The Manufactured Housing Forums

Does anyone know anything about First Magnus. They are the finance company for our FHA loan?

Also has anyone had any dealings with Supreme Lending in Dallas, TX?

Last of all, we were told our final closing was this past Friday. We showed up and the closing agent told us they had not received any documnets from the lender. The owner of the dealer where we bought our home was very apologetic and told us to go ahead and move in, as everything was done except for the final signatures? Should we go a head. I know that the FHA inspector has signed off and everything? The lender blamed the delay on their delivery service.

Anyway I will be the first to tell you do not use Supreme lending in Dallas. They get in no hurry to finish the job.

Also, I forgot. Has anyone been to the first closing and then had the second closing be for a lot more money? I only ask because the first closing was for 74,000.00 and then we got a copy of our insurance policy and it was for 83,000.00.
Just wondered if I should be worried about that.

Short answer is "no" - do not "take possession" of the home. Can't speak further as I'm a lawyer and this is not my area of expertise. Find one before proceeding further. Ray

Actually most lenders send contract documents by e-mail in this day and age..money is wire transfered....but a few still use FEDEX or another service...Actually end of the month is the time for the most delays...Everyone is trying to do more than is possible..

It is not unusual for lenders to get behind in paperwork...A good dealer monitors these things to try to be sure that his customer is not inconvenienced like this...BUT...even with close monitoring things can go wrong...

It is hard to answer your question about the amount of the loan...construction loans are common for partial amounts of money...Even if the loan was for the full amount of the home and land...the final loan will have closing costs involved as well...On an FHA loan..closing and prepaid items can well be 10% (on small loans sometimes even more) of the purchase price....You should have had a RESPA disclosure from the FHA lender that details the approximate costs..the loan amount and..approximite payment...approximate interest rate....

Insurance amounts vary by state...but most times you would insure the cost of the home (often closing costs are added to the price as well as down payment assistance if this is involved in your sale..hence insurance for 83K on what you think is a 74K house)...some lenders like to ask that the insurance cover the whole amount of the loan (hence you might be correct with the amount of the loan)...

I saw the attorney post about not moving in...problem is you already own the home..and likely the dealer has all of his money..you are obligated to pay back the construction loan...He is right..if you have legal questions..you should get local legal advice...