RegisterLogin
 Search   Land Home Loans   
Instant Online Pre-Qualification

Need to know if there is a Mobile Home Loan Program available to meet your specific needs?

Get an INSTANT, ANONYMOUS, and FREE Mobile Home Loan Analysis BEFORE you fill out an application.

No Personal Information, No Credit Report "Pulls", and no hassles.


LAND-home PACKAGE MORTGAGES


Are you buying or refinancing a Land-Home Package? If so, you have likely already learned that there are very few finance companies who have the ability to help you. This unfortunately leads to a large number of frustrated buyers and sellers. What are you supposed to do when the seller wants to sell and the buyer wants to buy but no lender wants to make the loan?

The answer is to use a mobile home specialist - one who understands all of the different obstacles that you will likely encounter in this type of transaction.

 

For example:

  • Is this MH already existing on the lot or does the home need to be moved to the site?
  • Is the MH on a "Permanent Foundation?" More importantly what really constitutes a permanent foundation?
  • Is this home located in a rural area?
  • Is there excess acreage that is being purchased with the package?
  • Are there current and valid comparable sales "Comps" that can be used in the manufactured home appraisal?
  • Where do you find an appraiser that is used to dealing with Mfg. Homes and understands the guidelines?
  • Is the MH being moved from a park or leased lot and sited on its own land?
  • Is there separate sellers for the house and land?
  • Will you need construction funding for this LH Package?
  • Are there outbuildings, barns, other mobile homes, or additional structures on the lot?
  • Is the land worth far more than the MH itself?

 


All of these factors and many more can effect whether or not you can really complete this loan so it pays to come directly to the mobile home experts.
 
Let's face it - the cold hard reality is that there are many loan officers in the industry who have no concept of the fact that the rules for MH's are vastly different than those for stick-built or site built homes. All they know is that they finally have a customer on the line that is interested in a loan. Unfortunately this leads to a situation where you may have someone telling you that everything is moving along smoothly with your loan all the way up into the point where an actual underwriter looks at the file and shoots it back to the loan officer with a note that tells them that this property can't be financed under their programs. This is usually the point at which we get the call from a panicked customer who rightly thought that they were just about done with this process. Sometimes this means that they have had you pay for an appraisal that can't be used because it doesn't meet the proper manufactured housing standards. Don't let this happen to you... Apply here first and avoid the run-around
 
For more details ...
 
 
 
 
Related Pages

  Copyright 1997 - 2011 by MH-Loans.com   Terms Of Use  Privacy Statement    Vyrel Sites™