Where can I find a mortgage company to finance a doublewide?
2007-11-27 12:02:46 · 4 answers · asked by Clendebo 1 in Business & Finance ➔ Renting & Real Estate
I am a mortgage banker and we finance doublewide's as long as they are on a permanent foundation. FHA and VA loan programs allows financing for doublewides. FHA requires a 3% downpayment while VA will go up to 100%.
2007-11-27 16:02:39 · answer #1 · answered by yourmtgbanker 5 · 0⤊ 0⤋
Talk to a reputable doublewide dealer. There are currently several ways to finance doublewides without getting scammed.
A good dealer will have a mortgage broker on staff with access to lenders that will help.
Be carfeul how you pick a mortgage broker. Most of them deal on the internet and can be desperate to get a loan.
2007-11-27 13:19:41 · answer #2 · answered by K R 2 · 0⤊ 0⤋
Any bank that does FHA mortgages will finance a doublewide, but you have to have own the land. They will do it at the same terms as a regular home.
If you are renting a lot, then call places that sell new doublewides, and they will refer you to other lenders that have programs...but expect a high interest rate.
2007-11-27 12:22:20 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
Double wides are difficult to finance, as you may already be discovering. Lenders took a real beating on doublewides during the recent and ongoing foreclosure mess. First, don't bother looking for a conventional mortgage unless the structure sits on a permanent foundation. That does not mean a pile of concrete blocks here and there. It must be an actual foundation.
Then, expect the high end of the LTV ratio to be around 80% of value.
2007-11-27 12:17:49 · answer #4 · answered by acermill 7 · 0⤊ 0⤋