For years, I've been hearing about the introduction of FHA loans in mobile home parks. For many decades, FHA loans have been available for manufactured homes with real property, but not for "MH chattels" in parks.
My lender rep tells me that FHA is willing to insure this type of loan. However, so far no lender is willing to begin underwriting them.
However, the same loan has been telling me for over a year that the investors he works for are becoming "increasing interested" in underwriting FHA loans for manufactured homes in parks. And he says that one of the lender's subsidiaries is an FHA lender, and the parent corporation bought the company for that reason.
Yesterday, one of my real estate agent clients emailed me a form pertaining to FHA financing for manufactured homes in parks. Where she got this, I didn't ask. My point is: the rumors keep surfacing......
FHA products for manufactured homes in parks should make financing much easier for people trying to buy in family parks, for example, who usually have little or nothing down. Furthermore, I believe a thre-year-old mortgage default will be okay with FHA, but NOT okay with any of my current lenders.
Stay tuned......
Friday, December 18, 2009
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