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First Time Home Buyer Has To Switch Gears

manufactured homes la pine oregon For months I have been telling people that now is the time to buy especially if you are a first time homebuyer. With FHA, Oregon Bond and other programs still available with great rates, home prices lower than they have been in a long time they need get off the fence an buy before the home or financing is not available.

One buyer understands now, they have been reading my blog for several months and finally got off the fence. We found the perfect home, fit their budget, was clean, nice and well priced.... and you guess it... no loan available.

FHA and Oregon Bond will loan on a manufactured home, which is what this buyer had set their sights on. But they do not lend on a manufactured home that has been "remarried."

Homes married you might ask - a manufactured home that is remarried is one that was orignally set on one lot then moved to another. Lenders have no way to know that they move was done per manufacturer guidelines, or that nothing within the structure was damaged. As frustrating as this is, it may very well be protecting the home buyer as well.

To read more about this see Does Your Dream Home Qualify For Financing

Posted by Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon on 03/01/2008 10:10 PM

Comments (4)

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Originally posted at: Central Oregon Real Estate Info: First Time Home Buyer Has To Switch Gears

This post has been included in Oregon Information Deschutes County, OR Information La Pine, OR Information
Post is included in group: It's A Buyer's Market

4 Comments on First Time Home Buyer Has To Switch Gears

MAR

2008

Thesa, I just had the conversation with my lender about all the loan programs that are disappearing. Times are changing back to a bygone day. I guess we are going to have to switch gears with them. I hope you are able to find them another home soon.

Thesa.... this is what you meant by "remarried"... well, first off, you can only do conventional and/or FHA financing on a manufactured home that is permanently fixed. The only type of people that might touch this is a financing company... good luck.

Marchel - we are seeing this too... it is ok for the buyers there are other properties - I feel for the sellers

Jeff - when I saw your comment - I thought - wow maybe Jeff has an answer for these sellers - most of our manufactured homes have a block foundation and many even have tie downs which is crazy for our area - and FHA will lend on them right and left - but not if they are remarried.... a double wide has to be seperated and moved and remarried - all I am finding for this is hard money which if you are going with hard money you certainly want a property that will resell easily -

MAR

2008

Thesa~ I have never heard about this before, so thank you so much for sharing your experience with us. I certainly hope something turns around for them. Have a wonderful Sunday!

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