Destiny Omni

[Dan]

Hello,
My wife and I are looking at a 1995 Destiny Moni manufactered house that is for sale. I know little about the monetary depreciation of a manufactered house and was wondering if this model and manufacturer have a good reputation or not?
I would appreciate any input.

Thanks,
Dan

[latoya]

Dan,
I am a Loan Officer and I will tell you about Manufactured home. I have done a few loans on manufactured homes. The problems with manufactured homes are the depreciate in value. Majority of the banks donot lend on manufactured homes. The ones who do lend on them have very high expectation due to the fact that the property is a manufactured home. To get qualify for a home loan for ammanufactured home you need 620 or higher. If you purchase a modular home banks will consider these types of home like a regular single family home. Here is a comparison of a manufactured home and single family home

Manufacured credit requirement 620 or higher
Manufactured you need to own the home for 2yrs or more to refinance the home
Manufactured home if ever filed bankrupcy or foreclosure they need to be 2yrs or older to refinance the property.
Manufactured home must not have the wheels attached to the property.


Modular/ Single Family home
They are both considered the same to banks.
no requirement on homeownership to refinance. you can purchase today and refinance tomorrow.
Credit score 500 or higher
bankrupcy or foreclosure 1yr or less since the filing date.