Home Buying in Sherwood>Question Details

Meghan Mcgill, Renter in Tigard, OR

Mfg home we are looking at in Sherwood, OR does qualify for the USDA program according to the website but someone mentioned it had to be new? Built 94

Asked by Meghan Mcgill, Tigard, OR Mon Dec 6, 2010

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Meghan
I spoke to USDA - the home does have to be NEW, on land that you own or are purchasing, and the home must be purchased from an accredited dealer that can offer USDA financing. The home also has to be detitled and placed on a permanent foundation.

They are emailed me a list of accepted dealers that you can purchase from if you are interested in it.

Kris Simpson
A Group Real Estate
0 votes Thank Flag Link Mon Dec 6, 2010
Financing on MFG homes is tough right now. Even though FHA or USDA may gurantee the loan you may still not be able to find an investor to write the loan as they don't want the risk. Part of the risk is the difficulty with declining values on them. In this market most folks are staying away from them because of these reasons and the affordability of stick built homes.

Feel free to contact me with further questions or if you would like some resources to help you unterstand the lending aspect better on MFG homes..

HankPaterson@JohnlScott.com
Web Reference: http://www.HankPaterson.com
0 votes Thank Flag Link Mon Dec 6, 2010
Only a new manufactured home can purchased and placed on private land to obtain USDA financing... your options would be 3.5% down with FHA or 20% down for conforming.
0 votes Thank Flag Link Mon Dec 6, 2010
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