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Complex situation making it difficult to finance our manufactured home and land.

We currently have ernest deposites put down for a Manufactured home and some land. We are searching for a land/home package deal. My husbands credit scores are sitting at about 660 high 600's and my credit score sits at 590-600 (I've had my credit pulled before and its been explained my biggest issue is the balances on my cards, I put down 4500 dollars a week ago on those balances to pay them down from 9205 to 4705 distributed amongst 3 different credits cards in hopes this will drastically improve my credit score) . We are both active duty Air Force and will be transferring to the state of West Virginia. I have orders and a guaranteed civilian job (Letter can be provided) that will pay very decently, I will also be recevieing pay for military service since I am PCSing there; my husband does not and plans to go to school full time when he gets there. I will be transferring to the state of WV in 8 weeks and my husband will be there in April on terminal, he will continue to be paid Active duty and considered active duty military until next fall when his military date terminates. We are first time home buyers and are having difficulties financing. We can put down 5% on a home/land loan. We are at wits end and in of need guidance. Is there any hope out there?

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November 14 2013 - US
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Answers (3)

First of all I would like to call a spade a spade instead of painting an entire industry with such a broad brush. Manufactured and Modular homes haven't been called "TRAILERS" since June 15, 1976 when HUD mandated legislation to upgrade the building standards of the "FACTORY BUILT HOUSING INDUSTRY".

Now getting back to your situation I have a few questions for you. From the information you've shared in your question I'm of the opinion that you desire to purchase some land and then place a Factory Built Home on it instead of actually purchasing an existing MH land/home property/package. 

I'm not familiar with the building and lending protocol in WV so what I'm going to share with you is the protocol for California. First you will need to purchase the property and probably pay cash for it unless you have enough equity in it to then obtain a "CONSTRUCTION LOAN". 

You will then need to purchase the MH, do the site preparation, infrastructure, necessary road and driveway work, garage, awnings, carports, basic landscaping, curb & gutter and/or any other developmental costs therein and hope you have enough funds in the construction loan to cover all these costs.


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November 21 2013
Hello,

Hmmmm, if I'm reading this correctly, you went into a binding contract to purchase a mobile/manufactured home that is "permanently" affixed to a parcel of land, and you cannot get financing, yes?

If you are in an area of these styles of properties, look for the closest dealer of the product and see if they have financing resources available for you to explore. If yours is one of few in the area, try contacting a nationwide manufacturer for a referral for financing.

Generally, low credit scores mean higher rates, not the lack of availability of a loan. "Bad" credit, on the other hand, may be a detriment, unless you have a good reason of explanation, like you were deployed overseas and missed some payments, something unavoidable as opposed to just not paying a bill or something.

In my neck of the woods, certain properties are "hard" to finance because all the lenders shy away from them. When my mom passed, the bank called in the loan on her place and wouldn't redo it for us because it was "too old" to finance. I think it was just an out for them not to take on any more "trailers." If you have been going to big banks, look for local sources in WV, like local credit unions, something like that.

I don't know how good this link is, or anything about the MHI, but this might get you started:

http://www.manufacturedhousing.org/lib/showtemp_detail.asp?id=846&cat=whats_hot

It's the Manufactured Housing Institute's "A List of Lenders That May Be Able To Assist You With Your Home Financing Needs"

I have NOT checked out any of these guys so please be careful giving out ANY information over the internet and check out these links before you give them anything. Also, don't have anyone else run your credit, they can "pre-approve" you based on a "verification of the information" later.

Good luck!
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November 14 2013
As a veteran in real estate and a previous mortgage lender I will try to assist you a bit.  I do not claim to be an expert in mortgages especially when dealing w/ specialty products.  It varies state to state and many things have changed since I was a lender.
When you say manufactured home do you mean, built on a slab or was it a mobile home w/ wheels still attached? Tongue removed?   In many lenders eyes a manufactured home is a manufactured home.  They tend to only depreciate as a structure, but mostly depends on the land it sits on.  Do you own the land?  What yr is the manufactured home?  All of these play a vital role in lending when it comes to manufactured homes.  Given this and your credit scores, more than likely your interest rate will be higher than a non manufactured home purchase.  The lender will look at the value of the land a main portion on securing the loan... esp if its a older home.
I would speak w/ someone in t hat area that specializes in lending to manufactured homes.  If you need some additional assistance let me know and i will see what I can do.

Also I would check w/ USAA... being military.. they may be able to assist of have special programs.  

BTW... Thank you both for your services 



Thank You,
Kevin Stocks - Realtor
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November 14 2013
 
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