Posted on: 08th Apr, 2009 07:02 am
I am unable to find a bank to finance us to purchase a 1975 manufactured home on a foundation with 4 acres. We have excellent credit scores but not alot of down payment.
Hi
The lenders would not generally be interested in financing a home manufactured prior to 1976. Such homes have low life expectancy and depreciate quickly. The houses need to conform to the building standards proposed by HUD under the Federal National Manufactured Housing Construction and Safety Standards Act of 1974 in order to be eligible for a home loan. This is why I think you're not being able to get a loan on the house, inspite of having a good credit score.
The lenders would not generally be interested in financing a home manufactured prior to 1976. Such homes have low life expectancy and depreciate quickly. The houses need to conform to the building standards proposed by HUD under the Federal National Manufactured Housing Construction and Safety Standards Act of 1974 in order to be eligible for a home loan. This is why I think you're not being able to get a loan on the house, inspite of having a good credit score.