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.