Need Lending for Manf. Homes

[Erik]

He should have just bought a big motorhome on 10 or 12 yr financing and bought the raw land... same thing, but better.

[Greg]

He should have lived in his Mercedes.

Dang you all are replying quick.

That is some funky qualifications! So Carlo remember the sub-prime folks will struggle to get financing. FHA could do any score if you prove they have the means and ability to repay. But, not many brokers do those and not many bankers buy leads.

So not sure what to suggest. Maybe try it out for 6-12 months?

[Phil Brown]

Originally Posted by Erik

He should have just bought a big motorhome on 10 or 12 yr financing and bought the raw land... same thing, but better.

This was a real nice mobile, double wide with sunroom added on. Very nice as far as mobiles go and it was on struts and tied down. I agree with what your saying though. I think he ended up going through a bank and doing like a 60% LTV.

[Phil Brown]

21st has no YSP you charge whatever you want on the front.

[Erik]

Originally Posted by Greg

FHA could do any score if you prove they have the means and ability to repay. But, not many brokers do those and not many bankers buy leads.

Sounds like a good niche to focus on for someone who can do FHA

[sub500]

Give me a call and i'll fax you over a list,Dwayne 858-536-7504

[HisHouseMortgage]

For all your manufactured home or mobile home questions try this web site.

http://manufacturedhomecredit.com/retailfinancelist.php

I prefer to use vanderbuilt mortgage (they own 21st mortgage as well as others) for the home only loans. Thats right they will do them in parks.

[dysg]

Try these two companies -- they both specialize in mobile/manufactured homes:

VANDERBILT: 888-285-0042
ADVENT: 800-690-2462

Tell them that Scotsman Guide sent you.

Thx

[GLOAT]

This is my first post on MBL. I usually just poke around & see what's going on, but I have to reply to this post. I've been in the business, in Ohio of all paces, for 8+ years now. Last week, I closed my first 'Manufactured Home' deal. I always referred these deals to someone else I knew had more free time than me. This particular deal was a friend of mine who begged me to not send him elsewhere. Long story short-ICAP 888-556-7315. I had:

80k PP W/3% Seller-paid CC
95%ltv - 20 Year Fixed @ 8% W/30% MI
S/E Real Estate Appraiser-Senior Citizen
Full Doc -DWMH

Hope this helps. Knowledge is powerless if not conveyed!