Financing Manufactured & Modular Land Home Packages
The Changing Face Of Mfg/Modular Home Lending Just the other day I was visiting with a 10 year client, A Land Home Dealer in Kansas.
We were discussing the challenges and opportunities we were facing since the loss of our past client and product base which revolved around Manufactured Zero Down Land Home Packages.
Since Fannie and Freddie put the "Ka Bosh" on our traditional Two Step Construction to perm process i.
e.
using the appraisal in Lieu of a down payment, he has almost entirely shifted his marketing Focus to Modular Land home packages.
How ever, this has substantially raised the starting price of his homes.
That said, My Most recent two closing's in Colorado were both HUD CODE and on acreage.
If that got your attention I'd like to explain a little further.
10 years ago 99% of our transactions were conventional and today it is split between Conventional FHA and VA.
Most dealers are afraid of becoming a "Government Lender" because of the potential cost and the additional steps that might be required for approval, construction and closing.
DON'T BE In Reality, it is not much different than what is already required by most building codes.
Besides, Aren't Fannie & Freddie also Government lenders? It's hardly a surprise that our fascination with Conventional land home was the ability to get a customer into a home with Little or No Down Payment.
So...
Let's Check Out The Option's available, Shall We! FHA requires a minimum down payment, usually only 3% and VA doesn't require any! Both allow expanded ratios for qualifying and more relaxed credit guidelines than your traditional Conventional transaction.
Also, they allow the seller to pay things that were never allowed under your previous land home transactions.
Even though the guidelines are currently in flux over pending FHA changes, there are still numerous ways for the experienced FHA & VA Lender to facilitate your transaction The Solution and Your Salvation! Since the recent Sub Prime Debacle and the Risk Based Changes imposed by The Banks and Wall Street, Government Lending Brings The Customer, Builder and Lender Together with a cost effective and functional approach to an industry wide problem.
Not all lenders and or Mortgage Brokers are experienced and authorized to do FHA and VA lending.
Nor are All FHA and VA Lenders Experienced in Manufactured or HUD CODE Land Home Financing Construction.
If you have never closed one of these transactions You Are Probably Missing Out On A Sizeable Portion Of Your Available Business And Market Share.
In the last few weeks we have facilitated an FHA HUD Code In Peyton And A VA HUD Code In Trinidad.
Regardless of your location or construction area, Government (FHA & VA) Financing can and will make the difference in additional sales and better customer service.
We All Make Choices..
...
Choose Your Partner Wisely!
We were discussing the challenges and opportunities we were facing since the loss of our past client and product base which revolved around Manufactured Zero Down Land Home Packages.
Since Fannie and Freddie put the "Ka Bosh" on our traditional Two Step Construction to perm process i.
e.
using the appraisal in Lieu of a down payment, he has almost entirely shifted his marketing Focus to Modular Land home packages.
How ever, this has substantially raised the starting price of his homes.
That said, My Most recent two closing's in Colorado were both HUD CODE and on acreage.
If that got your attention I'd like to explain a little further.
10 years ago 99% of our transactions were conventional and today it is split between Conventional FHA and VA.
Most dealers are afraid of becoming a "Government Lender" because of the potential cost and the additional steps that might be required for approval, construction and closing.
DON'T BE In Reality, it is not much different than what is already required by most building codes.
Besides, Aren't Fannie & Freddie also Government lenders? It's hardly a surprise that our fascination with Conventional land home was the ability to get a customer into a home with Little or No Down Payment.
So...
Let's Check Out The Option's available, Shall We! FHA requires a minimum down payment, usually only 3% and VA doesn't require any! Both allow expanded ratios for qualifying and more relaxed credit guidelines than your traditional Conventional transaction.
Also, they allow the seller to pay things that were never allowed under your previous land home transactions.
Even though the guidelines are currently in flux over pending FHA changes, there are still numerous ways for the experienced FHA & VA Lender to facilitate your transaction The Solution and Your Salvation! Since the recent Sub Prime Debacle and the Risk Based Changes imposed by The Banks and Wall Street, Government Lending Brings The Customer, Builder and Lender Together with a cost effective and functional approach to an industry wide problem.
Not all lenders and or Mortgage Brokers are experienced and authorized to do FHA and VA lending.
Nor are All FHA and VA Lenders Experienced in Manufactured or HUD CODE Land Home Financing Construction.
If you have never closed one of these transactions You Are Probably Missing Out On A Sizeable Portion Of Your Available Business And Market Share.
In the last few weeks we have facilitated an FHA HUD Code In Peyton And A VA HUD Code In Trinidad.
Regardless of your location or construction area, Government (FHA & VA) Financing can and will make the difference in additional sales and better customer service.
We All Make Choices..
...
Choose Your Partner Wisely!