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Old 06-25-2015, 01:46 PM
 
13 posts, read 23,119 times
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We have a Bank of America pre-approval and are not able to put an offer on a house since it turns out they do not originate loans on manufactured homes. It is on a concrete slab, private sewer and a driven point well. Any advise would be very appreciated! Thanks!
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Old 06-25-2015, 09:25 PM
 
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What type of manufactured home is it: single wide, double wide (sectional), or modular? You shouldn't have a problem getting a regular mortgage on a modular home placed on a permanent foundation.

You can get a loan on a single wide but it would be like an auto loan. The FHA has mortgages for sectional homes on permanent foundations.
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Old 06-25-2015, 11:50 PM
 
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It is a double wide manufactured home.
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Old 06-26-2015, 06:22 AM
 
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If it is factory manufactured home secured to a concrete slab on your own land then it is a regular home.

Just go to another bank.

Now if it is in a park or cooperative things get a little more complicated.
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Old 06-26-2015, 07:00 AM
 
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You need a mortgage broker not a bank. There is probably only a couple of companies that he works with offering mobile home mortgages. Very rare, more expensive rates than regular homes and shorter terms. Mobile home is like a car, it goes down in value each year.
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Old 06-26-2015, 03:25 PM
 
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Do you own the land the home sits on?
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Old 06-29-2015, 04:26 PM
 
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I think Priority Funding would be your only option unless you own the land.
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Old 07-01-2015, 08:27 AM
 
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It is a single family home on its own private piece of land.
No, I do not own the land.
It turns out interest rates on manufactured homes go as high as 8.85% and often loans are for 20 years, so for the duration of the loan you'll pay off almost triple the amount you borrowed. Not our thing. We are moving on.
Thank you all.
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Old 07-01-2015, 09:33 AM
 
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We are in a catch 22 here in north FL.Our dbl. wide is older than 15 years,cut off point,1997 in excellent condition,cannot sell since no one will lend.We cannot do owner finance because of age.The bubble caused this.We have a home purchased in another state and are now screwed.
We did not realize this when we purchased it in 2006.We are retired and wanting to return to family.
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Old 07-01-2015, 10:29 AM
 
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DanBev, sorry to hear people can find themselves in such a difficult position. Have you looked into turning it into a rental? I know there are companies that manage such properties for you.
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