Down Payment Assistance

[mrswgraham]

Do you know of any mobile/manufactured home lenders that work with any of the downpayment assistance programs (i.e. Ameridream, Nehemiah, etc.)?

[rmurray]

Virtually all FHA lenders do work with some assistance program...but reme4mber these
"non profit"
companies will require the seller contribute an equal amount of money to them as the down plus a handling fee (from $300 to $700)...The seller will have to hold the price higher than if they were selling without the fee..That means you are paying the program fees and the down...plus interest on the fore mentioned.....Good luck with your home search...

[mrswgraham]

So this would not work with a home being purchased from the manufacturer would it? Are FHA loans available for manufactured homes in a park (not on permanent foundation)?

[rmurray]

There are FHA programs for homes in a rental park....BUT these programs DO NOT allow a down payment assistance program....Your dealer will have to help you locate a good lender...Manufacturers do not sell homes direct to the public except from factory owned dealerships...Ask your dealer for advice....All home only finance programs require some out of pocket down...Some will allow as little as 5% which is about what the FHA requires..Good Luck in your quest...

[mrswgraham]

Could you possibly list 2 or 3 of these lenders that offer FHA loans for homes in parks?

[rmurray]

21 ST Mortgage Company

https://www.21stmortgage.com/web/centur ... o!OpenPage


San Antonio Federal Credit Union

http://www.sacu.com/


Your dealer will be fully aware of these lenders..Both only do mortgages through dealers...