Appraisers' Free Forum

**Edd Gillespie** · Certified General Joined: 13 Aug 2007 Posts: 2282

One of the market depressing things about manufactured housing is that lenders are so difficult to find. Is there a list of lenders somewhere that is up to date?

Is the HUD limit still $65K?
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Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?

**Hopland** · Posted: Tue Aug 21, 2007 6:32 pm Post subject:

Try some of these...

21st Century Mortgage James Robinson, 800-955-0021 (Also do Singlewides)
AFMI Funding - 770-916-1257 x2209 - Peter Thomsen
AME - 972-985-6900
American Mortgage Network - 888-373-3974
AgFirst Farm Credit Bank - 800-845-1745 x506
Birmingham Bancorp - 800-278-9191
C&G - Josh Newman at 800-608-5515 up to 100% @ 600+ fico - www.valcorp.com
Chase B/C does mobile homes up to 85% LTV - 800-435-9922 x 2509 Jaime Riley
Countrywide - 800-669-6609 x 8310
Eagle Finance Joanne Sheehy - 503-624-1513, cell 503-997-7751
Equibanc Mortgage Del Kennedy dkennedy@equibanc.com (has stated to 80%)
First American Mortgage Trust - 800-698-5626
First Magnus - 877-598-0806
Franklin Mortgage Funding - 954 659-0748, Jose Perez
HLB Mortgage - 847-772-8899 Cissy Larkin
Homeland Capital Group LLC - 919-601-2509 - Mac McConnell
Homestar - 800-244-8580
Huntington Mortgage Group - 1-877-932-BANK (2265)
Land Choice Home Services - 801-355-5484 Construction mfg, modular and panelized
Mercantile Bank of Indiana was doing 100% down to scores of 640 even rural 800-752-2799
Oceans Funding does 95% - 727-441-2400
One Source Mortgage - 817-285-1742
Option One - 800-704-0800 80% LTV @ 580 FICO
Origen Financial – 817-759-7662 **** Matheson
RBC Mortgage – 313-467-7200
Realty - 800-706-7779
Taylor, Bean and Whitaker - 352-427-9793 John Manley – VA, FHA, Subprime to 530 FICO
Transland Financial Services - 866-763-4625 x 219 Shawn Fussell
Transnational Financial Network (TFN) – Vladi - 415.756.5400 - www.transnational.com
UGMC - ugmc.net
Union Federal - 317-573-7609 Boob Sweeney, Conv and FHA
Union Planters - 770-751-6209
United Wholesale - 800-981-8898
US Bank – even do construction of mfg homes
WMC Direct – 800-662-3032
WA Mu - 888-548-8041
Wells Fargo on Govvies - 800-980-6057 7 & 10 year ARM, 95% on a 20 year FHA
West America - 888-613-3403 Conv and FHA
Wilmington
Worldnet Capital 1 - 303-690-0352
Vanderbilt Mortgage - 865-380-3000 (Also do singlewides)

**Otis** · Posted: Tue Aug 21, 2007 6:43 pm Post subject:

Are those ALL still around Hoppie? I know for a fact that Option One is on the "ailing list" of the implode site. http://ml-implode.com/

Just wondering.
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Don't believe everything you think Wink

What are they SMOKING?<<Link

**Hopland** · Posted: Tue Aug 21, 2007 6:52 pm Post subject:

I don't know. I snagged that list from brokers outpost about 3 months ago.

You'd have to update these types of list every 5 or 10 minutes now days. LOL

**Edd Gillespie** · Certified General Joined: 13 Aug 2007 Posts: 2282

Thanks Greg,

I'll vet those tomorrow.
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Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?

**FrankA** · Certified Residential Joined: 21 Aug 2007 Posts: 104

Option One does not finance manufactured homes.

**Edd Gillespie** · Certified General Joined: 13 Aug 2007 Posts: 2282

I had forgotten about this thread. I did not get all of those vetted, but of those I did question I found the terms or borrower requirements are so stringent that for all intents and purposes they offer financing that will never be used.
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Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?

**FrankA** · Certified Residential Joined: 21 Aug 2007 Posts: 104

Edd,

No offense meant………. I just posted on it as I was looking through all posts basically, and happened upon it. OOMC used to fund MFH loans, but no longer does………. after people like me who argued the policy vehemently………. got laid off as we were trouble makers.

mr rex · Member Joined: 11 Aug 2007 Posts: 350

Vanderbilt mortgage does a bunch around here.

http://www.vmf.com/

They also do land only loans and either finance the home separately or work in concert with the manufacturer to hold the paper on the house separate from the land. 100% recourse back to the sales center if it goes belly up. I'm not privy to all the details, but a friend of a friend told me. Wink

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Appraising, its not all sunglasses and autographs.

**Edd Gillespie** · Certified General Joined: 13 Aug 2007 Posts: 2282

I am not offended. My current interest in manufactured housing has led me to research the reasons that manufactured housing is not market comparable to stick built housing despite the efforts of the manufctured housing industry to convince everyone otherwise.

Basicly it boils down to no or very little mortgage financing at affordable rates. Thereby rendering affordable housing unattainable. Right now that arm of he industry is dead as a door nail, not that it was ever very healthy. Of course there are myriad reasons given for this, from shoddy construction to rip-off dealers, but the lenders that say they have money for manufactured housing mortgages really do not lend it to any noticeable extent.
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Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?

**FrankA** · Certified Residential Joined: 21 Aug 2007 Posts: 104

They used to loan it to a noticable extent, but sure don't now.

mr rex · Member Joined: 11 Aug 2007 Posts: 350

Heard it through the grapevine yesterday that Warren Buffet (Berkshire Hathaway), the owner of Clayton Homes, is making some big noise on the hill to get some concessions on the lending front for manufactured housing. BTW, Clayton owns Vanderbilt mortgage
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Appraising, its not all sunglasses and autographs.

mr rex · Member Joined: 11 Aug 2007 Posts: 350

Heres a follow up to my last post:

Appraisal Guidelines:
https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/manufachousing/pdf/mhselectapprgdlns.pdf

Design & Aesthetics:
https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/manufachousing/pdf/mhselectdesign.pdf

Fact Sheet:
https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/manufachousing/pdf/mhselectdesign.pdf

Information Kit:
https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/manufachousing/pdf/mhselectinfokit.pdf
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Appraising, its not all sunglasses and autographs.