the land, construction, home and setup, your score needs to be at least 680. For financing in a park, a minimum of 620 and 10% down. Go to http://www.myfico.com, pay $15 to get your score (the free reports does not include your score). By checking your score yourself, it will not lower it. Good luck.

Post Reply

Who is online

Users browsing this forum: No registered users and 1 guest