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Manufactured Home Financing

Manufactured homes are a great alternative for folks seeking low-cost housing. Present-day manufactured homes are well-built, fashionable and a fine value for your dollar. Regrettably, among the roadblocks people come across in completing the purchase of a manufactured home is the manufactured home financing. However, this roadblock can be minimized, If you do the following.

The first thing you should do is seeking manufactured home financing is to find a mortgage broker or banker who specializes in or at the least understands this type of manufactured home financing. This is the most significant factor to ensuring your success in procuring this type of financing. I’ve seen many a manufactured home loans not get done because of mistakes made by a mortgage broker or banker inexperienced with manufactured home financing.

The second thing is to ask for all of your manufactured home financing options up front. For instance, determine if you and the property can qualify for an FHA loan. This is a fantastic alternative for this property type. Generally the problem is in the type of construction. FHA demands manufactured homes to have a stemwall. Most manufactured homes are not put together this way, to keep your manufactured home financing options open, verify your type of construction prior to your purchase.

Thirdly, if you’re looking at purchasing a triple wide manufactured home, seriously consider doing this. The manufactured home financing on triple wide homes is much harder. The roadblock you’ll encounter in trying to finance a triple wide is that a lot of lenders and banks will want the appraiser to track down and compare other triple wide homes in your area to establish a value, also known as a “comp”. Since most manufactured homes are doublewides, there just may not be any manufactured homes of this type for the appraiser to compare, so the lender could deny the loan for this reason.

Fourth, ask questions. I can not stress this enough. A really important question to ask your loan officer is whether or not you’ve been pre approved. This means that the loan officer has submitted the borrower information section of your file to their underwriter for review and has received an approval from the underwriter. After that stage, they’re just waiting on information about the property to make their final decision. Most loan officers do not present their files in that manor. They submit it all together, but I’ve found doing this extra stage, to be a way to insure that you don’t get the whole way to the end of the process only to discover that there’s something about the borrower that is not approvable. (Of course, if you lose your employment prior to the loan closing, or select to go out and buy a car in the middle of the process, the credit approval might be a credit denial).

Sticking with the above will allow you a smooth process for achieving your manufactured home financing. SJA


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