Gaston Edgcomb: 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.
Raleigh Lufkin: 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....Show more
Edwina Fu: 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 s! taff 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.
Alden Soldano: 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%.
No comments:
Post a Comment