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do you finance manufactured homes

by Janie Morrow from Candler, North Carolina. Jan 10th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

FHA does allow MFH so long as they meet the requirements.. (FHA calls this product a Title I Loans) they must be ground set, have an architectural certificate and must be 1978 or newer... Keep in mind that FHA does not lend money.. They only insure loans.. so the lenders can choose to participate or not.. Most don't... MFH's are the first property types to go down in value in a declining market and the last to appreciate in a positive market.. The lenders know this and for that reason, most have dropped their MFH lending programs.. There are lenders out there doing FHA MFH's loans.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jan 10th 2013
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I have a doublewide (built so much like a modular) it is hard to tell if modular or doublewide on 2 acres

Jan 10th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Is this on a permanent foundation or on blocks and able to travel?

Jan 10th 2013
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Ken Baltes (kbaltes)
#16 ranked lender in North Carolina - 242 contributions

Hi Janie,We do not finance manufactured homes and FHA stopped financing them about 5 years ago. USDA will finance NEW manufactured home through an approved dealer. Finding financing will probably be tough. I can finance a true off frame modular home, as those finance like stick built homes. An "off frame modular" is a house setting on a permanent foundation and not a metal frame and cannot be moved after it is erected.Hope that helps,Ken

Jan 10th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

We do not do manufactured homes sorry!

Jan 10th 2013
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Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

Please call Jay Beach at First Guarantee, he can help you find a lender: Jay can be reached at 901-303-5208 and his email is jbeach@fgmc.com First Guaranty Mortgage is a National Lender specializing in niche based Government lending programs and initiatives. We choose to make underwriting decisions based on the borrower's ability to pay rather than their FICO score(s). We also specialize in Home Renovation Loans and Manufactured Housing Loans, and offer a myriad of available options for both. First Guaranty believes in the business model of Third Party Origination (TPO) lending and puts our business partners in a position to be more profitable and capture a larger market share. Whether you are a Full DE Lender or a Mortgage Broker we have lending models to suit your needs.

Jan 10th 2013
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Linda Miller (Linda Miller)
#1 ranked lender in Utah - 569 contributions

Finding financing for a manufactured home can be a challenge. Check the title to see how it is classified. Sometimes they are classified as modular which might be easier to find a loan. The home must be on a permanent foundation. You will probably be looking a higher rate than you see advertised - as William stated they are a high risk because they decline faster and appreciate slower. Call a mortgage professional in your area from the Lender 411 site. You will get a good, honest answer as to what you can do - and if you are in a rural area you might have more options with the USDA loan. Good luck.

Jan 10th 2013
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Kevin Prince (KevinPrince)
#67 ranked lender in Pennsylvania - 26 contributions

Hi Janie, The way you can differentiate if you have a moblie home or a manufactured home is simple. If it arrived on your site with wheels attached then it is a moblie home. If it arrived on a flat bed without wheels then it is a manufactured or modular home. In North Carolina I have a great resource for you on financing options. Please contact Andrew Miller at Guarenteed Rate in North Carolina at 704-815-0504 and you can email him at andew.miller@guaranteedrate.com. He knows what he is doing and will be a great resource for you to give you financing options. If you need an appraisal for your property please contact me and I can help you with that. Kevin Prince, SVP, Liberty One, Appraisal Leadership! kprince@liberty1amc.com 858-926-8904.

Jan 10th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,243 contributions

As William said above, you can finance a manufactured home if it meets a set of stringent requirements - but these are difficult loans and considered much more risky so few lenders actually allow them. It is possible to get a conventional (not FHA) loan as well, but under either program expect to pay more in rate and fees than for a "regular" frame home, and your qualifications will need to be pretty good. Even when a company will finance, many of the mortgage officers there don't want the problems of handling one. You can try a local Wells Fargo office, or one of PrimeLending's offices in NC. Good luck.

Jan 10th 2013
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