One of the biggest obstacles facing buyers today is financing.
We had a buyer in Douglas whose lender kept changing the rules and asking for more from the buyer. It cost her time and money and eventually the lender backed out.
We have a buyer today shopping for an FHA loan. One lender said no because it was a manufactured home. Another said no because it was in a 100 year flood plain (even with flood insurance?) Another lender said no because it was not on a county maintained road. The buyer may have to go to a private party to get financing.
This is extremely frustrating to the buyer, it keeps another foreclosed property on the market and makes no sense. Two years ago lenders would have financed the property instantly considering the buyers credit and down payment. And they would have financed 100% with an interest only loan.
If you know of a mortgage broker who can do FHA on a manufactured home in Pima and Cochise Counties, please call or email.
Please forgive my tirade. This is frustrating when in this economy we have qualified buyers who are prevented from buying.
Don Grafues
