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Lexylou
19 Posts |
 Posted - 05/16/2008 : 7:50:14 PM
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I am in desperate need of a lender who does manufactured construction to perm loans for subprime borrowers.....
I have three loans to get done and need to get them done immediately.
I have one with a 519 and 10K in downpayment stable job history.
I have another one with 529
When I see a 620 or more (which isn't very often)...I'm kissing their feet cause I can get that done..it's these lower scores that are KILLING ME!!!! Does anyone know of anything???????
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Scrooge McDuck
9824 Posts |
Posted - 05/16/2008 : 7:52:04 PM
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quote:
Originally posted by Lexylou
Does anyone know of anything???????
good question |
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dkendall1979
11120 Posts |
Posted - 05/16/2008 : 7:53:56 PM
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quote:
Originally posted by Lexylou
Does anyone know of anything???????
Rehab? |
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liverichly
3975 Posts |
Posted - 05/17/2008 : 12:57:20 AM
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| Construction to perm loan on a manufactured home? What construction is there to finance? Typically you buy these from a manufactured home dealer who has their own land to sell with the home or to place on the borrowers already owned land. |
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AK__47
816 Posts |
Posted - 05/17/2008 : 02:53:28 AM
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| Construction to perm loan on a manufactured home? What construction is there to finance? Typically you buy these from a manufactured home dealer who has their own land to sell with the home or to place on the borrowers already owned land. |
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Lexylou
19 Posts |
Posted - 05/17/2008 : 08:04:51 AM
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Hi Shane:
Not necessarily true. Land the customers own or are purchasing needs to be cleared, septic and sewer needs to be added on, foundations for FHA need to be put in place, driveways created... etc...... Most of my loans are manufactured or modular homes that need construction loans.
Modular is not a problem...they are treated exactly the same way as stick built and there are plenty of construction to perm loans for conforming and subprime modular land/home deals.
Many manufactured home dealers have the homes or order the homes, but may not necessarily have the land. If the land is cleared and perked with everything on it (water/sewer/septic)...no problem, a chattel loan takes care of the rest....but there is a need for construction to perm loans in the industry.
In Myrtle Beach and the populated Grand Strand/Georgetown area (tourist areas)...land is expensive and homes are still keeping their value for the most part and are out of reach for many people...so the majority of the potential home buyers buy land further out which means trees have to be cut down and the land cleared.......and buying a manufactured home offers them an affordable way to have home and land.....especially if they work in the tourist industry. The wages do not give them the ability to afford a 200+ home or condo on a postage stamp sized lot.
I can find retail loans, where the loan officer kills the client with discount points and fees, but limited wholesale lenders who are willing to do a one time close on a construction to perm for manufactured.
I can broker to two companies who don’t require FHA but then charge the clients 9.5 and up on land/home and require 620 or better. I can broker to plenty of end loan lenders...but that means a two time closing where the borrowers have to pay higher fees and requalify for the end loan two to three months later.
My husband is a realtor and a manufactured/modular dealership owner. You wouldn’t believe the fraud in this industry from the retail loan officers offering kickbacks to the salespeople to place loans with them and charging the clients for it to the subcontractors giving kickbacks to the dealership owners……and we REFUSE to participate in it and REFUSE to do business with anyone who operates fraudulently.
Helping people get affordable loans and homes is why I became a loan officer last month with Apex (they were willing to take on someone with no inside experience).
The previous places I used to send the loans to, who do manufactured home construction loans were ridiculous in their fees and wanting the dealership to hide construction loan fees in the price of the homes so that they could continue to charge 3 or 4 discount points. I had Loan officers wanting me to call the appraiser to get him/her to bump up the appraisal so that the loan officer could make a few thousand on the front end and a few thousand on the back end. When I refused to participate, doing it themselves and emailing me to tell me it was taken care of and the deal could continue!!!! On FHA loans to boot.
I refused to do it ALL and became a loan officer instead so that I didn’t have to argue with another loan officer wanting me to commit fraud or the dealership to commit fraud because this niche of loan officers “have been doing this for years and know what we are doing and either play the game or find a new loan officer.”
Now that I've said all of that…..
I need a SUBPRIME wholesale lender (520 -620) and of course a 620 and up who does construction to perm loans for manufactured homes!!!!! Does anyone out there know of any????
This is not a one or two loan need…..I need a lender on an ongoing basis for both SC and NC. This will be an ongoing need……. Call me at 843-234-4900 M-F or 843-283-3527 and I can get the broker package over to Apex Lending to become a correspondent (or however it is said….remember I am new to the inside workings and jargon of the mortgage industry).
Thanks
Sharon Clark
quote:
Originally posted by liverichly
Construction to perm loan on a manufactured home? What construction is there to finance? Typically you buy these from a manufactured home dealer who has their own land to sell with the home or to place on the borrowers already owned land.
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