| The standards for all types of housing loans have | | | | These three largest lenders that are left are JP |
| changed in the last year because of the credit turmoil | | | | Morgan, Wells Fargo and Countrywide. The three |
| and the economic crisis that we are currently going | | | | companies are not aggressively seeking these types |
| through. The FHA Manufactured Home Loan has | | | | of loans and are becoming less active in the less few |
| seemed to be also effected by the tightened | | | | months. The problem with this is it will lead to less |
| standards. | | | | competition, even tighter credit standards and higher |
| A FHA Manufactured Home Loan is normally the best | | | | interest rates. |
| way to finance the purchase of a manufactured home | | | | It is very important that you find a lender that can do a |
| because you only have to have 3.5% down payment | | | | FHA Home Loan before you make a commitment to |
| and your credit scores does not have to be as high as | | | | buy a manufactured home. You can contact your real |
| for conventional loans. FHA is the largest insurer of | | | | estate agent and they should be able to help you to |
| manufactured home loans and for the last few years | | | | find a lender that they have used in the past. |
| been almost the only one doing these types of | | | | You don't want to give up on securing a loan on this |
| mortgages. | | | | type of home. You will just have to spend a little time |
| Things are changing now. It is becoming more difficult | | | | researching your area to find an approved lender. |
| to get manufactured home financing. Why is it hard to | | | | Better yet, let your real estate agent do the research |
| get this type of financing? | | | | for you. You can also do your research on the Internet. |
| In today's housing market it is becoming increasing | | | | There are a lot of websites that will give you the |
| more difficult to secure a FHA Manufactured Home | | | | names of lender across the country and also in your |
| Loan because there is less number of lenders that are | | | | local area that will help you. FHA Manufactured Home |
| willing to finance this type of loan or lenders that are | | | | Loan is still the best way to help you to finance your |
| approved by FHA. | | | | dream home! |