Manufactured Home

caliberLO · Joined: 21 Sep 2005 Posts: 4 Location: Irvine/CA

Anybody know any lenders that take Manufactured homes on LEASED LAND?

chow · Posted: Wed Nov 16, 2005 3:34 pm Post subject:

Century mortgage. I heard rumor that Conseco :shock: was back up and running for mortgage banking business.

VerdeoFunding · Joined: 06 Dec 2005 Posts: 25 Location: Roseville, CA

I have never had good luck with manufactured homes. Usually i try more to focus on the land that it's on. One of my past clients planned on selling 5 acres, with a manfactured home on it. They figured there was nothing could do with it, as far an invesment, besides let it sit, or just sell it. So we looked into it, and decided to not sell it, just leave the house alone, Took the money out of the land, Invested it as retirement plan for the husband, Now we just keep the equity pouring into the investment. I then found a renter for my client, so we could use the rent money to pay support the monthly payment. I don't know if this can be an option for you, but it could.

Lendgo · Joined: 30 Nov 2005 Posts: 14 Location: California

Depending on what type of manufacturing housing you have sometimes you can get away with calling it a regular home...speak to the manufacturer of the manufactured home, they can help.

If not you can get away with calling it modular housing....same thing as manufactured housing...but some lenders view it differently.

good luck

chow · Posted: Tue Dec 06, 2005 2:03 pm Post subject:

It isn't REAL ESTATE if it is on leased land. Never. It will never have a "mortgage."

Homes on leased land are condisdered personal property or chattel loans. If the home is on land that is owned, and the home was placed on it later and was titled as personal property, it can be converted to real estate status by going to the county offices where the land and home is located.

Lendgo · Joined: 30 Nov 2005 Posts: 14 Location: California

I really have no idea what the contigencies would be when it comes to leased land. This is not my area of expertise.

What I do know is that many of the larger manufactured home builders have designed their homes in such a way that will allow the owner to call it a "spec" home. This might make the whole thing easier if you are tring to get a mortgage on a spec home on leased land as opposed to a monufactured home on leased land.

cheers

VerdeoFunding · Joined: 06 Dec 2005 Posts: 25 Location: Roseville, CA

ya. I really have don't have much expertise in this area as far as leased land and modular homes. I have only worked with one of these, and i shared my experiance. =) I wish you the best of luck.

chow · Posted: Tue Dec 06, 2005 7:51 pm Post subject:

It is as simple as this. For a loan to be considered a "mortgage" loan, Land must be attached. Any other loan is a simple installment loan. As loan originators, we can be paid to do these, I would wander over to Scotsmanguide.com.

You can buy land on a installment loan, and it not be a mortgage loan-but be on title and have only the installment loan recorded. (ie: those time shares everyone sells-are installment loans, and you will never get a mortgage loan on those either.) But I've never seen a "Mortgage" loan on anything that was not attached to land as a major part of the security.

The "mortgage" is a legal document that convey's the mortgagor security to call the note due or release the lien. It is an instrument that we record when we make a pledge to pay on our real estate. The mortgagee agrees to take care of the land, is named on the title and mortgage/deed, along with the mortgagor, and hopefully, everyone lives happy ever after or until they refi or sell.

My concern about this discussion is that if you are a telemarketing person who is selling leads, you have to know the difference, because 90% of the loan officers will pound you 9 ways from Sunday if you sell them a bunch of hot leads for homes that are on land that they lease.

I would be all over you- like white on rice, get my drift??? :wink:

You can't sell "leased" land leads as "Mortgage" leads. I know 99.99% of the people who own a trailer think they have a "Mortgage." They don't know any better, so look at the addresses, go over to googleworld and look at the area. If you see a snap shot from space, that looks like a bunch of rectangular boxes, along with narrow streets- sell the leads to a broker who does these, and don't ever pass them off as "mortgage" loans.

HUD, and Fannie both state this is an acceptable home, and can have a mortgage loan. The requirement is: The structure must be HUD approved: It should have a sticker for that-attached. the structure is attached to land, It is tied down, the wheels and tounge are removed, and skirting is placed around the frame. for more details, wander over to www.hud.gov

I hope this is a educational discussion, in any event.

VerdeoFunding · Joined: 06 Dec 2005 Posts: 25 Location: Roseville, CA

Ha, Chow. Good information.

chow · Posted: Tue Dec 06, 2005 8:12 pm Post subject:

Thank you... Sir!

Every now and then I let my self slip out of "Kathy/Cathy" mode as Haplo calls it...

Lendgo · Joined: 30 Nov 2005 Posts: 14 Location: California

I have still yet to get a lead back where the mortgage originator says that the deal was on leased land.

Our telemarketing campaigns are data driven, so we only cold call on people who have a single family residence and own the land. On refinance campiagns, we get data for people who currently have a mortgage.

Furthermore, We do not sell any leads for manufactured housing, we currently just do not have a client that is willing to take these leads. Our internet side we do get a handful of these types of leads, we simply throw them away. I also gaurantee all my leads, if the lead is bad...return it..no questions asked. If you want to be all over me like white on rice - I welcome the opportunity. :D

Bottom line, I have yet to encounter any leads for properties on leased land.

chow · Posted: Tue Dec 06, 2005 8:23 pm Post subject:

Slow down little puppy! Don't bite before you bark!!! :shock:

This is a discussion-Plain and simple.

not a chance to redirect your vast skills to the "teeming millions."

nor would I ever state anyone was attempting to lead people astray.

My post was a honest attempt at educating people.

Take a deep breath, and join in-please and thankyouverymuch! :wink:

Please edit your post so it would appear you are a TEAM player in this discussion.

TEAM: Together, Everyone Achieves More...or ?????

lil_oh_me · Joined: 04 Jan 2006 Posts: 35 Location: Grand Rapids, MI

If it is the intent of the borrower to use the manufactured home only
as the collateral and continue leasing the land you will be providing
a chattel loan and Vanderbilt Mortgage can provide that. Should it
be that they want to throw the land in so that you are no longer
dealing with personal property only but real estate Vanderbilt will
do that as well as a number of other lenders subject to the credit
worthiness of the applicant(s).

Cynthia T Wienand · Joined: 30 May 2006 Posts: 4

So did you find a Manufactory lender in all of this? I am new to the site and I would like to know if you where able to find someone and is willing to share the name of the lender. I'm in NC and most lenders here need a score of 610 to 620 and the only other lender I had found there not taken any new brokers right now, go figure! Any advise. :(

chow · Posted: Wed May 31, 2006 1:19 am Post subject:

While FHA doesn't have a real score issue, the investors or lenders place a floor on what they will buy. Fannie Mae will do Manufactured housing, it's just finding a lender who like to underwrite them-or an investor who like to buy them. Your LTV is usually capped depending on what kind of manufactured home it is.

I would suggest you try two search engines.

www.scotsmanguide.com
www.weirdloans.com

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