New Homes versus Used Homes.

[D man]

Thanks for replys all.
Its just such a huge decision I am trying to be carefull, but I also want to get the heck out of here already. So far I havent managed to find a deal that really suits me. I thought by keeping my area wide I could keep my options open with more choices.

All the websurfing really isnt getting it done either. I guess my best bets are still real estate agents and dealers in the areas in question. If I can find a dealer who really wants to put me on some land instead of a rental lot, then I will truly be stylin.

[D man]

Ok people, this is really getting frustrating. Has anyone else tried to find financing on a pre-owned modular home? I just keep getting the run around from banks. It seems that no one wants to lend money to people to purchase used mobilehomes. If any of you have purchased a used modular and found a lender you liked, could you post the lenders name for me?

Mfdhousing.com might not like us to put up links to other sites, but I am sure I could find a lender if I had a name.

At this point it is looking like we might be better off in an apartment or something until we find a real house. With so many vacant homes out there, why on earth is it so difficult to purchase one?

P.S. Yes I did click the manufacturedhomelender.com link. I am still waiting to hear from someone.

[rmurray]

There are 2 basic ways to finance manufactured homes....One way is to finance the home and land as a package and get a traditional mortgage...Used manufactured homes are treated no different than new in most mortgage programs...

You can also finance the home alone..and then place it on leased land...or land you own....

Both programs will require some sort of downpayment and all lender check your credit and income...

If you do not hear from a lender soon...you can check out lenders on this part of this site directly..

http://manufacturedhomecredit.com/retailfinancelist.php

There are many listed here..some are home only lenders...some are mortgage lenders..some even have online applications...The biggest in the business is 21st Mortgage..you can find a link here and they have online applications..

[D man]

That is an excellent list. Thank you very much for your assistance in this. I guess I should have searched this site a little harder. It just goes to show that this site really is an exceptional resource for manufactured homes!

[Scott]

What murray said was not exactly 100% correct. FHA will not finance a used home once it has been moved beyond it's origional property. You can however go with a conventional loan in that instance. Or, you may be able to do a non conforming conventional loan through a 21st mtg. A lot of chattle lenders have those types of programs. Those are typically much quicker and have very little in the way of closing costs.