Do all Mh loans require 20% down?

[luckie_bear1]

Me and my wife were looking into buying a new solitaire MH and all the morgage companies are asking for 20% down. Is that the standard or could you get them with 0% down? we live in oklahoma if that makes any difference.

thank you

[David Oxhandler]

Zero down loans are far and few between today. The economic melt down has taken most lenders down a few notches and MH lenders have not been excluded from the current recession's insanity.

FHA loans on manufactured homes, whether new construction or existing, new loan or refinance, require an engineer's stamped certification that the foundation meets the requirements of The Permanent Foundation Guide to Manufactured Housing, as well

There are many compliance hoops to jump through. The compliance checklist is often daunting to the novice, and the typical lending office. Team up with a manufactured home loan specialist and be sure to get several competing loan quotes. You can Let the best MH loan offices across the country compete for Your Manufactured Home Loan at http://manufacturedhomelender.com

[Celtlund]

David, how come I don't see much here about the USDA Rural Development loans? http://rdhomeloans.usda.gov/ When I was looking for a loan last September one mortgage broker applied to them for a loan for me but I was not accepted because my income was to high. I understand these loans are for middle income with strict maximum income limits and have a very low or no down payment.

[David Oxhandler]

The brokers I have talked to about this program have had the same type experience you did. The underweighting is tight the income target level very narrow and approvals difficult. There are many excellent government backed mortgage programs but most are so tight today that it pays for brokers to find sources that are better suited to serve their clients

[MH-Loans.com]

David,

The short answer is no. Not all lending programs for mobile homes currently require 20% as a down-payment (DP).

The other part of the answer is that I have not seen anyone in the market offering no money down.

Your credit score(s), the occupancy of the home, whether this is land/home or a home only deal will all affect the amount of your DP. Since there are some facts about the deal I don't know I will give you some general guidelines that are currently in effect:

The lowest amount of DP I have seen actually closing lately is 5%. In general this requires excellent credit with scores above 720.

With credit scores between 640 and less than 720 you will generally need at least 10% Down.

There are other variables that can affect your DP so these are only quidelines, but they do represent the avereages of actual closings (the part that is important to both you and the seller) over the last 6 months.

Hope this helps you.