Rebecca Schrader

While lenders are not lining up to finance single wide manufactured homes, there are still some lenders in Florida that will help. While most lenders want a double wide or larger, I still have a few lenders that don't care about the size or the year. If you need help obtaining a mortgage on a manufactured (mobile) home, give me a call at 863-604-0169.

The government programs allow for single wide financing, but there are no banks that are buying into this type of financing today. If you need financing on a single wide, you'll only be able to borrow to 80% of the value. Older homes may be less.

I'm guessing the statistics on single wide loan foreclosures were off the charts compared to other property types. This drove all the ailing banks to steer clear - even with the government insurance on the loan.

Things have gotten a bit tighter in the single wide home department. There are currently ZERO FHA or VA insured lenders doing single wide home loans. There are only a few doing double wides too. The default rate and/or depreciation must be too much to bear.

That said, with about 25% down, we can still get these done anywhere in Florida. Double wide borrowers still need just 3.5% down and seller concessions can be used to cover the closing costs in most cases.

With the vast abundance of these homes throughout Florida, some lender will find these profitable and the liquidity of mobile home mortgages will cycle back up again. I will keep everyone apprised.

Rebecca - 863-604-0169

What a budget balancing tool! Seniors over 62 can get monthly checks paid to them out of the equity in their homes.

Qualification is easy, there is no minimum credit score and the hardest part of the approval is being 62 or older.

If there is sufficient equity and a monthly check would come in handy, call one of our Reverse Mortgage experts - 863-604-0169 or visit www.bojacy.com/ReverseMortgage

A day doesn't go by that we don't get a call for financing ideas on single wide mobile homes. There are so many in Florida, because people retire here on fixed incomes and single wides are a super value. But, if you can't pay cash for your retirement pad, what are the options, if any?

FHA loans are available on single wides if you call the right mortgage expert (hint, hint). Single wides on rented land can't be financed by an FHA insured loan because the land is not part of the collateral. Here we'll need 20-30% down and a smart mortgage broker that knows how to finance a chattel loan.

Our Florida DMV regulates manufactured homes in our state. The rules vary so much state-to-state that many lenders only lend on Florida mobile homes. There are so many here, that it's worth the investment to learn how to underwrite these loans. We get calls from other states all the time asking for any kind of hints on financing single wides. Unfortunately, we cannot help, sorry.

In Florida though, there is not a whole lot we can't do. We are working on a 1955 single wide mortgage right now, in Orlando! The snow birds are coming down for the winter and we are getting ready for a huge surge in business.

Of course, we can do regular frame or block homes loans, modular home loans, log cabin mortgages, commercial and retail store loans too. We started helping seniors with HECM or reverse mortgages this year too.

For all of your Florida mortgage needs, talk to an expert in the business, talk to Rebecca at 863-604-0169 or visit our websites at http://bojacy.com or http://bojacy.com/ReverseMortgage