Gary, read my blog about needing help, scenario, a few down, Lisa says Countrywide loans on these so you might check with her. Also, I ran across a big problem with insurance companies not wanting to insure these. Don't want to add insult to injury but you nee to know that too. Hope it turns out good for you, haven't see you here for awhile, good to see you back.

Being in an area with several manufactured homes, I run into this regularly.  The problem may be the year it was built.   I know I have difficulties if it is older than 1978 w/conventional financing.  I know Countrywide and Wells Fargo do loans on manufactured homes, but there may still be a problem with the year built.

Good Luck!!

Darcy

I doubt you'll find much better on a mfg home. Lenders know that mfg homes tend to depreciate over time, they generally have a higher default rate than stick-built homes and they are tornado magnets, especially when located in the mid-west.

In other words, regardless of the credit-worthyness of the buyer, mfg homes ARE statistically a higher risk than stick-builts. Lenders offset this risk with higher interest rates.

Being built in 1972 won't help either...

Wow, three comments in three minutes. We must have all bee typing at the same time!

I doubt that you will find anything better since the home is so old.  Technically, it isn't even a manufactured home since it is older than 1978, it is a mobile home.  Lenders in our area won't even loan on a manufactured home older than 10 years old.  One of our banks will only finance for 7 years on any manufactured home regardless of age.  Our local Countrywide requires an engineers report on all manufactured/mobile homes and won't do single wides at all but I don't know if that is a local decision or company decision.

Tell him that it could be much worse and that 9% is a deal.  Now you just have to worry about the appraisal....   :)

Gary I have not notice any of the munfactored homes loans coming in that much higher in rate than regular lending in my area.

However they must meet the following

1. the age of home really doesn't matter as long as it has a hud tag. they can be found on the outside of home or under a sink area inside. i think hud tags didnt start untill l  sometime in the late 70's and not all homes where made with them back then, now most all do.

2. permant foundation either on basement or   tied down past freeze level. can not have any type of wheels or mobility.

3. must pass an enginiering report

4.  need to be in an area that has road    agreement.

5 FHA is the best way to go with these much better than conventioanl. Less down and better rate.

Pam keathley with country wide is who I use for these, she is great.  It would be out of state lending but she is so easy to work with I don't think you would even realize that she was out of state.

You should check with her she could tell you over the phone with the information you provide in this blog what she could do for your clients. It would be worth the call. 314-808-6701 tell her i gave you her name #number. She  will do you right. thats her direct cell.  I am sure she won't mind I put her number out here, not sure if thats breaking any P2 rules though.

I have refered her to many agents and well they all have raved about how great she is and they cont to use her.

She realy knows her stuff and use to sell real estate so she has a great background and understands what has to happen.

One conversation with her and you will be sold. if she says it can be done it can!!!! She has never let me down and i can't even begin to tell you how many deals she has stepped in and saved that other lenders just couldn't pull off. Mostly just because they don't know how to deal with these type of loans.

Gary, is owner financing an option?

I mean, the buyer has a good sized down and good credit.

Perhaps the owner will carry with a little better rate.

Any time the seller will carry the note it's good news for the buyer IMO if the buyer is solid. They save thousands in loan costs right off the top.