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Answers (11)
- Nic Netherton, "Colorado Lender"
- Contributions:7219
'JD' The request is from two years and four months ago. Would imagine they have it handled by now...
- Josh David, "fhaconstructionloans"
- Contributions:14
Hello, my bank specializes in modular new construction and we can facilitate a refinance in Colorado without question. I would love to help!!
Please email me [contact information removed by Zillow moderator]
Best of wishes,
JD
Please email me [contact information removed by Zillow moderator]
Best of wishes,
JD
- deetu
- Contributions:5
[Promotional hotlink removed by moderator. Please see our Good Neighbor Policyfor more information.] or mobile homes. Manufactured homes are built according to the federal building Code, (HUD). This requires all manufactured homes to have a non-removable steel chassis, which severely limits their design options. Modular Homes are assembled in a controlled environment - out of the weather, which increases efficiency.
- manufacturedhome
- Contributions:25
You will more than likely need a national lender that specializes in underwriting this asset class if you are still facing resistance in Colorado.
I would look at the MHI website and look for lenders. MHI is the national org for the industry. Manufactured Housing Institute but I dont have the link.
Best of luck.....
I would look at the MHI website and look for lenders. MHI is the national org for the industry. Manufactured Housing Institute but I dont have the link.
Best of luck.....
- Andrew Adams, "203K Specialist"
- Contributions:9349
Snap,
I am not in Colorado and can't lend in CO. I would almost bet you are getting push back because you are calling and asking about modular financing. Many loan officers probably have no idea that there is a difference between modular and manufactured homes. I personally have closed on more than 30 Modular home loans and everyone of them has ultimately been sold to Fannie or Freddie.
Fannie Guideline:
Fannie Mae purchases loans secured by modular homes built in accordance with the Uniform Building Code administered by state agencies responsible for adopting and administering building code requirements for the state in which the modular home is installed.Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction detail for modular homes. Each such home must have sufficient square footage and room dimensions to be acceptable to typical purchasers in the subject market area.So unless your home is a white elephant it should be a non issue!
I am not in Colorado and can't lend in CO. I would almost bet you are getting push back because you are calling and asking about modular financing. Many loan officers probably have no idea that there is a difference between modular and manufactured homes. I personally have closed on more than 30 Modular home loans and everyone of them has ultimately been sold to Fannie or Freddie.
Fannie Guideline:
Fannie Mae purchases loans secured by modular homes built in accordance with the Uniform Building Code administered by state agencies responsible for adopting and administering building code requirements for the state in which the modular home is installed.Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction detail for modular homes. Each such home must have sufficient square footage and room dimensions to be acceptable to typical purchasers in the subject market area.So unless your home is a white elephant it should be a non issue!
- Hamp Yonce, "Zilluminati"
- Contributions:3463
The discrepancy happens because there are not enough of them to build good appraisals. There are rarely three modular comps to use and etc...This combined with higher loan problems, and the confusion over manu. vs modular, and the water gets cloudy. The industry compounds the problem by pawning off, what I call "barely modulars", to the unknowing, with the "as good as stick built" pitch.
The facts are that "Modular" quality varies wildly and there are not enough of the good ones to support equal footing with stick built homes. Even though their quality varies wildly, also The mythical modulars, that are easily financed and transferred, are the ones that you can't tell are modular. And it never becomes an issue.
The only way to fix it, is to limit stick builders, in the next wave of overbuilding, to only building rectangular, vinyl sided boxes, with low pitch roofs, bad carpet, and cheesy plumbing fixtures.
The facts are that "Modular" quality varies wildly and there are not enough of the good ones to support equal footing with stick built homes. Even though their quality varies wildly, also The mythical modulars, that are easily financed and transferred, are the ones that you can't tell are modular. And it never becomes an issue.
The only way to fix it, is to limit stick builders, in the next wave of overbuilding, to only building rectangular, vinyl sided boxes, with low pitch roofs, bad carpet, and cheesy plumbing fixtures.
