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Conventional Loans and Manufactured Homes

5/6/2014

1 Comment

 
Conventional loans have several advantages over FHA.  There is no up front mortgage insurance premium.  Second/Vacation homes are permitted with 10% down.  The monthly mortgage insurance is significantly lower, even if you only put 5% down.  And, an FHA/HUD foundation is not required....though many lenders (not the ones I use) require an FHA/HUD foundation on conventional loans too.  Conventional loans are tougher to qualify for though.  So, when I prequalify a borrower for a manufactured (or regular) home loan, I start with the possibility of closing a conventional loan first....and then move to FHA if necessary.

General Questions?  Use the comments section provided.  Call if you have any specific loan scenario questions.




1 Comment
Eric North
6/9/2014 03:30:44 am

Conventional loans require all additions that are physically attached to the home be certified by an engineer to make sure the home has not been damaged by the attachment of the addition. This includes decks, rooms, patios, etc.....anything that is attached to the home. This is an easy inspection to order, and can be done after all other loan conditions are cleared. All conventional loans require this for manufactured home loans, so all lenders must have this inspection done for the loan to close.

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    Eric North

    AZ's Manufactured Home Loan Expert

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