LJ Posted September 14, 2011 Report Share Posted September 14, 2011 =The gray area to the average borrower who thinks the lender wont eventually find out its a manufactured home. This was the issue I mentioned in my first post. There's no gray area. It's pretty easy to distinguish the 2. People are just stupid. It's super easy to get financing (and even construction financing) for actual modular homes. It's just all about knowing what you are buying and doing it correctly. Quote Link to comment Share on other sites More sharing options...
coltboostin Posted September 14, 2011 Report Share Posted September 14, 2011 There's no gray area. It's pretty easy to distinguish the 2. People are just stupid. It's super easy to get financing (and even construction financing) for actual modular homes. It's just all about knowing what you are buying and doing it correctly. I am, and have been speaking from the perceptive or a lender dealing with people looking to refinance their existing property, in which case having a "modular" home would be advantageous. And yes, many of them are "stupid" Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted September 14, 2011 Report Share Posted September 14, 2011 I am, and have been speaking from the perceptive or a lender dealing with people looking to refinance their existing property, in which case having a "modular" home would be advantageous. And yes, many of them are "stupid" Don't back pedal...you were confused to the difference between the two. As can I, but the discount will be reflected in the borrower's closing cost. That, and there is a lot more legwork on the lender and borrower's end to get an underwriter to approve such a loan. Odd that your pushing a mod like you sell, or, live in one. You say "proven fact." I'd like to see the proof;backed by pictures, evidence, and some sort of repeatable provable analysis. And this is why I dislike brokers. Who gives a fuck about the discount? I'm not paid on margin so I don't need to worry about it and try to cover the spread to make my money and still fuck the borrower. No, I do not sell or live in a modular home. I am educated on them and have absolutely nothing against them. No, I will not spend the time doing your research for you. If you really need me to illustrate how a modular home is built better than a stick build, you are in the wrong business. Call an appraiser or inspector, they will educate you. Or, read LJ's posts. He did a good job. That is for a trailer home Manufactured home = Double wide hauled to your site and secured to a concrete pad. Modular home= Sections of the home are built off site, tranported to your property and assembled at your house. Huntington, Chase, Guernsey, Heartland and PNC will all finance a modular home the same as a on site built home. I know this because my sister and her husband just went through this last year when they were looking at putting on on their land Well said. As will Union Savings Bank...and I'd be willing to bet it's cheaper to do so with Union. Side note...there are actually a lot of manufactured homes that are being built to stick build code. I found this odd, but kind of neat. Even if you don't know what your reading, its easy to see a loan for a Mod is much more difficult that a standard home. Consequently, your rates and fees will reflect that. And HAVE FUN taking a cash-out refinance for one! Again, NO. Refinanced the EXACT SAME. Cash-out is just as easy. How about doing a cash-out refi FHA on a manufactured? Also easy as long as the value is there. I'm mad that my bank won't touch Cleveland proper on conventional deals. Looks like I'd make a KILLING based off of the lender competition... -Marc Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.