The Manufactured Housing Forums

we have been trying to buy a schult home for the past 3 1/2 months. we were told 2 months ago that we were pre-approved for a loan for 93,000. we are getting our financing done thru the company with a banker/broker that they use. the banker/ broker that is handling our deal has been asking for paperwork off and on for the past 3 months(checkstubs, bank statements,etc.). all this time we thought we were pre-approved. we picked colors,carpet etc for our home. now he tells us that he is going to submit the loan in my name only because my husband's work history is not good enough-he has been at his current job for 1 year,ihave been at my job for 9 yrs.(we are not legally married) he says the underwrighter won't accept this type of work history. this is not the first company we tried-we first tried palm harbor and they got the financing approved for 8% in about one month. the banker/broker is trying for an fha loan . is this the reason there is so much more to ask for than a conventional loan? the main reason we tried another company is because of the cost of the palm harbor home itself but it seems that maybe we should have stayed where we were.please give your input. (we are doing a land-home package).

FHA loans do take more time to process. FHA insures the loan to your banker/broker and have somewhat stricter guidelines for employment, credit history, etc. This is especially true where the appraisal process is concerned. FHA utilizes appraisers which are on their approved list and these persons may not be able to schedule an appraisal for several weeks.

One month is about right, with conventional financing, to be approved for a loan. Typically it is the land/home appraisal process which takes the time. Try some other sub-prime lenders (mortgage companies,) they may be able to help. Look in your Sunday paper Real Estate Section and you will find a list of them.