need help.....selling nightmare!

[Jolene]

My husband and I are just sick. We are one week away from closing on a new house, and found out today that our older modular, on a permanent foundation, does NOT qualify for financing for our buyers! We obtained a WCDA loan 21/2 years ago on the house and property and it qualified fine. Now, as I understand it, due to new HUD laws our foundation no longer qualifies because the pier footings are not in the ground 48 inches! I am so upset-does anyone realize the people that HUD has now stopped from selling their homes-ever- without tearing it apart and putting in an entirely new foundation? An engineer certified it as structurally sound, with the proper tie downs and everything and now we will never be able to sell-we don't have $10,000 to sink into a new foundation! Beware anyone out there who ever plans on selling a mobile home in the future! Anyone w/ advice would greatly be appreciated! Please e me, as I don't know when I will be back to this site.

Jolene

[rmurray]

Boy this is a tough problem..

First this problem is not unique to manufactured homes...Government based finance plans are changing all the time...Making all types of homes no longer financable under that program..

I am not exactly sure what WCDA is...but there are other lenders out there..What has the originator said concerning this....Can he take the application another way...FHA for instance..

[Diane]

We are in Texas trying to buy a MH and are running into the same problem here. We have been told that FHA & VA is the hardest to get approved on the foundations and people are only selling conventional. Apparently you have to go through a lot more detail and rules with FHA. We have been told it would cost about $3,000 to get it retrofitted to pass apprasier. Try looking into selling conventional. Hope this helps, seems to be a mess here in Texas too.

[drew]

Actually, qualifying for FHA is EASIER than conventional. And, conventional loans have many more credit and subject property criteria.

Getting a foundation retrofit in Texas is not a bad proposal.

Sounds like you had a confused loan officer.


Good luck