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
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