 jerrydeb
Joined: 04 May 2009
Posts: 1
1.40 Dollars($)
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 Posted: Mon May 04, 2009 10:23 pm Post subject: looking for a lender on a home that was brought in, in 2 sec |
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| Banks in our area consider this home a manufactured home, but it is on private land, immobile, placed on a basement. We can not find a lender and our time is running out. Both of our credit scores are approx. 760-780 and we have a pre approval letter for $110,000. This home is $71,900 which includes the closing cost, but we need additonal money to borrow in order to build a garage, cement the patio, build 2 decks and put in a driveway. Lenders are wanting $19,000 down, we only have $4500. to put down. Can you suggest specific lenders in the Topeka, Ks area sow e could apply? We have been looking for a home for 2 years, have a 10 month old, and one on the way. Need to get out of our ver small 2 bdrm apartment that is in a high traffic area, very noisy, etc. We both have very good jobs. Please respond ASAP as the realitor iswanting to show the house to other potential buyers. Thank you, Joe |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Tue May 05, 2009 1:08 am Post subject: |
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Hi jerrydeb,
Even though they consider this as a manufactured home, if it is based on a permanent foundation and is immobile, it is to be considered as a real estate property and it should qualify for a regular mortgage loan. Your credit score is quite good. But if you need to borrow more than 80% of the home price, you will be required to put down 20% money as downpayment or you will need to have a PMI. You can go for a 80-20 loan i.e. instead of going for a single loan of more than 80% LTV, you can borrow two loans-- one of 80% and a second of 20%. This can eliminate the cost of PMI on a low down payment loan. If you are in need of a lender quickly, I think you can go for a no-obligation free mortgage consultation with the community lenders. They will assess your financial situation, your credit score, income etc and will be able to tell you how much of a loan you can qualify for and what type of mortgage will be best-suited for your situation. |
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