Press Release Summary = How to obtain a mortgage for a manufactured home in today\'s market.
Press Release Body = Corona, Ca. (PRWeb) June 2, 2006
Obtaining a mortgage for a manufactured home today is much more difficult than in the past. Many homeowners and prospective buyers are experiencing tough times due to the higher rates and tougher criteria imposed on the conditions of the loan they are seeking to get.
Over the past year most all the lenders that were lending on manufactured homes have stopped financing these properties all together, leaving homeowners with little avenues to refinance their current loan that may be a high rate or to get cash out. To put it quite simply, homeowners and buyers are stuck in a creek without a paddle.
I realized this trend and have researched the internet and have made hundreds of calls to lenders to find who will still lend on manufactured homes. The facts are dismal. Out of thousands of lenders and banks in the country, there are only about 10-15 who will provide these loans. Where does that leave the owners and buyers of these homes? It leaves them with little options and many times they can't locate these lenders due to the time involved in finding them. Much like finding a needle in a hay stack.
The first thing that a homeowner or buyer needs to do is find a loan officer who "specializes in manufactured homes." Most loan officers never even have performed a manufactured home loan and have no idea what they are doing because of the different criteria's expected to close these loans. Don't forget they are salesman and they will most likely say, "I can do it, no problem." 30 days later, you paid the appraisal and your loan is still going nowhere. Many times the homeowner is told not to make their mortgage payment and now they are 30 days late.
Often times you can get a great rate from the bank but your stuck to one loan program, so maybe finding a loan broker who has several loan sources for manufactured homes is the best choice. If you're self employed, you may need a stated income loan or loan that uses bank statements to qualify for income? You may have a FICO score of 500 and most banks wouldn't touch you but an experienced professional can find you a loan if you have sufficient equity.
In closing, obtaining a mortgage for a manufactured home can be very difficult but it's not impossible. Persistence and education will always win in the end!
Web Site = http://www.mhloanpro.com
Contact Details = Maurice Bedard Manufactured Home Loan Pro www.mhloanpro.com mhloanpro@yahoo.com 951-736-6796 Corona,Ca.
2022
