Question about FHA Manufactured Home loan (interest rate, approved, credit score, rate)

[phantoms]

I have been fighting with Manufactured Home purchase since Feb. My loan compny is Flagstar and they've been nothing but problems. Anyway, the property is taxed as real property, on a permanent foundation, all inspections and appraisals done, etc. FHA underwritting approved my 15yr fixed FHA loan. Flagstar has been offering me higher than normal rates (6.75 - 6.875) over these months before we decided to swicth to a 15yr from a 30yr. BTW, my credit scores are 720, 730 and 730.

Today, the loan officer tells me that since it's a Manufactured Home, that the rate is going to be 7.375 instead. They stated that MH have a hit of bout .5 percent. They also stated FHA has the same rates for 15yr fixed and 30 yr. fixed loans. These are the same people that have beat around the bush since feb. at times refusing to give me a rate. My origianl loan officer has been fired over this time and U'm stuck with a supervisor handling my case. I have no trust left for this company and have been lied to numerous times.

My question here is regarding a hit for a manufactered home. If so, is this rate about what to expect? Am I better off just dropping this company?

[chet everett]

How much are you borrowing?

With scores over 700 you ought to have a rate far better than 7.375. Something is not adding up.

Use the FHA's search tool to find some one who wants to make a loan. http://locator.fha.gov/cgi-bin/answers_hud_loc.cfg/php/loc/enduser/loc.php (broken link)

[phantoms]

Opps, that was suppose to be 715, 720 and 730 on credit scores. I'm borrowing $77,000.


Anyway, Flagstar is telling me it's costing me hits because it's a Manufactured Home. They are telling me that these are FHA hits. They're also telling me that the rate is no different between a 15yr and 30yr FHA loan.

[Daddys///M3]

Originally Posted by phantoms

Opps, that was suppose to be 715, 720 and 730 on credit scores. I'm borrowing $77,000.


Anyway, Flagstar is telling me it's costing me hits because it's a Manufactured Home. They are telling me that these are FHA hits. They're also telling me that the rate is no different between a 15yr and 30yr FHA loan.

15 year rates are almost always better than 30 year rates, be it FHA or conventional. As far as the MH hit goes, I don't deal with Flagstar so I couldn't tell you. I would bet that you are taking a hit for the loan amount being so small. The company I work for has pricing hits for smaller loan amounts, albeit small ones. That being said, in my opinion that rate seems a bit high, but as I don't work with Flagstar I could not say for certain.

[renriq02]

There's at least 2 reasons why you're receiving price hits.

1. Your loan is very small. Most lenders do not do loans less than 120k
2. The home is a manufactured home.

These 2 can significantly change your rate.

Originally Posted by phantoms

Opps, that was suppose to be 715, 720 and 730 on credit scores. I'm borrowing $77,000.


Anyway, Flagstar is telling me it's costing me hits because it's a Manufactured Home. They are telling me that these are FHA hits. They're also telling me that the rate is no different between a 15yr and 30yr FHA loan.

[houghtond58]

i have manufactured on full basement with 5 acres, bought and set brand new 4 yrs ago .no problem getting mortgage at current interest rates4 yrs ago,tried refi to take advantage of lower rates but nobody will touch a manufactuerd home not even citizens wich holds my current mortgage have goodd cedit-750,try wells fargo they are the only ones ive found who will talk about loan on manuf.