From: "Kirk Davison" 
Newsgroups: alt.org.natl-assn-mortgage-brokers
Subject: Re: Manufactured Home NIV
Date: Thu, 03 Jun 2004 16:50:12 GMT

Even de titled the lenders look at it as a manufactured home.
"Clams Canino"  wrote in message
news:guIvc.36603$zO3.35435@newsread2.news.atl.earthlink.net...
>
> If the home meets *certain criteria* many states will allow it to be
> "de-titled" as a mobile. Then it can be treated as "real property",
lenders
> like real property - LOL
>
>   Some of the usual criteria are:
> It's installed on a permanant foundation.
> It has no tongue , wheels, or axles.
> It's permanantly connected to it's utilities
>
> The one I'm buying is a 3 piece modular that is curretnly titled as a
moble.
> De-titling it is part of the overall deal.
>
> The catch on mine is that they probably can't actually de-title it till
I'm
> in it.  But it's gonna be *title insured*  "as detitled" and that's good
> enough for a lot of lenders.
>
> -W
>
>
>
> "Kirk Davison"  wrote in message
> news:1SHvc.12374$sI.125@attbi_s52...
> > I have a borrower who owns a craft business (22 years).  She is wanting
to
> > buy a manufactured home land package(200,000)  She has 10% down and the
> > seller is paying closing costs. Mid score of 686.  I can not verify her
> > income nor can I show money going into her account as she deals in cash.
> I
> > have many takers for this until the manufactured home part comes up.
> Anyone
> > have any ideas?
> > Thanks
> > Kirk
> >
> >
>
>