where do i get an option arm for manufactured housing?

maxbreymaier · Joined: 08 Feb 2007 Posts: 2

Does anyone do this in WA? wamu? I am a new LO and have not had this scenario yet. Thanks!

774 fico, 80% LTV

chow · Posted: Sat Mar 24, 2007 12:08 am Post subject:

I'm going to keep my black tounge in my furry mouth.

TFF · Joined: 22 Aug 2006 Posts: 26

maxbreymaier wrote: I am a new LO

that pretty much sums it up :lol:

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

chow wrote: I'm going to keep my black tounge in my furry mouth.

LOL

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

everyone...play nice. We were all new once as well.

Max,

If you haven't read between the lines yet, you are not going to find that loan program. Even if you did find it consider what you are asking for. You have a depreciating product in a manufactured home and you are looking for a negative amortization (increasing balance) loan program.

The pay-option-ARM, regardless of people's personal biases, is best suited to appreciating real estate that will grow in value GREATER than the rate the pay-option ARM will increase your loan balance. If after 5 years your home balance has increased 8% with a pay-option-arm but due to appreciation the home is worth 10% more, then you outpaced the negative amortization.

On a manufactured home, the value is DECREASING not appreciating in the overwhelming majority of cases.

People were responding to you in a sarcastic manner because your scenario is non-sense and you need to probably choose a different loan program or perhaps a different client all together.

good luck.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

It's questions like these that make me worry about our industry. Someone is training this guy to use the pay option arm in any circumstance, not what it is actually good for.

chow · Posted: Sun Apr 01, 2007 9:52 pm Post subject:

the fuzzy dog is still biting black tounge and now laying on back with all four paws raised to the heavens..... :idea:

I miss Secret! some days......

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

Haplo, if you ask me, nobody is training him anything which is the problem. I doubt it's poor training....probably NO training.

TFF · Joined: 22 Aug 2006 Posts: 26

ken(TX) wrote: I doubt it's poor training....probably NO training.

I concur.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Well, I agree he's not getting training from his boss, but what I mean is much the same thing I had to endure.

The good ol' days when I was a broker going to countrywide's Pay Option Arm 'event' in St Louis. Listening to that kind of stuff as a newby can make you forget all the garbage being spewed.