Financing in 45885>Question Details

D,  in Saint Marys, OH

I am a realtor. I have a listing in Ohio. It is a pre-1975 manufactured home on a solid foundation with a

Asked by D, Saint Marys, OH Fri Jun 5, 2009

large stick built addition. I am being told it cannot be financed FHA since the manufactured section is pre-1975, Does anyone have any suggestions as to how this home can be financed with a low downpayment loan?

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If it's a rural property with land you may be able to get a USDA loan. But the land value can't exceed 30% of the total value. Most national lenders can give you this correct answers. Otherwise, it does have to be 1979 or after to qualify for FHA. Also, have you tried a credit union yet? They often create their own "membership rules" when making any type of loan. They are also good for investors who exceed the Fannie Mae maximum number of loans/properties rule. Good luck. Dave
0 votes Thank Flag Link Wed Jan 26, 2011
Hi, Doris. As you may already be aware, manufactured homes have to of been built after 1979 to qualify FHA. You may get some layway depending on the size and type of additions added. Your best bet is to try to run it through a direct lending mortgage bank. Good luck
0 votes Thank Flag Link Wed Jan 26, 2011
Try contacting Gary Hickfang or WACO Financial in Grove City, Ohio at 1-800-832-6313. He has financed many of our mobile home clients over the years. I do not know if he is able to finance anything built prior to 1975, but call him to inquire further. Can your seller privately finance the buyer via an installment loan?

Hope this helps.

Mike Kuck
Broker to Kuck Realty
St. Marys
0 votes Thank Flag Link Wed Jan 26, 2011
Did you try USDA?

Danny Castagna
Sr Mortgage Consultant
E-Mortgage Management
(P) 800-793-9633 ext 185
(F) 888-386-4071
0 votes Thank Flag Link Fri Jun 5, 2009
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