Obtaining a manufactured home loan

People who own manufactured homes and potential buyers are realizing that this isn’t an easy task in the current lending market.

Many homeowners are mortgage are made at this time, known as 2/28 or 3/27 loan programs. These loans are fixed for a period of time from 2-3 years and then become adjustable after that. A borrower can have a great guy, but now may be in for a shock when the rate adjusts. I personally have seen rates go from 6% to 11-12%! Frantically, the borrower asks the lender where they have their loan, only to discover that they cannot help. Where does that leave homeowners and potential borrowers manufactured? Good question!

It is estimated that 99.9% of the loan officers at mortgage offices and banks across the country perform traditional loans on a daily basis, but when it comes to manufactured home loans, have no idea how to conduct one or where to go to help the consumer. I often say to the owner of a manufactured home that can help them because that’s what they’re trained to do. Sometimes, you will record the event for the appraisal, escrow open and then 30 days later they inform the potential borrower that I can not make the loan. Frustrated, the homeowner gets to the yellow pages and the Internet, fill out loan applications, which have their credit ran several times, only to get the same answer, Sorry, we do not provide prefabricated houses!

Manufactured owners and potential buyers need education and the best place to find information today is online. Do a search for manufactured home loans and start visiting sites to a mortgage company that specialize in such loans. Study of the website to see if you still pay in the state where the property and see what types of loan programs they offer. Many of these companies can only provide for manufactured homes in parks, where the owner rents the land or can only lend to borrowers who own the land and the manufactured home is permanently attached to the foundation and the earth. Take your time, educate themselves and make phone calls.

Real estate is probably the most important investment will make in your life and if you own a manufactured home, that does not mean that you have made a bad investment. You need to educate yourself and deal with manufactured home loan professionals who know what they are doing.

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