One of the largest lenders in the FHA/VA loan arena for manufactured homes has shut down for good. Now, there are just a couple of lenders left and they won't touch single wide manufactured homes. Luckily, there are non-conforming lenders and regional banks that will lend on single wides with a minimum 20% down payment. The market is definitely getting tricky, but if you know a pro like me, you'll get your loan closed.
With the government insured lenders (FHA and VA) all disallowing single wides through their underwriting guidlines, is financing now immpossible? Nope!
I have a couple lenders that will do single wides in Florida with at least 20% down, sometimes 25% -30% down. Hey, it's A LOT better than nothing!
If the single wide is in Florida and there is a chunk of cash to put down, give me a call - 863-604-0169
- RANDALL
By the way, I have no clue what is available outside of Florida. I get calls all the time from brokers in other states and I simply don't have a clue about their state's lenders. Sorry.
Everywhere is going to be better for some. Unfortunately, if unemployment continues to rise, it will force more foreclosures. No job, no mortgage payment, right? If foreclosures continue, the pressure on home values has to continue downward.
I am optimistic, but logical too. I think there are patches of good sprinkled everywhere and I'm focusing on those patches. Will things bounce back in 2009? I sure hope so, but I also believe it will be the tail end of 2009 not any time soon.
Obama is correct to look to create jobs, but his first two ideas don't seem like they will yield many jobs. His first idea is to help kids go to college. How does that create jobs? Secondly, put medical records on-line. Not many jobs here either. Public works jobs make sense, but we have plenty of public workers already.
Should we stimulate the entrepreneurs to create jobs?
FHA has no problem insuring single wide manufactured homes. The problem is that the FHA lenders, as of the writing of this blog, will not touch them. Even with the FHA insurance, the lenders won't touch them. Very few non-FHA lenders will touch them either. My list of single wide lenders is down to about 4 now!
My best guess is that historically, people that purchase single wides are less well off and more suseptible to financial peril the the rest of the home buyers. Secondly, the single wide manufactured homes probably depreciate more than block homes and double wides. This makes it easier for the borrower to get "up-side-down" and more apt to walk away from a bad investment. Finally, if a lender is taking back, through foreclosure, a vastly higher percentage of single wides, it is simple math.
If a buyer can put a good chunk down, to protect the lender from depreciation and to give the borrower "something to lose," there are some ways out. Right now, in Florida, we need at least 20% down. And I cannot help people in other states, sorry.
Double wides? All day long! They are easy to go FHA with a 3.5% down payment and some closing costs.
I just heard a touching story of a recently widowed lady who was left with next to nothing. A home paid in full and a pile of bills and funeral expenses. Since she intended to live in the home from h
ere on, the answer was simple. She applied for a home equity - reverse mortgage.
She caught everything up and had access to more of the equity in her home if she ever needed it. Talk about piece of mind!
The great thing is that, unlike the typical mortgage, the qualification process is a walk in the park. The credit score and income are irrelevant because the senior doesn't repay the loan. The loan is repaid after the senior leaves the home. No payments are ever made until then!
Specializing in helping Realtors increase their production by financing their client's dream home! I also help clients refinance their homes into LOW interest mortgages. CALL RANDALL - 863-604-0169
I started doing mortgages years ago by helping clients that were denied by their local bank. Sure, if you have excellent credit, stable employment, lots of money to put down, by all means see what your bank can do for you. If you are self-employed, credit score challenged, in need of 100% financing, working with a Mobile Home or any other in a list of things CALL RANDALL @ 863-604-0169.
As a great mortgage broker, you need to have a wide variety of options and experience to best help your clients. I have an extensive background in conventional, sub-prime, FHA, VA, commercial and hard money loans. Most of my peers are limited to one or two types of mortgages due to the complexities associated with such a wide range of lending options. I believe in giving my clients the mortgage that suits THEM best. If we can save $100 per month in mortgage insurance by doing an FHA insured mortgage, then let's do it. If I need to help a veteran get 100% financing on a single wide mobile home, let's do a VA loan. If a senior is falling behind on expenses, let's look at a reverse mortgage. My tool box is loaded!
No loan is too small, no problem is too big. Call the Super Broker @ 863-604-0169
Challenge me! I have performed miracles and closed loans that were denied a half dozen times elsewhere. If the loan "Makes Sense", then some lender will fund it - if it is presented properly. Obviously, I prefer to do EASY mortgages, just like everyone else, but the challenging loans are more interesting and add to my experience.
Wholesale Interest Rates: I'll let you in on a little secret! Most of the lenders that you are aware of accept wholesale loans from mortgage brokers like me. It is an easy way for them to get a lot of extra loans. Since they didn't have to meet with the client, pay their loan officer and all the other overhead costs associated with going directly to their bank, they give mortgage brokers DISCOUNTED interest rates! I've had cases where my client saved 1/2% off their interest rate, compared to going to THEIR own bank directly. 1/2% interest over a 30 year period is A LOT OF MONEY.
Manufactured / Mobile Homes: I am an expert when it comes to manufactured home financing. There are tons of nuances when it comes to this type loan; wind zones, DMV titles, HUD plates, VIN numbers, foundation inspections and so on. To do this type of loan you need a mortgage broker that knows about loans AND all of these other nuances. It took years to master this type of loan!
Reverse Mortgages: Seniors over 62 years of age can apply for a Reverse Mortgage. That's right Reverse, the bank makes monthly payments to the senior. This tool is an excellent option to consider when a senior's needs change or if some debt consolidation might increase the quality of life.
The Super Broker can do the immpossible! D. Shay, Dade City
Randall got our loan approved quickly after our own bank turned us down! - R. Quincy
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