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Ownership Classifications |
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We get a lot of questions regarding ownership classifications for manufactured homes and the types of loans available for each. Land Home - We offer FHA for manufactured homes on land. Homes must be at their original location, installed to HUD specifications and certified by an engineer. We also underwrite a portfolio program in several states that provides an alternative valuation method when FHA underwriting won't work. In Park - Our market for chattel loans remains strong. We underwrite new home purchases and both purchase and refinance loans for used homes. Leasehold Estate - We have established a secondary FHA market for manufactured homes with long term land leases. The home must be installed to HUD specifications. Loan terms must be 10 years less than the remaining lease term. 40 to 99 year leases qualify for 30 year terms. Standard FHA underwriting applies. Condominium Communities - In several states, condominium ownership is popular. Owners are provided the benefits of real property ownership and a Home Owner's Association is incorporated. FHA has recently issued a Mortgagee Letter that clarifies their position in regards to Condo Communities. Homes must be installed to HUD guidelines. We are glad to be able to offer this FHA product. A copy of this FHA Mortgagee Letter is online at: http://www.parkloan.net/fhacondoletter.pdf Co-Op Communities - Ownership in a cooperative requires the homeowner to purchase a share. This type of ownership provides benefits to home owners, but no form of organized mortgage market exist for Co-op Communities. |
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Floor Plan One provides a comprehensive loan program for new home purchases in Leased Land Communities. We work with Consumers, Retailers and Community Owners offering permanent and factory financing in one package. Currently available for new homes in California, Floor Plan One combines our park loan network with investors that believe in Affordable Housing for Hard Working Americans. By working with preferred Retailers, we can help with front end and back end financing. We work with both the Buyer and the Retailer and process the interim and permanent loan at the same time. Floor plan financing for homes in parks has been scarce. We make it available one home at a time. Our support network is impeccable and we work with the most innovative investors in the industry. For detailed information, contact Rory Manning at
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or phone 877.641.6646. |
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FHA says "officially" that Home Valuation Code of Conduct standards adopted by Fannie Mae and Freddie Mac will not be adopted by HUD. This is great news for everyone that works with FHA loans. HVCC has created havoc with conventional lenders. The law is cumbersome, compliance is difficult and investors are not managing the process well. Originators need the ability to communicate with appraisers. In our opinion, FHA made the right call. |
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At parkloan.net our Number One Priority is Manufactured Home Loans. We have a dozen years lending experience and operate the nation's best manufactured home loan network. - Retail Programs for New Home Sales
- Resale Programs for Used Homes
- Refinance Programs for A Credit
- Cash Out In Park
- Great Service / Fast Closings.
But we're not just another pretty face. Our data systems, MH Value and MH Express provide valuation, processing and document services to industry professionals. Our Head Start Program helps Sellers and Realtors get a Selling Advantage. Our Community Network allows Industry Professionals to Showcase their company and services. |
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