They were at one time one of the leading provider of loans for manufactured homes in parks, but now they have departed this field and may never return to California.
Headquartered in Tennessee (where several manufactured home lenders are headquartered), this lender bailed out of lending last year with the intent of re-entering. But a recent management decision has been announced stating that this lender will be offering loans for manufactured homes in parks in most states, but NOT in California.
And why not in CA? Because of losses. Apparently their repossession inventory keeps growing and growing.
This is a set-back for the MH finance industry in CA. They were a good lender, and the only lender that would take self-employed borrowers who couldn't prove their income.
But the news isn't all that bad. We still have three solid lenders for MH's in parks. One lender will go back to 1970 in ageing.
Call me any time to discuss MH lending.
Dave Shanklin
Mobile Brokers Acceptance
8522 Madison Ave
Fair Oaks, CA
1-800-401-3372
Tuesday, June 22, 2010
Friday, June 18, 2010
Santa Rosa Mobile Home Parks Still Sizzle! Mobile Home Loans Still Available
Sales are still HOT in mobile home parks in Santa Rosa.
One of my top real estate clients tells me that she has been busy.
"I've been busy with mobile homes this summer, a lot busier than last summer," she said. This agent is a top mobile home expert with Prudential California, Rohnert Park, CA. Most of her transactions are in senior parks.
And as far as lending is concerned, I still have three lenders investing in manufactured home communities.
One of my lenders, which resells their loans to other banks, has recently picked up a new "investor bank". This new investor is offering much more flexible terms than my other lenders. For 1976 & newer MH's in parks, they require 15% down, 700+ Fico, but they will amortize up to 25 years. Otherwise, I have only one other lender for 1976-1990 MH's, but their amortization is usually only 15 years. This lengthier amortization results in a lower payment, therefore, qualifying is a little easier.
One of my top real estate clients tells me that she has been busy.
"I've been busy with mobile homes this summer, a lot busier than last summer," she said. This agent is a top mobile home expert with Prudential California, Rohnert Park, CA. Most of her transactions are in senior parks.
And as far as lending is concerned, I still have three lenders investing in manufactured home communities.
One of my lenders, which resells their loans to other banks, has recently picked up a new "investor bank". This new investor is offering much more flexible terms than my other lenders. For 1976 & newer MH's in parks, they require 15% down, 700+ Fico, but they will amortize up to 25 years. Otherwise, I have only one other lender for 1976-1990 MH's, but their amortization is usually only 15 years. This lengthier amortization results in a lower payment, therefore, qualifying is a little easier.
Mobile Home Loan Programs Have Suddenly Become A Little More Flexible
Today, one of my loan reps called saying that they have a new investor for MH's in parks, with better terms.
This new investor, whose identity even I don't know, is offering up to 25-year loans on the early post-Hud homes. In other words, post-Hud homes in parks, 1976 & newer.
Why is this a good thing? The only lender financing MH's from the late 70's thru 1990 usually won't amortize more than 15 years.
Previously, if I had a 1978 doublewide in a park, the best term that I could get would be only 15 years. Now I can get a 25-year loan. This makes qualifying easier, due to a lower payment.
PRE-HUD LENDING STILL AVAILABLE
I still have a pre-1976 MH lender with decent terms. Their terms are: 25% down, 15-year loan @ 9.5% fixed, 740+ Fico.
This new investor, whose identity even I don't know, is offering up to 25-year loans on the early post-Hud homes. In other words, post-Hud homes in parks, 1976 & newer.
Why is this a good thing? The only lender financing MH's from the late 70's thru 1990 usually won't amortize more than 15 years.
Previously, if I had a 1978 doublewide in a park, the best term that I could get would be only 15 years. Now I can get a 25-year loan. This makes qualifying easier, due to a lower payment.
PRE-HUD LENDING STILL AVAILABLE
I still have a pre-1976 MH lender with decent terms. Their terms are: 25% down, 15-year loan @ 9.5% fixed, 740+ Fico.
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