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Mortgage for Manufactured Home

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jewalker Joined: 15 Nov 2010 Posts: 2 1.48 Dollars($)	Posted: Mon Nov 15, 2010 8:18 pm    Post subject: Mortgage for Manufactured Home Like 0 Dislike 0 We have submitted an offer for a manufactured house and lot. The house is 1700 sq. feet, was built in 1991 and has been installed on a permanent foundation. The house is in Burbank, Ca and the offer is for $450,000. Our mortgage broker says that mortgage insurance companies no longer offer PMI for manufactured homes and our only option is to come up with 20% down. We have only been able to save 10% down. We would like a conventional 30 year fixed mortgage. What options do we have?
Niicss Joined: 03 Oct 2005 Posts: 4833 Location: New Jersey 508.71 Dollars($)	Posted: Tue Nov 16, 2010 2:55 am    Post subject: Like 0 Dislike 0 With a down payment of 10%, you won't be able to get a conventional mortgage. You will have to give a down payment of 20%. However, you can qualify for a FHA loan. You can contact the local FHA lenders and apply for a mortgage. _________________ Good is the Enemy of Great.
jewalker Joined: 15 Nov 2010 Posts: 2 1.48 Dollars($)	Posted: Tue Nov 16, 2010 9:48 pm    Post subject: Like 0 Dislike 0 According to our mortgage broker none of lenders that he is licensed to work with will do a FHA loan on a manufactured home no matter the down payment. My broker works for Blue Coast Home Loans. Does anyone know a lender that will do a loan for a manufactured home? Especially at this high of a price?

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