Financing Manufactured Homes
I am trying to purchace a double wide manufactured home that is on it's own land. We are approaching 60 days in escrow and my mortgage broker can not find anyone who wants to lend on it.
This home went through escrow previously and dropped out (I assume due to the inability to finance).
I asked my RE agent to contact the seller and find out what was owed on it. I am thinking of possibly trying to finance the outstanding balance, and ask the owner to carry a 2nd. Another possibility would be a wrap-around.
May have to go with a hard money lender, but only when I exhaust all other options.
Any thoughts would be appreciated.
Buy it Subject to the existing financing staying in place!
Your only problem would be the RE agent who wants his/her commission. Try to work something out with the Re agent.
I know a manufactured homes mortgage company, but the problem with them is that it takes forever to get to closing, so I am not veryeager to recommend them.
You have spent a lot of time already, so try to get it Subject to.
Ladybug
Tell your broker to sign up with www.lenderlab.com. It will cost him $45 per month but it is well worthed. These guys have access to the most creative lenders I have ever seen. Tell him to submit your loan to their database and I can almost guarantee that there will be some lenders willing to finance your deal provided that your credit is decent and the property supports the loan amount. Good luck!
Lenders that will do this are dropping like flies. The "big boys upstairs" (Chase, Wells Fargo, etc.) are getting less willing to invest in these types of deals brought on by Sub-prime lenders. While I have not had contact with them for quite some time, but have your broker contact Long Beach MTG. They had a program for what you addressed. Sorry I have no more advice, but I would rather give no advice than something I am not positive about. Excellent question though, I hope to learn myself from this post. I will use my contacts as much as I can this weekend. Hopefully I will have something beneficial to add by Mon. Good luck.
"Strong minds talk about ideas, average minds talk about facts, weak minds talk about people."
jts '03[ Edited by jatos on Date 09/27/2003 ]
if your real estate agent want's his/her commision they should be doing everything possible in finding someone to lend the money to you...maybe find a different agent
Hello,
I maybe able to help you if you are still in need of financing. Please email me and lets talk!
Don
**Please See My Profile**
Thanks for all the responses. After further research, I found out that the seller owns the place out-right. We came to a deal of 20% down, 8.5%ammoritized over 30 years with a payoff after 1 year.
That would give it a positive cashflow with the rent from the current tenants, and I could boost the value of the home about $20,000 by putting it on a permanent foundation.
Again, thanks for all the responses.
I have a buddy in the biz. That does mobile homes. He likes 580 score and up but he will do lower. He can get 90% LTV and the seller can carry a 5% second and the buyer will only have to put down 5%. If you pm your info I will pass it on to him. I know it is hard to find lenders for this type of lending. Long Beach is out as of Nov. 1 from what I was told.