Saturday, November 2, 2013
FHA Manufactured Home Loan - Can You Still Get Manufactured Home Financing!
The standards for all types of housing loans have changed in the last year because of the credit turmoil and the economic crisis that we are currently going through. The FHA Manufactured Home Loan has seemed to be also effected by the tightened standards.A FHA Manufactured Home Loan is normally the best way to finance the purchase of a manufactured home because you only have to have 3.5% down payment and your credit scores does not have to be as high as for conventional loans. FHA is the largest insurer of manufactured home loans and for the last few years been almost the only one doing these types of mortgages.Things are changing now. It is becoming more difficult to get manufactured home financing. Why is it hard to get this type of financing?In today's housing market it is becoming increasing more difficult to secure a FHA Manufactured Home Loan because there is less number of lenders that are willing to finance this type of loan or lenders that are approved by FHA.These three largest lenders that are left are JP Morgan, Wells Fargo and Countrywide. The three companies are not aggressively seeking these types of loans and are becoming less active in the less few months. The problem with this is it will lead to less competition, even tighter credit standards and higher interest rates.It is very important that you find a lender that can do a FHA Home Loan before you make a commitment to buy a manufactured home. You can contact your real estate agent and they should be able to help you to find a lender that they have used in the past.You don't want to give up on securing a loan on this type of home. You will just have to spend a little time researching your area to find an approved lender. Better yet, let your real estate agent do the research for you. You can also do your research on the Internet. There are a lot of websites that will give you the names of lender across the country and also in your local area that will help you. FHA Manufactured Home Loan is still the best way to help you to finance your dream home!