Manufacture and Mobile Home Lender Blog

The Bad News:

1. Your credit score will take a drastic hit.
2. Forget about applying for a new home loan for many years.

The Good News:

1. If you can you scrape together a minimum of $10,000.
2. If your credit was fairly good before you walked away from major debt.

You should be eligible for a private money loan to purchase a re-sale home in a manufactured home community. Go online and look for a wholesale manufactured home lender who can recommend a chattel or home only, licensed loan originator, in your area. A manufactured home loan originator can aid you in qualifying for a home loan and possibly aid in selecting a manufactured home community that can fit your housing and financial requirements.




The ideal community would be a 55+ park as they are typically well maintained and offer amenities such as a club house, gym, swimming pool(s), spa and patios. Monthly space rent typically includes trash pick up, common area maintenance, security patrol and use of all the communities’ amenities. Typical monthly rents range from $350 to $550. For less than $1,000 (including space rent & mortgage payment) per month, you can enjoy an affordable resale home and lifestyle in a secure environment.

If your home debt is overwhelming, perhaps now’s the time to consider an affordable manufactured home alternative, go online and contact a wholesale manufactured home lender.

Are you a mortgage broker, loan originator, resale agent or in-park sales person?

In the current economic environment locating a home only or chattel lender, for financing a sub-prime applicant, is like locating a needle in a haystack. However, it is still possible to find a wholesale manufactured home lender where you can submit that non-conforming purchase or refinance client.

Examples of non-conforming purchase or refinance scenarios:

1. Site built home owners walking away from their mortgages
2. Existing home owners seeking cash out refinancing
3. Existing home owners seeking refinancing to pay off debt
4. Applicants emerging from foreclosure or bankruptcy
5. Self employed applicants with complicated tax returns
6. No credit applicants
7. Alien applicants
8. Applicants whose credit rating has been damaged due to divorce, illness or other catastrophes but otherwise generally good payers

Advantages of submitting applications to a wholesale manufactured home lender:

1. Speed, as the lender typically underwrites and funds the loan.
2. Flexibility, as the loan underwriting is based on non-institutional investors needs.

Process submitting a loan to a wholesale manufactured home lender:

1. Initial submission of a fully completed HUD-1003 application and credit report.
2. These two documents should reveal sufficient information for the lender to either reject or issue a Conditional Letter of Approval.
3. The loan originator will typically submit documentation to verify information. supplied in the application.
4. If the lender approves the second submission an appraisal is then ordered.
5. If the appraisal is approved, the loan originator then orders the lenders documents, closes the loan and performs the necessary title work at the dept. of motor vehicles
6. The loan is funded when the lender receives the signed documents and new titles.