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Manufactured Home Loan

People who currently own manufactured homes and prospective new buyers are discovering that finding a manufactured home loan is not an easy task in today’s lending market. If you can find a loan, the interest rate is much higher than it would be on a conventional stick built home.

In the last year, a lot of banks and particularly the sub prime lending institutions have dropped their manufactured home loan programs because of the high level of defaults on these loans and the stigma on Wall Street that’s plagued this industry since the start. Popular sub prime lenders such as Ameriquest, Argent, Option One, New Century and First Franklin no more lend on these manufactured homes because they still hold a immense portfolio of existing adjustable rate loans.

A lot of manufactured homeowners are in adjustable mortgages currently, generally called 2/28 or 3/27 loan programs. These manufactured home loans are set for a time period from 2-3 years, then they become adjustable. A borrower could have a dandy rate now but, they could be in for a shock when the rate adjusts. In person have seen interest rates move from 6% to 11-12%! Where does that leave the homeowners and prospective borrowers?

Most of the loan officers in mortgage agencies and banks across the nation execute traditional loans on a day by day basis but once it comes to manufactured home loans, they have no idea how to complete one or how to help the consumer. A lot of times they assure the manufactured homeowner they can help them because that is what they’re directed to do. Occasionally, they’ll quote you a rate of interest, order the appraisal, open escrow then thirty days afterward they inform the prospective borrower that their application was rejected. Your best option is to confirm the lender will do a manufactured home loan, before agreeing to the purchase.

Manufactured homeowners and prospective buyers need to get prepared and the best place to find information nowadays is on the World Wide Web. Do a lookup for manufactured home loans and start visiting mortgage company Internet sites that specialize in manufactured home loans. Study the web site to see if they do loans in the state where the your home is located and see what various types of manufactured home loan programs they offer. A lot of these manufactured home loan lenders may only lend to manufactured homes located in rental parks, or they may only lend to borrowers who own the property and the manufactured home is permanently attached to the foundation and property. Get educated, take your time, and contact multiple lenders until you find the manufactured home loan program that suits you best.

Real estate will probably be the most important purchase you will make in your lifetime and if you own a manufactured home, you need to educate yourself and deal with manufactured home loan professional who knows what they are doing. SJA

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