Where can I take an FHA mortgage for a manufactured home on 2 acres.?
I AM INTERESTED IN THIS PROPERTY THAT HAS A MANUFACTURED HOME ON IT WITH A 4-5 STALL POLE BARN,FENCED IN LOT WITH AN ASPHALT DRIVEWAY. THIS IS ALL ON ABOUT 2 ACRES. I NEED TO FIND A LENDER THAT CAN HELP ME OBTAIN THIS WITH LITTLE MONEY DOWN.
Answers:
DO NOT BUY A MANUFACTURED HOME.... I REPEAT DO NOT BUY A MANUFACTURED HOME!
First, mobile homes are not considered by most banks as "improved" tangible estate, meaning they are just big pieces of personal property, and FHA does not insure personal property. Second, within these times if you want to put little money down you will pay for it with a dignified interest rate. Best place to find a lender for you might be to call manufactures of untried mobile homes and see who they use on a regular basis... or buy a traditional single family home. Source(s): I am a licensed Real Estate agent surrounded by CO and AZ.
For it to qualify it will need to appraise and be on a permanent foundation (at smallest this has been my experience as a Realtor). Make sure you find a loan officer that offer FHA or Conv. fixed rate 95% to 100% loans and ask your loan officer all your questions such as what are your closing cost. Another substitute for saving money out of your pocket is to have the Seller settle your closing cost. Good Luck to you and I hope this info. is helpful to you. Source(s): http://wilmarket.wordpress.com/2008/01/0…
Can the property appraise without the manufactured home? If it can, you should be o.k.
Try this website to get you started:
http://www.manuhome.com/faq.htm
It will link you to Flagstar Bank. The company I used to work for sold adjectives of our manufactured home loans to Flagstar. Manufactured homes can be a risk because not every company will provide financing for them and those that do may charge a higher rate to do so. This can make them difficult to refinance or supply later. But they are becoming more common, especially within Washington and Oregon.
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Answers:
DO NOT BUY A MANUFACTURED HOME.... I REPEAT DO NOT BUY A MANUFACTURED HOME!
First, mobile homes are not considered by most banks as "improved" tangible estate, meaning they are just big pieces of personal property, and FHA does not insure personal property. Second, within these times if you want to put little money down you will pay for it with a dignified interest rate. Best place to find a lender for you might be to call manufactures of untried mobile homes and see who they use on a regular basis... or buy a traditional single family home. Source(s): I am a licensed Real Estate agent surrounded by CO and AZ.
For it to qualify it will need to appraise and be on a permanent foundation (at smallest this has been my experience as a Realtor). Make sure you find a loan officer that offer FHA or Conv. fixed rate 95% to 100% loans and ask your loan officer all your questions such as what are your closing cost. Another substitute for saving money out of your pocket is to have the Seller settle your closing cost. Good Luck to you and I hope this info. is helpful to you. Source(s): http://wilmarket.wordpress.com/2008/01/0…
Can the property appraise without the manufactured home? If it can, you should be o.k.
Try this website to get you started:
http://www.manuhome.com/faq.htm
It will link you to Flagstar Bank. The company I used to work for sold adjectives of our manufactured home loans to Flagstar. Manufactured homes can be a risk because not every company will provide financing for them and those that do may charge a higher rate to do so. This can make them difficult to refinance or supply later. But they are becoming more common, especially within Washington and Oregon.
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