are you making loans on mobile homes?

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November 06 2013 - Oro Valley
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I would contact Rob Purvis at VIP Mortgage. He will be able to give you the best advice on mortgage opportunities.
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March 03
Try this site:

http://mortgagesforamericablog.com/manufactured/

I cannot vouch for them, I have never used them. But worth a look.
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November 06 2013
David,
To borrow, the property must be "real estate".  That mean the land sells with the manufactured home and is not leased.  

To qualify for FHA loans, the home must be a double wide (2-side by side units).  For the deal to fund the home must be build after 1976, the original HUD manufacturing tags must be mounted on the units (and readable by the appraiser), with an Affidavit of Afixture (from the state and and on file with the county); and a copy of the original manufacturing documents (cost $150 to replace in 3-days and $50 if you can wait 2-weeks).  Your lender will also require  an engineering certificate (cost about $725) certifying the units are tied down properly to the foundation.  I just had one close that needed to be tied down to comply and that cost $800.  So far I have found only one mortgage broker willing to do "mobile homes" loans and the loan needs to be at least $50,000. Everyone else I asked seems to use this same lender.   Candidly, as a Realtor there is quite an effort to get all the pieces to come together.  The home must appraise in the end, so if it were me I would only look at nice remodeled units unless they are newer.    They need to be in good repair and move in ready (it is ok if they need carpet and paint) to meet FHA loan guidelines

Loren Hoboy-Realtor
Your Local Expert
Central AZ Real Estate
LHoboy@centralAZhomes.com
623-688-0004
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November 06 2013
Hi Mr. Rivera,

I am only able to provide lending on Modular homes.  These are homes that were site built and have a foundation.

Please let me know if you have any additional questions.

Sincerely,

Julio Zapata
(623) 396-6855
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November 06 2013
 
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