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!
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.
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 firstname.lastname@example.org her phone is 208 867 6760
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.
Subscribe to CommentsComment