Many home buyers assume a manufactured home loan is no different than a stick built home. These days nothing could be further from the truth. Not only are fewer and fewer lenders even offering manufactured home mortgages, the credit requirements are getting more difficult.
PNC Mortgage has the best combination rate/fees/credit requirments of any lender I have found recently. They have FHA and VA loans with...get this...no "penalty" (higher rate/fees) for a manufactured home. Not only do they not add to the rate/fees for a manufactured home, they don't add to the rate/fees for credit score. So long as your mid-score is over 620, you qualify for the same FHA/VA rate/fee as a stick built buyer with a score of 800!
In the coming weeks I will cover more of the benefits of PNC as well as more information about manufactured home purchases.
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Compared to traditional home, mobile homes are more affordable. For retirees like my parents, they opted to sell their existing traditional house and replaced this with a smaller house for her and my dad. I think it freed them of the burden of debt since they were able to have a lot of money left after the sale of the big house and the acquisition of the mobile homes. For older people, having ample cash will be a blessing for years to come. For more information on mobile home financing, see: http://modularhomeblog.com/prefab-mobile/mobile-home-financing.html
ReplyDeleteIt proved to be Very helpful to me and I am sure to all the commentators here! St George
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