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Buying or Selling a Home/Manufactured Home & Land Mortgage

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Expert: Jim Root - 3/27/2010


Question
Hello Jim,
Husband and I live and own land in Tennessee. We also have a house (not on the land) that has a contract on it and should be closing very soon. We want to buy a manufactured home, put it on our land and get a mortgage (fixed rate, 30 year) that will buy the manufactured home and pay off an interest only loan (which is secured by our land). Is there such a loan out there? Vanderbilt mortgage is the only one we've tried so far and the payment was way too high. We have ok/good credit (665, 740), debt to income ratio, 50/50. Local banks all say no, even our credit union says no. Are there any mortgage/finance companies for manufactured homes out there other than Vanderbilt and how to do we find them?
Thank you for any info you can provide.

Answer

SHERRIE--

You're house that's under contrct and should be closing soon is --I hope--being SOLD by you, not PURCHASED!

What you're looking for is called a "Mobile Home/Land Package" and not many Lenders will do these loans.I suggest you go to your Search Engine and LOOK FOR A LENDER WHO SPECIALIZES IN SUCH
LOANS.There are few out there.

My personal Loan Officer(LO) is RICK WADE. VP of Internet Lendng with Nationwide Home Lending of Houston TX.I've known Rick for over 30 yers--he serves as LO on all of my mortgage work.And always does a good job.

If his company doesn't do "Mobile Home/Land Packages." he MAY know an  Internet company that can help you. Why don't you give him a call at 1-800-893-3607 x161  ( His Cell # is 1-832-247-5129 )

Tell him his "Big Brother" wants him to help you out. GOOD LUCK!

--JIM

P.S. We're not really related; ask him to tell you the story behind the Big Brother/Little Brother" monilers.JR

Buying or Selling a Home

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Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

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