For Mortgage experts...

The answer is an overwhelming NO.

Manufactured housing is much more difficult to get because of a couple of factors...

1. The loan is actually an installment loan if the home is in a park. This installment loan is no different than a car loan and the home decreases in value over time.

2. If the house were on its own land, it would help a little because then the home would increase in value because it would have a deed instead of a title and, the house would be considered a true mortgage because of its permanancy. Problem though is that to do this type of loan, you would need to do what is called a construction loan. Two different closings and you need pretty good credit for this loan.

In talking to some people regarding this very issue, it is suggested that the minimum score they will accept is right around 680. Many lenders who have done a lot of manufactured housing lending such as Conseco, have went belly up or filed for BK because of the amount of defaults they get. Lenders who have done this type of lending in the past are pulling out of this type of lending. It is becoming increasingly difficult to find a lender who will still do this for you. Most local banks I hear are still offering this service but for good credit only. They will not even allow a co-signer.

Make sense? I hope so...

SnakeMan

 

wells fargo doesnt have a program that lets you have the home in a park, but it has a decent mh program for your home on your site. I suggest if anyone is looking at homes to avoind a mh all together.......in the future these homes will be harder and harder to lend on. I have heard the arguments on how mh values increase, which they do, and we can debate all day on how great these homes are...but it all goes back to the golden rule....and the ones that hold the gold right now are turning their backs on mh financing more and more everyday.