LAND\HOME FINANCING

[JAN]

Are there any lenders who will do a land\home package? I have been told that Chase no longer does these.2004 1600 sq.manufactured home on 5 acres of land in need of septic but already has well.This will also be a second home and much to my dismay we MUST put 20% down.Is Wells Fargo still a palyer? What are the guidlines for a second home,other than the 20% down? Thanks Jan.

[rmurray]

You have gotten a lot of bad info...

Chase is one of the largest players in the manufactured home finance business...home only AND land/home...Chase has 2 divisions...Chase Mortgage which does only traditional site built type mortgages...and..Chase Manufactured Home Finance..which does only manufactured homes...both home only and land home..

Who ever told you you need 20% down for a second home knows little about mortgages...Second home mortgages require reasonable credit and strong income to be able to qualify...but..if your credit is good...and you make enough money to pay the payment and all other obilgations..there is not much problem with second home finance...Downpayments will vary..but if your credit is strong enough you should be able to buy with as little as 5% down...This will require PMI insurance..which requires good credit for a second home..

Wells Fargo Mortgage...GMAC Mortgage...Nova Star Mortgage...Hundreds of mortgage companies will do these types of loans...

Get better advise.....go for it..

[Sally]

We can! We loan up to 95%. Double-wides only. Call Sally 800-434-9741

[liz dickerson]

Hi, My credit score is 510, can you still work with me on a moble land package deal? Or do I need 20% down? this will be a first mortgage. please reply a.s.a.p. thank you. liz dickerson

[withbellson]

We have 9-acres with a singlewide trailer. We are currently considering rolling our existing mortgage into a new mortgage on a doublewide manufactured home (we would be putting it on a foundation). However, the total amount is scaring us. Is combining the mortgages a wise idea or should we wait to pay down some of our existing mortgage first and then buy? Will the tax savings be enough to make this seem like a good idea?

[rmurray]

Remember there are 3 credit b's and 3 credit scores...mortgage lenders use them all...but if your score is that low...you will have a hard time finding a low rate lender EVEN with 20% down..

You would be much better off working on your credit problems....even if you need to file chapter 7 BK...then pay all bills well for 2 years..keep good records..NO MORE bad credit...and you are in..with preferred rates..

Paying off collections will not necessarily bring you score up in the short run...regaining a good credit score will take time...2 years of very clean payment records should do the trick..

[Steve Howard]

I need 95% financing for my buyer. WE are selling him an acre with a single wide MH to trade toward a new double wide in Vermont. thx

[Richard Guggenbickler]

We have financing for Manufactured Homes, Existing and Construction Loans.
With in this scope of loans there is only two that provide this service.
I need more information if you would like our help.

Thank You: Richard With: Apreva NW

[David]

I am a mortgage broker who has a few clients in this game, but one is stumping me. Does anyone know of a lender who will lend on a manufactured home built in 1973? Almost all require the 1976 HUD codes.

[Richard]

Yes only one at this time 70% - 75% LTV manufactured home on land.