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Chester Said:

A friend is looking for a loan for a Manufactured Home. He has Excellent Credit and needs options.?

We Answered:

I would think the dealer would have the best financing options

Cynthia Said:

Can my husband and I borrow against our IRA to finance a modular home for retirement?

We Answered:

You can use the cash from your IRA (up to a certain amount) to purchase a home (not an investment property, but a home that you intend to live in) without penalty.

Speak with your broker about it.

EDIT: well heres an article and apparently some IRA allow you to even buy investment property.

http://www.realtor.org/rmomag.nsf/pages/…

Bertha Said:

Manufactured home loan for first time buyer with 550 fico possible?

We Answered:

If the home is on a regular foundation and not just skirted, it will often be treated like a car or an RV. You won't need that great a credit rating, but may need to come up with more money down.

If you are looking to purchase NEW, then the seller will actually broker the loan for you. Most manufactured home sellers do this, or they wouldn't sell any homes.

In reference to a previous answer, I have NEVER seen a lending institution offer a 30 year loan on a manufactured home. They usually decrease in value instead of increasing and a 30 year amortization would have the purchaser upside down in their equity.

Good Luck

Leslie Said:

What are the consequences of "surrendering" our manufactured home back to the lender?

We Answered:

It is a foreclosure, you have a mortgage.

Your credit will be hit by 250-300 points, for 4-7 years.

If they can still require you to pay the 49k depends on the loan (if you ever refinanced or not) and your state. The same goes for wage garnishment, they can almost anywhere, except for TX. If you live there they have to attach tax returns and hope you buy other property that they can lien.

Ella Said:

Lender (mortgages Company) Entering My Home?

We Answered:

are you sure they entered the home and didn't just do work under the home and around the home?

My mortgage has a clause about insurance. Most lenders can check to make sure you are keeping "their" asset in good condition, but I have never heard of one actually following up on it like they did in your case. If you aren't living in it they might be afraid it's going toward forclosure, though.

Sean Said:

Do mortgage lenders verify tax documents for income proof with the IRS?

We Answered:

Yes, they make you fill out IRS form 4506 and it may be verified with the IRS. With all the mortgage fraud in the last few years, they are verifying more and more tax returns with the IRS.

Kenneth Said:

How do you refinance an upside down mortgage for a manufactured home?

We Answered:

The highest LTV you're going to get on manufactured right now is about 90%, and that's even if you can find a bank to do it, because they've been avoiding manufactured like the Plague lately. Reason being is that property values are on a down trend, and the first properties to drop in value are mobile and manufactured homes.