Who's left?

While there are still some lenders out there offering conventional (Fannie/Freddie) financing for manufactured homes, very few lenders are offering FHA/VA loans on them. For brokers and correspondent lenders this has created a big problem for them. Of the few lenders offering these products, their rates/fees are not very competitive and the restrictions added can make even the cleanest deal fall apart at the last minute. So the questions becomes, who is offering FHA/VA loans on manufactured homes these days? The answer...big banks, and they are keeping them for themselves.

PNC Mortgage, Wells Fargo and Bank of America still offer FHA/VA financing for manufactured homes but only in-house. No broker or correspondent offerings at all. So there is very little competition for these products and for real estate agents, this is VERY important to know. If they have a manufactured home listed for sale, they better have a reliable "source" for financing, same goes if they have a buyer looking for homes priced for many first time home buyers.

As a mortgage banker for PNC Mortgage, I have worked hard to get the word out to as many agents as I can (especially those with manufactured homes for sale) that I am one of the few lenders offering FHA and VA products for manufactured homes. Not only that, but specialize in them as well!

So my advice to real estate agents is if you don't have a source for manufactured homes at one of the "big 3" banks (or even if you do) ... call me. Keep my information on hand because you never know when you might need my services... :)