My motto is... If there's a will, there's a way!
Carolyn Campbell, MRP
Century 21 Abbot Realty & Auction
Joel Lobb (NMLS#57916)
Senior Loan Officer
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
NO, we cannot do â€œexistingâ€ manufactured homes.
A single family housing tract = â€œHouse & Lotâ€. The property cannot be income producing. ie: a baby farm. We are to do single family housing tracts, typically 2 acres or less. If the â€œacreageâ€ value on the appraisal is 30% or less of the total value of the property it becomes a judgment call by our loan officer as to whether it is a single family tract. If the â€œacreageâ€ value on the appraisal is more than 30% of the total value of the property we must do a â€œsite visitâ€ to determine if it is a single family tract or what must be done to make it a SF tract, unless the appraiser can say that single family tracts of more than 30% are â€œtypicalâ€ in that area.
Hope that helps, I have a sheet I can email you if you like that tells a lot more about those loans.