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Posted by support on December 31, 2005, 12:21 pm
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I just did a Manufactured Home re-fi for a couple in Texas using FHA
I got them 6.5% interest on an '89 home with only 2 years seasoning on
their last re-fi. I did an 85% refi with 14K cash out and lowered
their payment.
I also just completed a new home construction to perm loan in
Florida, FHA, 107K home 44K lot 97% financing with a blended rate of
6.75% including the construction period.
For the most part other then in park FHA is the way to go. Any lender
that does FHA is obligated to finance Manufactured Homes, Modular
Homes and Mobile Homes. With FHA you will find an interest rate of
between 6.5 and 7.25% currently. For those with excellent credit
and a FICO over 720 and at Least 20% down payment conventional
finance is often available with Fixed rates as low as 6.25% and
Adjustable rates starting as low as 5.5%.
For in park you are best off with a local bank, if you can qualify and
If you can find one willing to finance in park. Usually
your FICO will need to be 660+ for anything over 85%
financing. I can do 85% in park financing. The interest rate gets
goosed for Loan to value at the 70, 75, 80, 85% rate. each 5% LTV
increases the base rate by .25 to .5% also in park is a 1% bump, non
traditional housing is a 1 % bump. The two largest in park lenders
start with 8.5% so you can see how the interest rate can easily reach
and exceed 10+%. Another factor is FICO. I can get financing with
a Fico as low as 500 for with land. I can also get as low as 580 for
in park.
Be aware, even with a FHA approved expert like me, actual closing may
take as much as two months. I have closed in three weeks. It depends on
many factors.
Worksheet and guide
http://www.mortgageseeker.biz/ManufacturedHomeWorksheet.htm
To apply for the best available financing.
https://www.mortgageseeker.biz/mobilequickapp.html
This is a complete application if there are things you do not know the
answer to leave them blank I or an associate will discuss it with you.
Visit http://www.mortgageseeker.biz for financing.answers for Mobile
Home to 340K, Manufactured Housing to 340K, Modular Housing to 340K,
Condo to 1.5M, Co-op, Condo Conversion to 750K, commercial
mortgage loan financing to 100M.
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Posted by support on December 31, 2005, 12:26 pm
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Professional financing for Mobile, Manufactured, and Modular housing.
If I can't do the loan it can't be done.
Kevin P. Hidden
Licensed Mortgage Broker
CFIC Home Mortgage
2120 Hillcrest St.
Orlando, Fl. 32803
(800) 987-0883 Toll Free
(407) 898-8889 Phone
(407) 898-8821 Fax
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