Well, unfortunately, I found out the hard way yesterday that getting an FHA loan on a manufactured home wasn't going to be easy. I knew there were stipulations, but the lender never disclosed or announced to my buyer or myself that there may be an engineering certification of the foundation that needs to be approved by FHA. What is that you might ask? That is what I said too (especially since we were supposed to get docs yesterday). Apparantly an engineer must inspect the foundation and certify that it is correctly attached to the ground in order for FHA to approve the loan. OK, so that is my first hurdle that I am working on today.
Secondly, just found out yesterday that most banks have pulled loans on manufactured homes, period. OK, so now what? We are looking for banks that will do a loan on a manufactured home that is located in a 55+ community. Any suggestions?
Betsie Melter, REALTOR, GRI, ABR
Realty ONE Group
3530 S. Val Vista Dr. #114 Gilbert, AZ 85297
480.734.3644
realtorbetsie@gmail.com
Good luck Betsie on finding a lender for manufactured homes. Thanks for your post, I just took a listing on a manufactured home on 10 acres, so I'm going to start checking around in my area for lenders willing to loan on these types of properties.