Need Lending for Manf. Homes

[hlhusa]

Does anyone have lending for "subprime- manufacured homes"? Or anywhere i can find a lender?? Thanks!

[carlo@CreditReportAtlas]

Greg & Secret - I'm starting to see a lot of manufactured homes request. Is this like the new thing now? If it is then I need to start generating them. What do you think? Greg, you're the loan originator king... Secret!, you have the knowledge treasure. Let me know.

Thanks,
Carlo

[Erik]

Try Mercantile Wholesale of Indiana.

http://loaninfohome.com/wholesale-le...ny.asp?ID=1334

[Greg]

No I do not think you should seek these leads. They are just hard to close in many cases.

FHA does them and gives them an incredible rate.

97% which can be 100 with dp assist on a R&T refi or purchase and then Jan 06 95% cash out refinance.

6% fixed on a 30 today par.

Wish more people had FHA. YOu are losing a great opportunity if you do not have it. Tell your brokers!

[carlo@CreditReportAtlas]

I heard it in the news that since housing prices have increased more senior citizens are considering manufactured homes and mobile homes.

[Phil Brown]

I use 21st Mortgage Corp.
No foundation requirements. Home only or land-home combos. Single, double or triplewide.95% LTV before fees. 8-13%
They don't do business in Alaska, Connecticut, Delaware, Hawaii, Maine, Mass, NV, NJ, RI or Vermont.
1-800-955-0021

[Erik]

Home only... that's rare.

[Greg]

Phil do you think Carlo should get some leads like this?

I know what you mean Carlo and I bet you might find some people to sell them too but it typically is something that is a rare niche and I bet only certain people can qualify.

Phil what kind of score for 21st century?

[Phil Brown]

620, but meeting the credit score does not guarantee financing. (They stress that point.) I've gotten a couple people approved. You definately have to find the right buyer b/c with a 620 why not go conventional A-paper and buy a house? But some people are just dead-set on a mobile. I had a doctor who wanted to buy a land-home combo with 795 mid. He made 15,000/month and they wouldn't do it. The mobile has to be worth 50% of the property value on deals > than 75,000. (35% on < 75,000.) They use the original MSRP when the mobile was new. In other words you need the manufacturer and model # when submitting, and if it has $30,000 in ad-ons the deal can get screwed real quick.

[Phil Brown]

The property was on Oolagah Lake and he was going to build a big-ass house while he lived in it. (In case you were wondering why a doctor was buying a mobile.)