Who Is making Loans on Mobile Homes now?

By
Real Estate Agent with Weichert Realtors, Joe Orr and Associates

In a constantly changing market-both real estate and lending markets, I am constantly having to find new sources for loan approvals.  It is getting almost impossible to get a mobile home financed at a rate and down payment the buyer can afford.  Most buyers in our area seeking a mobile home, do so because they are getting more square footage for the buck and that is all they can afford.  In searching all my mortgage brokers in past weeks-all I am finding is junk loans with incredibly high down payments.  Hello, mortage lender! these buyers can't come up with down payments and sellers are stuck with a mobile home that loses value rather than gain.   I would love to have my desk saturated with mortgage information that is consumer friendly for these buyers and we can all walk away from a deal happy rather than discouraged because what they can afford is not financiable.  Mortage lenders-Make my phone ring with some great programs!  I will be waiting! 

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loans
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Rainer
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Peter Mann
Keller Williams Realty - Bellevue, WA
Peter Mann Seattle-Bellevue Real Estate Agent

If you find one that lends in Washington state as well, let me know :-) I am also looking for lenders that still have manufactured loan products available.

Aug 14, 2008 10:25 AM #1
Anonymous
Carrie Baty

Have you tried Taylor Bean and Whitaker.  I know that they do them here in Florida.  Also check with your local Mobile Home Dealers, they may have an idea of lenders and who to turn to...that is how I found out about TBW.

 

Aug 14, 2008 11:14 AM #2
Anonymous
Kathy Judy

Yes you might email Ronda McLaughlin - she is a realtor in our area who also sells Manufactured houses and is real knowledgeable about the lenders that work that market  - her email is jrjmclaugh@aol.com  her phone is 208 867 6760 

Aug 14, 2008 11:50 AM #3
Anonymous
Eva B. Liland

There are only a handful of lenders for the mobile home market and the terms are not the best. However, compared to renting an apartment, you still get the pride of ownership and a tax deduction. Most companies advertising are brokers, not lenders. If your FICO score is at least 620, you got two years on the job, have a 10% down payment, you are now looking at approximately 9% interest for 20 years. If the home is older, higher rate, lower term. Single-wides require 20% down. I am not sure if my loan broker covers your state. Contact me for further info, 661-714-1643.

Aug 14, 2008 09:01 PM #4
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Lynne White

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