- EdwinaALT
- Contributions:2
Thank you, but I really do know the difference between a manufactured home and a modular home and what I have is a modular home. Even though it seems that there would be "no problem" securing financing for a used modular home especially since FHA, CHFA, and VA accept modular home loans, many lenders here in Denver will not finance a used modular home because they "cannot sell the paper because there have been too many problems with modular homes." Since this morning I've called about 10 institutions (credit unions, banks, mortgage brokers, etc.) and only found one that is willing to do this. Not fair, perhaps, but that's the way it is here in Denver. (Or maybe I'm the most unlucky person on earth and called the only 10 who will not. :)
The following Q&A may help you determine if your home is modular or manufactured.
Q1. What is a manufactured home?
Fannie Mae defines a "manufactured home" as any dwelling that is built on a permanent chassis and installed on a permanent foundation system. Manufactured homes must meet the federal Manufactured Home Construction and Safety Standards of June 16, 1976 (the HUD Code) as well as other guidelines per the Fannie Mae Selling Guide (Part VII: Mortgage Eligibility/ VII, 102.07: Factory Built Housing for the loans they secure to be eligible for purchase by Fannie Mae.
Other factory-built housing (not built on a permanent chassis), such as modular, is not considered manufactured housing (MH) and is treated the same as site-built housing, and thus is not subject to the MH guidelines.
Q2. What is a modular home?
Modular homes are homes built in modules at a factory. The modules are transported to the home site on flat-bed trucks and installed. Unlike MH, modular homes conform to the same state, local, and regional codes that apply to site-built dwellings.
Off-frame modular homes are covered by the Fannie Mae Selling Guide as standard single-family detached homes and not as MH. On-frame modular homes are not considered single-family homes and loans secured by such properties are not eligible for delivery to Fannie Mae at this time.
Q1. What is a manufactured home?
Fannie Mae defines a "manufactured home" as any dwelling that is built on a permanent chassis and installed on a permanent foundation system. Manufactured homes must meet the federal Manufactured Home Construction and Safety Standards of June 16, 1976 (the HUD Code) as well as other guidelines per the Fannie Mae Selling Guide (Part VII: Mortgage Eligibility/ VII, 102.07: Factory Built Housing for the loans they secure to be eligible for purchase by Fannie Mae.
Other factory-built housing (not built on a permanent chassis), such as modular, is not considered manufactured housing (MH) and is treated the same as site-built housing, and thus is not subject to the MH guidelines.
Q2. What is a modular home?
Modular homes are homes built in modules at a factory. The modules are transported to the home site on flat-bed trucks and installed. Unlike MH, modular homes conform to the same state, local, and regional codes that apply to site-built dwellings.
Off-frame modular homes are covered by the Fannie Mae Selling Guide as standard single-family detached homes and not as MH. On-frame modular homes are not considered single-family homes and loans secured by such properties are not eligible for delivery to Fannie Mae at this time.
- Jeff Brom, "Jeff Brom"
- Contributions:13
Eric is right, there is a common misconception between modular and manufactured homes. Both of which are constructed in a factory but the modular us assembled on site and the manufactured is simply attached to the site.
From the lenders eyes, the distinguishing factor that labels a home as being manufactured is the chassis. Is there still a steel chassis underneath the home? That's what the appraiser should be looking at when determining this.
Though the options are not as plentiful for manufactured homes, there are still quite a few out there. If it is a modular home, there should be no issues at all. These are treated as stick built homes and it shouldn't matter it was a modular construction.
I hope that helps!
From the lenders eyes, the distinguishing factor that labels a home as being manufactured is the chassis. Is there still a steel chassis underneath the home? That's what the appraiser should be looking at when determining this.
Though the options are not as plentiful for manufactured homes, there are still quite a few out there. If it is a modular home, there should be no issues at all. These are treated as stick built homes and it shouldn't matter it was a modular construction.
I hope that helps!
- EdwinaALT
- Contributions:2
I also would like to know since I have a modular home I'd like to sell. I've contacted a number of lenders and they are not interested in helping buyers of used modular homes with purchase mortgages. There is a lot of talk about modular homes being the same as stick built homes but the similarities seem to stop at financing/mortgages.
- Eric Smith, "ohiosmitty"
- Contributions:352
A modular home should be no problem...manufactured homes is were you might have a tougher time.
Where to refinance a modular home?
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