Lender question

[Dave]

I am a Mortgage Banker in Ohio and work a few local ldealers providing construction and end loans for thier buyers. However, the wholesale market for these MH loans has really seemed to dry up. I have worked with Union Federal and Countrywide for FHA construction loans. Most were sent through UFSB, however, they were recently aquired by another lender who may not offer the products anymore on a wholesale basis. So, I am looking for some other wholesale lenders that will provide construction loans for MH.

Any info is appreciated.

Dave

[rmurray]

The biggest...and probably the most expensive is Yorktown Funding...They have their quirks but not too hard to work with...

[Dave]

Are they a broker or a actual Lender?

[Dave]

I got it. Thanks. I checked with Yorktown and they do not seem to be too far out of the market with pricing. However, that is just based on the website.

[travis s.]

try accubanc mortgage..we just did our construction loan through them pretty reasonable

[dave]

Travis,

Thanks for the info. I do alot of business with National City, who is part of Accubanc. I will see my contact does these loans.

Thanks

Dave

[E. J. Bermudez]

Ditto's here in Texas. I work for a mortgage banker and we have sold our closed loans to Principal which has been bought out by Citi (no longer will buy MH loans), Commercial Fed (bought out) and now use Countrywide almost entirely using FHA loans. It seems that although they say they buy these loans they look for reasons to delay the purchase of the notes and it makes me think in time they may join the list of investors that do not purchase loans secured with manufactured housing.

If anyone knows any other investors that are friendly to the manufactured housing market please let me know. In 6 years I have yet to find a company that would even consider sub-prime financing for manufactured housing. Any ideas? I appreciate any reply.