Financing For Manufactured Homes Available

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Joni Howard, a mortgage loan officer with Wholesale Lending of Payson, said in the two months she has been here, she has heard a lot of comments regarding financing for manufactured homes.

"I've been working in the mortgage industry for more than 15 years and am very knowledgeable about the various types of mortgage loans available," she said. The comments -- and complaints -- she said she has heard are about the lack of financing options for manufactured homes.

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"Actually there are numerous loans available for manufactured homes, as long as the home meets the criteria that are set in place by the lenders," she said.

Howard said the largest provider for manufactured home loans is HUD. The loans are obtained through a loan broker and guaranteed by FHA.

The three main criteria for FHA are:

  • The manufactured home must have been built since June 1976 and must have a HUD sticker on each unit of the home. There are no exceptions to this rule.
  • The home can only be moved one time, usually from the dealer's lot to the borrower's lot, no exceptions.
  • The foundation must meet FHA requirements. The newer homes are often set by the manufacturer with an appropriate foundation. If the foundation does not meet FHA standards at set up, it can usually be modified to do so.

Howard said FHA also looks at other items, such as estimated roof life, condition of exterior paint, electrical, plumbing, heating issues, etc., which sometimes require minor repairs.

She said conventional loans are also available on manufactured homes, but they require a larger down payment and higher credit scores.

Howard invited anyone with questions about manufactured home financing or FHA loans to contact her at (928) 951-0900 or (928) 474-8009, Wholesale Lending, 805 S. Beeline Highway, Payson.

Additional assistance in finding affordable mortgages and more is being provided by an ACORN Housing counselor next week.

National nonprofit ACORN Housing has been providing free housing counseling to low- and moderate-income homebuyers since 1987, helping more than 50,000 families achieve homeownership. It has HUD-certified, Fannie Mae-approved housing counseling offices across the U.S.

An ACORN Housing counselor will be in Payson, at the Payson Public Library meeting room from 5:30 p.m. to 8:30 p.m. Thursday, June 7 and at Fireside Espresso, June 8. To object of the visit is to help residents obtain affordable mortgages through its unique lending partnerships, provide one-on-one mortgage counseling and help first-time homebuyers.

ACORN representatives will also look at an individual's savings and credit history to see if they qualify for a mortgage. They can help with credit problems and create a savings plan for a down payment.

When an individual qualifies, ACORN can help arrange a mortgage with lower interest rates, lower down payments and lower settlement costs, than what banks usually offer.

Anyone interested in the program is invited to attend, including real estate agents who want to learn about the ACORN Housing program.

Information about the program can be found at www.acornhousing.com.

"For many people, buying a home seems impossible, because they think they can't ever save enough money or that they need perfect credit," said Barbara Smallwood, who is organizing the program.

"The truth is that homeownership is not as difficult as you might think," she said. "After learning the facts through this home ownership program, millions of people have found that buying a home of their own is easier than they ever thought."

To confirm attendance at the presentation, contact Smallwood at (928) 468-7588.

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