Three Reasons to use a Manufactured Home Loan Specialist

It seems like common sense that if you need financing for a manufactured home, then working with a lender or broker that specialize in your needs is the way to go. However, many mobile home buyers are lied to or deceived by desperate agents or companies that specialize in traditional lending, trying to break into mobile home loans. Only after dragging their customers through the entire (process and racking up quite a bill), do they realize that they could not secure financing for a manufactured home to begin with. Many of our customers don't find us until another lender or broker has cost them up to $1,000. If this isn't convincing enough, here are 3 reasons to seek out a mobile home loan professional to learn your financing options.

The banking and real estate market changes every day, and this includes the mobile home market.

Only a specialist in mobile home finance will know the lenders that do and don't lend for manufactured home loans. Many lenders that used to lend for mobile homes, stopped their programs within the past 6 months, and if they didn't cancel their program they have changed it quite a bit. Only a firm that specializes in mobile home finance will know the ebb and flow of this highly specific niche market.

Manufactured home finance his it's own laws and regulations.

An agent or broker that only works with traditional loans does not know the intricacies of the mobile home market. This leaves the buyer, seller and any third party very exposed to legal action if the agent or broker's ignorance causes any legal or regulatory snags in the deal. Manufactured homes are treated very differently in federal and state laws, and unless the agent or mortgage broker is in the know, there is a huge potential for a catastrophic mistake.

Using a mobile home loan specialist will save you money, short term and long term.

Mobile Home realtors and mortgage brokers without mobile home experience try to apply their traditional housing experience to mobile homes, and this does not work. They will charge you to get an appraisal on a home that may not even have any comparable sales in the area, which makes it nearly impossible to finance. This will waste $400 of your hard earned money, and you'll get nothing for it. A manufactured home realtor knows the process, and you will enjoy the wealth of experience they currently have, instead of being drug through the learning curve of a stick-built agent. The same goes for manufactured home refinance and finance professionals. You are leaving yourself open to great liability if you do not use a mortgage specialist with mobile home experience.