The Manufactured Housing Forums

I know there is a financing section on this site however I don't see any blogs about financing MH homes. I have a new 2003 MH on a permanent foundation 'block wall,' double set foundation,with post and pier on my own land. Not in a park. I am looking to get out of my construction loan into a conventional program that will do a"STATED INCOME" loan for a manufactured home.Does anybody know if that loan program exists for Manufactured homes?. I have talked to a dozen banks and brokers and they all want full docs. It will make it hard for me to refinance and a buyer to buy it unless they make 7K a month to qualify. MInd you the home is worth $400,000. OH and by the way they just raised the conforming loan limits to over 400,000 but thats a different story for a different blog....

Thanks in advance

Teebers

Tough order.....I do not know of any company doing stated income loans on manufactured homes..even with stick built homes your score would have ro be VERY high....Why would you do a construction loan without a take out loan first....Have you talked to your construction loan company for advice?????,..You have been in a construction loan for 3 years??Long time indeed....You talk like a broker..few folks would know these terms..especially"full Doc".....Is this for a client you might have given bad advice to????

Hey Murray,

Don't expect the worst just because I got myself in this pickle. The construction loan is due in december "it will be one year" One of the conditions of the bank giving me the construction was having the ability to get a take out loan. The bank didn't tell me nor did I look into the the .5 to 1% hit for a manufactured home. You would be surprised to know that you can get a "stated income" loan with FICOS of only 670+ which isn't that high.. It's not fair that the interest rates on these manufactured homes and qualifying perameters are so much different than stick built homes ...agree??

And no I'm not a broker. I'm a real estate agent that didn't do his proper due dilligence on the take out financing.

Thanks, Murray

Santino

I knew you were in the industry.....At 400K I would have expected this home to be a modular home as opposed to a manufactured home.....A modular home DOES qualify for the finance you are seeking...Are you sure yours is a manufactured home or maybe someone is using the wrong terminology.....

It is unfortunate that manufactured homes are treated differently...but this is because of a perception by mortgage lenders of this kind of home has more risk....In most cases the rates are only 1/2% higher to cover the perceived added risk.....But it is very unusual that a mortgage be anywhere near 400K....If you do have a manufactured home..your next challenge will be the appraisal.....At least involved in the industry and you can sell out if you have to.....Good Luck..HOPE YOUR HOME IS ACTUALLY A MODULAR...If so you are home free....