Surviving the Credit Crisis – Why is getting Manufactured Home Financing So Difficult?
Manufactured Homes can be a lower cost option for many home buyers, especially those looking for acreage. But…they are a unique product type and come with a separate set of lending requirements. Due to the credit crisis these last few years, lenders are being a lot more critical and cautious when it comes to what they consider to be higher risk properties. With all the different levels of manufacturing quality, age, economic life elements, and the fact that a lot of these properties are bought by first time home buyers, fewer lenders are choosing to take the risk.
Join me today as my guest and very knowledge teammate, Tyrell Hobbs of Academy Mortgage and I discuss everything you ever wanted to know about Manufactured Home Financing.
Some of the topics we will be discussing today include:
- If a manufactured home has been moved from its original site…does that disqualify it from financing?
- Can I get VA or FHA financing these days on a manufactured home?
- What are the foundation requirements for each loan?
- Are the credit score requirements for Manufactured Homes the same as stick-built?
- What are the down payment requirements for this type of loan?
- And….much, much more!
Success in having a pleasurable home buying experience in today’s market is often determined by whether or not you working with an experienced, knowledgeable mortgage professional! If you need help in your home buying journey, contact Tyrell or me today!!!!
Tyrell Hobbs, NMLS#461657 & Karen Simpson-Hankins, NMLS#272836. We are located at 1033 SW Highland Ave., Redmond, OR 97756. Corp. NMLS#3113.
Licensed in Oregon.
Academy Mortgage Corporation is an Equal Housing Lender.