Re: Re: Re: Re: Mortgage, How dumb is this idea???? Manufactured homes for the money are fantastic buys......we all know that.....but when lenders stop lending on them..they aren;t as attractive. The mass majority of conforming and subprime lenders stopped lending on them overnight...fannie mae and others just decided that they would not back the loans. Now there are some GREAT programs out there..of course the fha/va, but if you REALLY want to buy an ESTABLISHED manufactued home and not do the package....Wells Fago's EMNP program will even allow a single wide and the rates for a 580 credit score up to 97ltv are right there with the a paper stuff. The EMNP is what I always pull out when a competing broker is trying to stuff someone into a subprime loan.....but you dont need a broker on this one mind you.... go to your local wells fargo bank and apply. This also goes for stick built homes but for the manufactured homes....nothing I have seen beats the EMNP program.
Re: Re: Re: Re: Mortgage, How dumb is this idea???? Um ... Payment. Had just gotten off the phone with my Professor. Gotta use big words with these guys, sorry. LOL .
Re: Re: Re: Re: Mortgage, How dumb is this idea???? Manufactured homes for the money are fantastic buys......we all know that.....but when lenders stop lending on them..they aren;t as attractive. The mass majority of conforming and subprime lenders stopped lending on them overnight...fannie mae and others just decided that they would not back the loans. willtygart """"```--~~~~~~~~~--```'""''' Handling them like real estate rather than mobile homes solves this problem.
Re: Re: Re: Re: Mortgage, How dumb is this idea???? But handling them like real estate is in violation of many state laws. Most states title them, just like motor vehicles. Your scenario would require states to change their laws, and I don't see that happening soon.
Re: Re: Re: Re: Mortgage, How dumb is this idea???? ok, title eliminate, real property, tied down to a concrete foundation, and with brick skirting.....the lenders will STILL view this as a dw mobile home.......I know YOU think its a real home, and yep, it is...but to the lenders..they will ALWAYS view this as a m/h.............always remember the golden rule "he who holds the gold, makes the rules"......I do know where you are coming from and M/H sales are really strong...or were ..up here in WA......in fact many counties have a higher percentage of m/h residencies then stick built...but the lenders still view them as m/h. From an investors side though m/h are quick money but will be harder and harder to unload as more and more borrowers can't get financing for them.
Re: Re: Re: Re: Mortgage, How dumb is this idea???? I am SO glad I was wrong on that. I must have read a different TOS on a different board months ago, and mixed it up with here. Its not like I read the TOS every week LOL. I am SO happy everything is cool with willtygart posting his signature here. I was just making sure because he really seems to care and seems to know what he is talking about. I really hope willtygart understands he will really mean something here, from what I have seen. To be short I am SO glad I was wrong! Willtygart if you read this I was on your side and hopefully both of us, well actually alot more on your side was making sure everything was in check. CREDITNET STILL RULES! I was worried. I didn't care about this thread anymore and was more concerned with that.
Re: Re: Re: Re: Mortgage, How dumb is this idea???? You are a trip, thanks for your support and clarifying the rules. While the format is a little different here and you have to be on top of it or you will overlook a new post, I like the people here and the info on the credit side has been a big benefit for a bunch of people.
Re: Re: Re: Re: Mortgage, How dumb is this idea???? An alternative to the typical "doublewide" is a Modular home....manufactured in a facilty brought out and placed on a crawlspace foundation/footer/stemwall...they are considered permanent and lenders that dont do mobile homes are allowing for modulars at regular interest rates
