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Obtaining a Manufactured Home Loan

People who own manufactured homes and prospective buyers are finding out that this isn’t an easy task in today’s lending market. If they do find a loan, many times the rate is much higher than it would be on a traditional stick built home.

In the last year, many banks and especially the subprime lending institutions have dropped their manufactured home loan programs because of the high level of defaults on these loans and the stigma on Wall Street that has plagued this industry since the beginning. Popular subprime lender such as Ameriquest, Argent, Option One, New Century and First Franklin no longer lend on these homes but they still hold a huge portfolio of existing loans that are mostly adjustable rate mortgages.

Many manufactured homeowners are in adjustable mortgages right now, commonly known as 2/28 or 3/27 loan programs. These loans are fixed for a period of time from 2-3 years and then they become adjustable after that. A borrower might have a great rate now but they may be in for a shock when the rate adjusts. I personally have seen rates go from 6% to 11-12%! Frantically, the borrower calls the lending institution where they have their loan, only to find out that they can’t help them. Where does that leave manufactured homeowners and prospective borrowers? Good question!

An estimated 99.9% of the loan officers in mortgage offices and banks across the country perform traditional loans on a daily basis but when it comes to manufactured home loans, they have no idea how to complete one or where to go to help the consumer. Many times they tell the manufactured homeowner they can help them because that’s what they are trained to do. Sometimes, they will quote you a rate, order the appraisal, open escrow and then 30 days later they inform the prospective borrower that they can’t do the loan. Frustrated, the homeowner turns to the yellow pages and the internet, filling out loan applications, having their credit ran multiple times, only to get the same answer, “Sorry, we don’t lend on manufactured homes!”

Manufactured homeowners and prospective buyers need to get educated and the best place to find information today is on the internet. Do a search for manufactured home loans and start visiting mortgage company websites that specialize in these types of loans. Study the website to see if they even lend in the state where the property is located and see what types of loan programs they offer. Many of these companies may only lend to manufactured homes in parks, where the homeowner rents the land or they may only lend to borrowers who own the land and the manufactured home is permanently attached to the foundation and land. Take your time, get educated and make phone calls.

Real estate will probably be the most important investment you ever make in your lifetime and if you own a manufactured home, that does not mean that you made a bad investment. You need to educate yourself and deal with manufactured home loan professional who knows what they are doing.

About the Author: Maurice Bedard has been in the real estate and loan industry for 8 years. His specialty is manufactured home loans and is the owner of two websites , http://www.mhloanpro.com and http://www.mhloanpro.net, which caters to only manufactured homeowners and prospective buyers that are searching for a loan. You can also email him at maurice@mhloanpro.com or call him direct at 951-736-6796.