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Down Payment Assistance
Posted: Tue Oct 24, 2006 3:45 pm
by mrswgraham
Do you know of any mobile/manufactured home lenders that work with any of the downpayment assistance programs (i.e. Ameridream, Nehemiah, etc.)?
Re: Down Payment Assistance
Posted: Tue Oct 24, 2006 10:14 pm
by 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...
Re: Down Payment Assistance
Posted: Wed Oct 25, 2006 7:39 am
by 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)?
Re: Down Payment Assistance
Posted: Wed Oct 25, 2006 8:58 pm
by 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...
Re: Down Payment Assistance
Posted: Thu Oct 26, 2006 12:13 pm
by mrswgraham
Could you possibly list 2 or 3 of these lenders that offer FHA loans for homes in parks?
Re: Down Payment Assistance
Posted: Thu Oct 26, 2006 12:30 pm
by 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...