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jerrydeb · Joined: 04 May 2009 Posts: 1 1.40 Dollars($)

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

jenkin7 · Posted: Tue May 05, 2009 1:08 am Post subject:

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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looking for a lender on a home that was brought in, in 2 sections and placed on a full basement.