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What about home buying these days?

I'd really like to know what happened to the days, when hard-working citizens, were able to buy the property/home that they wanted..........Not what the lenders wanted? I'm a Veteran, who's finally able to afford the acreage I've always wanted, with NO covenants, wow! This property also has a nice shop on it, is completely fenced, and is close to my family, and my job; and..........I qualify for the asking price, and then some; not only by the lender, but VA!! That is, until............the ' Lenders ' realized that the very nice home, that happens to be on the property,is a...........manufactured?????????????? And if that wasn't bad enough (in THEIR opinion ONLY) it was dubbed as a ' singlewide' !!!!!!!!!!!!!!!! NOW; I'm looking for a ' lender '( too nice of a word) Their explanation, as to why they wouldn't lend the money, only added insult to my injury: " Because WE don't want it!"  First of all; if I qualify for the loan, it should make NO difference what I choose to live in; and I resent the insinuation that, just because it happens to be a so-called trailer, in their shallow heads; that I'm going to automatically default on my payments??? Is it just me, or is Campbell Co. FULL of manufactured homes, and.........a part of America?
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December 07 2011 - Campbell
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Replies (4)

Banks' rules can be frustrating. They are investors in your home, so they definitely have opinions about where they put their money. The reason for the loan denial is the classification of a manufactured home as "personal property", not "real property". It isn't so much about your liklihood of default, but of the legal classification of the property.

Possibly you could get a mortgage on the land (definitely real property) and a separate loan (not a mortgage) on the home. The loan on the home might come at a considerably higher interest rate, however, so be prepared for that.

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December 07 2011

In my humble opinion, the one area in which this country has treated it veterans the proper level of respect is in housing. The GI bill made is possible for thousands of veterans to by home post-World War II and veterans are eligible for low interest home loans through the VA. Housing is the least of the problems facing our veterans. Medical care and job opportunities for veterans are where we need to improve.

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December 07 2011
Profile picture for sunnyview
There are a lot of manufactured homes, but there is a difference in lending circles between a mobile home which has a limited lifespan and a manufactured home that has been put on a permanent foundation. You have to shop lenders to find one that deals with your type of home.

If you think that the property has a true manufactured home and not a mobile home, then ask a lot of questions and find out if the lender is properly defining the home you are looking at. Do you know how old the house is? That can make a difference from hat I read too.
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December 07 2011
Profile picture for Pasadenan
"and I resent the insinuation that, just because it happens to be a so-called trailer, in their shallow heads; that I'm going to automatically default on my payments???" -

That is not the issue.  The issue is that the "trailer", "mobile unit" or even non--bolted manufactured unit may be moved off the lot, sold separately, and the collateral for the loan would be substantially reduced.

Obviously, it wouldn't be an issue, if people didn't exploit that possibility in the past.

It is even more of an issue on leased lot space, as the trailer park could close, no place to locate the unit, and thus no resale value on the mobile home, and the lender ends up with the loss.

Part of the "qualification" for the loan is that the collateral is sufficient for the money borrowed.  Mobile units usually don't meet that requirement.
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March 15 2012
 
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