One of the largest lenders in the FHA/VA loan arena for manufactured homes has shut down for good.  Now, there are just a couple of lenders left and they won't touch single wide manufactured homes.  Luckily, there are non-conforming lenders and regional banks that will lend on single wides with a minimum 20% down payment.  The market is definitely getting tricky, but if you know a pro like me, you'll get your loan closed.

If you need a manufactured home loan in Florida, please give me a call at 863-604-0169

With the government insured lenders (FHA and VA) all disallowing single wides through their underwriting guidlines, is financing now immpossible?  Nope!

I have a couple lenders that will do single wides in Florida with at least 20% down, sometimes 25% -30% down.  Hey, it's A LOT better than nothing!

If the single wide is in Florida and there is a chunk of cash to put down, give me a call - 863-604-0169 

- RANDALL

By the way, I have no clue what is available outside of Florida.  I get calls all the time from brokers in other states and I simply don't have a clue about their state's lenders.  Sorry.

Everywhere is going to be better for some.  Unfortunately, if unemployment continues to rise, it will force more foreclosures.  No job, no mortgage payment, right?  If foreclosures continue, the pressure on home values has to continue downward. 

I am optimistic, but logical too.  I think there are patches of good sprinkled everywhere and I'm focusing on those patches.  Will things bounce back in 2009?  I sure hope so, but I also believe it will be the tail end of 2009 not any time soon. 

Obama is correct to look to create jobs, but his first two ideas don't seem like they will yield many jobs.  His first idea is to help kids go to college.  How does that create jobs?  Secondly, put medical records on-line.  Not many jobs here either.  Public works jobs make sense, but we have plenty of public workers already.

Should we stimulate the entrepreneurs to create jobs?

FHA has no problem insuring single wide manufactured homes.  The problem is that the FHA lenders, as of the writing of this blog, will not touch them.  Even with the FHA insurance, the lenders won't touch them.  Very few non-FHA lenders will touch them either.  My list of single wide lenders is down to about 4 now!

My best guess is that historically, people that purchase single wides are less well off and more suseptible to financial peril the the rest of the home buyers.  Secondly, the single wide manufactured homes probably depreciate more than block homes and double wides.  This makes it easier for the borrower to get "up-side-down" and more apt to walk away from a bad investment.  Finally, if a lender is taking back, through foreclosure, a vastly higher percentage of single wides, it is simple math.

If a buyer can put a good chunk down, to protect the lender from depreciation and to give the borrower "something to lose," there are some ways out.  Right now, in Florida, we need at least 20% down.  And I cannot help people in other states, sorry.

Double wides?  All day long!  They are easy to go FHA with a 3.5% down payment and some closing costs.     

I just heard a touching story of a recently widowed lady who was left with next to nothing.  A home paid in full and a pile of bills and funeral expenses.  Since she intended to live in the home from here on, the answer was simple.  She applied for a home equity - reverse mortgage.

She caught everything up and had access to more of the equity in her home if she ever needed it.  Talk about piece of mind!

The great thing is that, unlike the typical mortgage, the qualification process is a walk in the park.  The credit score and income are irrelevant because the senior doesn't repay the loan.  The loan is repaid after the senior leaves the home.  No payments are ever made until then!

If you need a reverse mortgage in Florida or Georgia, call Randall at 863-604-0169

With rates down and lenders borrowing cheaper than ever, NOW is a great time to look into refinancing your mortgage.  I am working with a lot of clients that have unbelievable potential savings. 

You owe it to yourself to see what your new payment would be and what it will cost to get there.  You need to factor in how long you intend to live in your home too.  If you save $200/month, but think you will be moving in two years, you will save $4,800.  If the cost to refinance is higher, it may make more sense to stay put.  Don't forget to factor in any tax consequences.

While you are at it, re-evaluate your home owner's insurance.  Do you have enough coverage?  Too much?  Consult an agent and go through your policy and pricing.  We were paying for some type of replacement coverage in Florida, and after speaking to my insurer, we discovered that we were paying to get our home repaired UP to the current code. 

If my home was built with 1/2" plywood and had to be repaired, but the current code required 3/4" plywood, the entire roof would be re-done with 3/4" plywood to catch up to the current code.  Makes sense!  Well, my house was brand new!  I was obviously already at every current code and wasting money.

If you need a great mortgage broker in Florida or Georgia, call Randall at 863-604-0169

Single wide manufatured / mobile home loans are getting tougher and tougher to get done with lenders refusing to expose themselve's to the excessive risk in these loans.  It is not impossible though!

A larger down payment and a better credit score can work nicely to get a loan on this type of property.

The FHA does not have a problem with single wides, but a bank has to fund these FHA insured loans and they are not interested.  Only two things can explain such a phenomenon; #1 The foreclosure rate must be very poor vesus other property types.  #2 The banks feel more secure keeping cash in their vaults versus on the street making money.

It is too bad to, because in Florida there must be tens of thousands of single wides.  I will take the lead in this catagory and work to lend to any and all potential singe wide borrowers.  The rules are changing fast and I'm on top of it.  Call me if I can help in Florida or Georgia.

The husband passes away suddenly.  The funeral expenses are mounting.  There is not enough money to keep up with the mortgage.

Why not apply for a reverse mortgage?  A senior can receive a lump sum to pay off the existing mortgage, pay the back bills and NO monthly mortgage payment is ever paid!

The loan gets paid off after the senior leaves the home and the rest of the equity goes to the senior or the heirs.  What could be better in a situation like this?

Randall - 863-604-0169

I still get calls from consumers and Realtors asking about the existance of financing for Manufactured homes.  Yes, it's available and easy to get done.  I'm working on several right now.

Mobile homes in parks, co-ops, 1956 homes, you name it, I've done it all.  I can help with conventional financing, FHA, VA, private money . . . . . . . . .

If you need help with a property like this in Florida or Georgia, call Randall at 863-604-0169

I can't say 2008 was a bad year.  It challenged me a bit and seemed to eliminate all of my direct competitors.  But a larger piece of a smaller pie doesn't add up to a banner year unfortunately. 

Many, if not every lender I send my loans to has tightened up their guidelines in one way or another to make loans more difficult to fund.  Unlike last year, when I told my borrower it wouldn't be easy but we would get it done, 2008 was the year of a quick "Can't be done", unfortunately.  The loans that were funded seemed to take twice as long to process too.

I'm looking forward to 2009 because I understand exactly what we need to do to fund loans in this environment and lenders cannot get any tighter and remain solvent.  There too is a chance that some lenders will loosen back up to scoop up all those undo-able loans.  It's all good!