Confused...HUD or UBC??

[gina]

Okay, somebody please help me understand why we would be approved for a UBC loan but not a HUD home for the exact same dollar amount? We are awaiting a phone call from our lender, but I can't stand the suspense and you guys on this board know your stuff!!

We are trying to purchase a Karsten home, which, apparently is a HUD home, not UBC. I've been told the trend of MH homes is towards UBC. Any other suggestions on financing??

[rmurray]

Without more detail...it is hard to answer your question exactly...

Some lenders do not do manufactured homes..period..

Some types of loans..such as no job verification loans are not available for manufactured homes...this is a lender policy..Some loans for those with damaged credit are available for modular homes only...

Then there could be appraisal problems...depends on the price range of the home you are buying and the comparables in the area...If all manufactured home comps in your area are low end homes..and your is high end..appraisals might be too low..but the same home as a modular would be compared to stick built in the area and appraise well..

Then...it could just be your choice of lenders..all have their own rules...FHA is very popular right now...great rates and very low downs..and can work with some credit problems..For conventional or FHA..call Wells Fargo Mortgage, Nova Star Bank...there are many others.....

[gina]

Thanks for the input, I see where you are coming from.

This particular lender was a referral from our sales representative for the reason that they do a "one time closing" for land/home package deals. The sales rep said it depends on the underwriter and what their requirements are, sorta like what you said. So, we should know something by Monday, at which time if we need to we can visit with Wells Fargo or others.

Thanks again for your response.

[rmurray]

Your sales rep should have a much better idea of the lenders policies that he recommends..

Of course...every persons loan is different...also..lenders do change policies in midstream...give him the benefit of the doubt...but ask him why the lenders underwriter is restricting your loan..........