In our previous blog, we briefly touched on the fact that many are missing out on manufactured homeownership opportunities because their local banks, and even the largest of lenders are not offering loans for manufactured homes.
While there are plenty of standards a manufactured home must meet to be eligible for manufactured home financing, this should by no means affect your decision to buy a manufactured home.
The first and most important part to be cognizant of when knowing if the property you want to finance will qualify, is will the home be affixed to a permanent foundation? This is a must in order to qualify to be taxed as real estate and obtain a mortgage loan from a qualifying lender.
Home loans for manufactured homes can be difficult to get from some lenders, but Manufactured Nationwide is not one of them.
Why is it so difficult to get a mortgage loan for a manufactured home?
Despite the fact that many manufactured homes meet the standards of FHA, VA, USDA, and conventional guidelines they’re required to meet, many mortgage lenders still refuse to approve these loans.
Or, if they do offer these loans they can be at extremely high rates, or reduced loan to values like 80% or less. ManufacturedNationwide.com offers multiple programs at 100%, even for construction loans on manufactured homes.
Which loans a lender chooses to approve and which he chooses to disapprove is completely up to that lender, so this is not an issue with the government programs; it is a lender issue. They are just being incredibly choosy on the risk they want to take in their portfolio of loans.
If you’ve encountered a mortgage lender who would not approve your manufactured home loan, perhaps you’ve been working with the wrong lender.
When the lenders at Manufactured Nationwide see a manufactured home customer call or check their eligibility online with us, we see opportunity. But when most other lenders look at a manufactured home, they see high risk and low profit.
Since the last recession, even some of the best home loan lenders have become consistently hesitant to approve manufactured home loans because of property depreciation, higher risks of delinquency, and foreclosure.
Others refuse because they don't know the loan guidelines, property guidelines, reports required, nor would they know a myriad of other issues that could arise to quickly counteract. When you have a closing deadline to meet, trusting a manufactured loan with someone who doesn't have the experience is a risky play.
It could end up costing you money in delays, loss of rate locks, increased cost with rate extensions, and in worst case scenarios, the loss of your home to another buyer.
What Is It Like To Work With ManufacturedNationwide.com?
If you decide to work with a Manufactured Nationwide mortgage lender, you won’t encounter any such hesitation, we stand at the ready!
Because we're a direct lending bank offering manufactured home loans in all 50 states, we have our own in-house underwriters that review to our guidelines. We provide all FHA, USDA, VA, and conventional programs at the highest limits possible with some of the lowest fixed rates available.
We consistently close Manufactured Home Loans every day, and consistently get new applications specifically referred from realtors, dealers, retailers, and past clients because of our transparent approach.
Combine this with seasoned Manufactured Loan Bankers, that makes us a "powerhouse lender" fighting on the side of the customer!
We're A Direct Lender For Mortgage Loans On Manufactured Homes In All 50 States, Where Most Others Won't Lend On These Properties!
We believe in doing everything we can to help our clients and their families meet their real estate goals, whether those goals include a manufactured home or not.
Contact Manufactured Nationwide today to learn more about your real estate options, or skip the lines and check your eligibility here.