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Manufactured Home Loans...Are they lender's who will touch these deals??

By Brooke Villano

Services for Real Estate Pros with The Legacy Group

August 13, 2009 12:48 PM

So...word on the street is that no one will lend on Manufactured Homes anymore. I've heard this from a few different sources. Since I used to work at Wells Fargo Home Mortgage...I figured I'd call my friend Gene Krawchuk who works at Wells, to ask him if they are still originating manufactured home loans. Guess what...they are!! Yay!! Of course FHA and VAare really the only loan programs that anyone is using to lend on manufactured homes. Taylor, Bean and Whitaker, one of the largest Govie lenders in the U.S. lost it's ability to originate Government loans last week. They were a huge player in the Manufactured Home Loan world. Most Mortgage Brokers I know...sent their manufactured home loans to TB&W. They also did a bunch of 203k loans too. Sad!

I'm very concerned about this property demographic...not sure what's going to happen when prices creep back up...and no lender's will touch a manufactured home loan(our consistent affordable housing). We have a large percentage of manufactured homes here in Pierce County, Washington. I hope VA and FHA programs continue to stay available to manufactured home lending. Otherwise...we might as well take a large percentage of the affordable housing in Washington.

My husband owns a company called Mad Dog Foundation Systems, LLC. His company specializes in compliance work on manufactured homes. He does everything from foundation systems and tie-downs, to vapor barriers and re-leveling. He has been helping manufactured homeowners get financing on their homes for 6 years now. He has a fabulous reputation...and he will bill escrow for his work. Please let me know if you are interested in getting more information regarding his services. It's definitely hard to find a contractor with a great reputation, who will show up on time and perform his job as agreed upon.

Also...if anyone is aware of other lenders who are still originating Manufactured Home Loans...it would be wonderful to have that information!!

Thanks for reading!

Brooke Villano-Escrow Sales Manager-Andover Park Escrow

Direct: 253.720.6248

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Jim Palmer

Chipola Realty - Chipley Office (850) 638-2777 - Sunny Hills, FL

Washington County, Florida

Would also like to know if you hear of any lenders. My rural area has a lot of manufactured homes also, and I can't find any local lenders to touch them. And a single wide...forget it! Would appreciate if you could pass on any information that you come up with.

Aug 13, 2009 01:12 PM

Brooke Villano

The Legacy Group - Puyallup, WA

Sure Jim...I know Wells Fargo is lending on them. I believe a single wide still qualifies for FHA financing...but I'll get more info and get back to you!

Aug 13, 2009 01:19 PM

Denise Worsley

DNJ Mortgage - Greenville, NC

Is Wells Fargo retail or wholesale still lending on MH? I am looking for a lender in NC...would you please update me as well if you come across any lenders?

Thanks and good luck!

Aug 27, 2009 12:49 AM

Hi Denise,

Wells Fargo Home Mortgage Retail and Metlife Home Loans Retail are both still lending on manufactured homes...fha loans of course. They will need to have a structural engineers cert, but there are still loans available. Brenda Rogers at Metlife Home Loans can lend in all 50 states. Her toll free number is (888) 740-0169 and you can check her out on Active Rain.

Hope that helps!!

Aug 28, 2009 10:17 AM

Anonymous

Michael Patterson

Hi Brooke,

I was doing a google search for something else entirely today and came across your blog post. Our company specializes in manufactured home lending and has been around since 1988. We're local, committed to the industry and still have great financing options available. We're also one of the only lenders in the country that still does Construction-To-Perm loans for new manufactured homes being put on real property. We also have sources for home-only chattel financing as well. Feel free to pass along our information. I am the WA Region Branch Mgr and cover the west side of WA State, and I have another gentleman in Spokane that covers the east side of the state. We lend in 42 states and have branch offices across the U.S. however, so we can assist there as well.

Best regards,
Michael Patterson, WA Region Branch Mgr
(206) 423-4000
www.landhomenw.com

Jul 06, 2010 07:46 AM

Manufactured Home Loans...Are they lender's who will touch these deals??

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Brooke Villano

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