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How In Heck Can I Finance That? Guest Post by Jason Sardi

Well, it's before midnight so it's technically still today. I promised that Jason Sardi's post would be presented today, and here it is.

mobile homes

In the Lake Wallenpaupack region, Hawley, Honesdale and surrounding areas, there are a few mobile homes for sale. Sure, some of them are in questionable condition or in less than pretty locations, but others are actually nicely situated, are quite charming, and are very affordable. Double-wide mobile homes are quite similar to a traditional ranch home - not all mobile homes are icky little trailers in disrepair!

The concerns come with financing. While manufactured/mobile homes are considerably less expensive than a regular house (stick built or modular), they usually require more money than most buyers have at their immediate disposal, thus requiring a mortgage.

Jason Sardi is a Pennsylvania Mortgage Specialist, and I asked him about financing options for mobile homes. Here is Jason's response below.

"There Is Still Financing Available For Manufactured Homes!" or "How in The Heck Am I Going To Finance That?"

One of the very first loans I ever closed was on a Manufactured Home. I'll never forget that customer. He was a former applicant from somebody who had left our firm and I was calling to follow-up with him. Thus began a 30 minute tirade on his part that left my ears ringing louder than the phones around me. He used more expletives than a George Carlin rant. What was his major gripe? It was simple. NOBODY would help him refinance his property. His rate was in the double digits, yet his credit, equity position, job & housing history....along with his assets were impeccable. I could see his point. After 30 minutes, he calmed and asked if I could help. I said, "I'll sure try." I washed my ears out with soap and went to work. That was some 7 years ago and it was a wrestling match at the time, yet we got it done. Thus, the journey began...

I began doing some research into Manufactured Housing. Seemed that years back, lenders had a horrible time with defaulting loans on that type of property. States like Florida & Texas had a bunch of issues and between the defaults and the depreciation that the Property Type sometimes entails, lenders ran fast and far away from wanting to finance Manufactured Homes of any kind.

Manufactured Housing offers an affordable way for people to buy a home. And after seeing some of these homes, they are absolutely spacious & extremely nice. The price range I'm accustom to seeing and financing rests between $50,000 & $250.000. The last one I closed was late last month the borrower got a fixed rate of 6.875%....not too shabby for a property type that is deemed so very hard to finance.

Yet, there was and is a need. So, Manufactured Housing is alive and well and living at First Choice Equity Group Inc! It is just one of the many things we can do. Below are some of the guidelines and parameters...

- Borrower's Middle Credit Score must be at least 660 -

- Borrower must have 10% down, 5% of the down money must be their own funds. The other 5% can come in the form of a 'gift' from a relative.

- Allows for up to 6% Seller Assist with Closing Costs!

- Home must be on a permanent foundation and the land must be owned -

- Home must be 1976 or newer -

- The foundation itself is not held to FHA requirements, which tend to be extremely stringent. This is a very important difference that opens the doors of Financing even more to Borrowers. Instead, the foundation requirements are held to those of Local Building Requirements.-

- The acreage can't be more than 5 acres or they will not lend on it.- (Of note, we've had cases where the land has been sub-divided down to 5 acres.)

So, don't be shy. If you own or are looking to buy a home and see a Manufactured Home that tickles your fancy, feel free to get a hold of me.

Jason Sardi
Mortgage Consultant
First Choice Equity Group Inc.
610-439-2166 ext. 229
jsardi@fcegi.com
http://activerain.com/blogs/shears76
'Referrals Are Always Appreciated'
__________________________________________________
Thank you so much Jason!!



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Agent Do Diligence
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Karen E. Rice is a real estate agent working in Pike & Wayne County of Northeastern PA in the Pocono Mountains. Lake Wallenpaupack is one of Pennsylvania's most popular destinations for vacations, retirement, and purchasing a home.

Posted Friday Apr 25