Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
buying manufactured has 75 day closing!?
my husband and i just had an offer accepted on a manufactured house and apparently there are only a few lenders who finance them these days. it's well under our budget but i'm worried about higher interest rates and the process in general which i've been told is fairly extensive. anyone have any experience with this?
Re: buying manufactured has 75 day closing!?
Not directly. But I used to be a lender/banker before SAHMhood. You are correct, not many lenders touch manufactured home loans.
Simply: It has to do with how manufactured homes do not appreciate in value in the same way a standard construction home does.
While it's hard to see now with the housing market the way it is, over time, homes do increase in value in moderate amounts. Lenders factor this appreciation into whether or not they make a loan on a property. Any loan a lender makes needs to meet a series of federal as well as internal company requirements. Current asset/collateral value as well as fuure asset/collateral value are things they consider.
Once we're out of this economic trouble, the housing market will rebound and values will go up again, just not like they did in the 1990's when they entered the unstable bubble, which is what has been popping and hurting us.
Manufactured homes are viewed by lenders as a class of homes unto themselves and they are not regarded highly as value-attaining assets.
I'm sorry if you dislike my answer. But, I hope it answers your question.