Question for loan officers:
Our loan officer said we couldn’t get a fixed rate on the property we were looking at because it was a modular home. Instead I would have to get a ‘5 year balloon’. When I tell my real-estate agent this he insists she is mistaken and offers to call her. He calls me back saying that now there is no problem and I will be able to get my nice fixed rate.
How does this work?
What did he say to her that could have possibly changed anything?
Its not like it was her decision to NOT give us the fixed loan, it was that (to my understanding) the loan excluded Manufactured or Mobile Home Property.
Probably threatened the loan officer with tattling. There’s no law about balloons vs. standard when applying to modulars, but the mortgage company is certainly willing to make their own rules. But usually HUD rules make it illegal to discriminate against modular homes. Is it really a trailer? If it has a steel frame underneath it’s a trailer, regardless how nice it looks. A “real” modular home is essentially the same as a stick built home, but built in modules.
Of course, terminology varies with where you’re at. Here in my parts, though, I’m right.
I am told it is NOT a trailer. It was brought in as two pieces and put together on site, never to be moved again. It lays on concrete runners. How do I check for steel frames?
Thanks for the info!
It could be a double-wide. And even though it may never be moved again, it still may be possible. The newer double-wides have very shallow roofs for one, usually a sticker somewhere, usually near the circuit breaker box, stating that all items are certified DOT, and have very little resemblance to what one considers a trailer. Also you could go underneith, if accessable and look at the beams.
Also it sounds like it’s already consturcted, but if not, you may need to get a construction loan first then when build pay it off w/ a mortgage.
It sounds to me that the loan scumbag was just trying to get a few more $ out of you.
“shallow roofs”?
I don’t know if this makes a difference but this ‘home’ has a vaulted ceiling and an attic.
Will I know immediately by looking at the beams underneath that it is indeed steel frames?
If it has an attic it is not a trailer
My husband is in the manufactured home business and says that probably your real estate agent convinced the loan officer it was a modular home and that in your area it would be treated like a site built home. We live in Texas and state law treats modular and site built homes alike in regards to financing and zoning.
If you are still curious you should ask your real estate agent.