manufactured home: What loan products are out there for Manufactured homes????? - 07/01/08 12:37 PM
So you want a CASH OUT REFI on a manufactured home????? (one of my new loan officers takes this call) No problem, say I. Hows your credit? and income and ..... why? well there are a few programs and only a few, but the thing you need to worry about is how they change from FHA to Conventional.......... Cash out versus rate and term versus purchase
FHA
Cash out / Rate and Term --- as long as the home is on a permanent foundation we can go up to 95% LTV with 30 year terms. Even if you are … (0 comments)
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manufactured home: Modular, Manufactured or Mobile ---- The Final Word - 11/21/07 10:16 AM
What do these 3 words have in common other than starting with the letter M? Just that most people use them like we use the word xerox for copy. And why should you as a real estate professional care? I mean aren't they basically the same thing, built in a factory and way cheap? Right? And to be perfectly honest there are some investors that do not know the difference, their guidelines say they will not finance modular homes with a HUD TAG and they think manufactured homes are single wides. After all the main definition of modular is anything that is built in 2 … (5 comments)
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manufactured home: On Frame Modular VS Off Frame Modular from a lenders point of view - 09/17/07 07:45 PM
I had a very wonderful phone conversation today with a young lady seeking some clarification on this topic. And I will tell you that there is so much confusion as to what is and is not a MODULAR that we can spend hours discussing this topic and probably not bring much clearing to the fog that surrounds this viable much much put down form of housing. But I will try to clear the muddy waters. AS A LENDER I ONLY CARE ABOUT "WHAT CODE IS THE HOME BUILT TO". I am sorry if the salesperson told your client that the home … (1 comments)
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