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ParkLoan.net

Address
5601 So. Broadway, Suite 401, Littleton, CO, US
Telephone
888-730-2330
Website
http://www.parkloan.net
Votes
1
Visited
100
Business Description
We can provide the best manufactured land / home products in the market today. Every day, homeowners and buyers are realizing the value of combining manufactured homes and the land they own or want to buy. By combining manufactured homes, on permanent fo
Area Served
All
Contact Name
Rory Manning
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1 vote
We get a lot of questions regarding ownership classifications for manufactured homes and the types of loans available for each.   Land Home - We offer FHA for manufactured homes on land. Homes must be at their original location, installed to HUD specifications and certified by an engineer. We also underwrite a portfolio program in several states that provides an alternative valuation method when FHA underwriting won't work. In Park - Our market for chattel loans remains strong. We underwrite new home purchases and both purchase and refinance loans for used homes. Leasehold Estate - We have established a secondary FHA market for manufactured homes with long term land leases. The home must be installed to HUD specifications. Loan terms must be 10 years less than the remaining lease term. 40 to 99 year leases qualify for 30 year terms. Standard FHA underwriting applies. Condominium Communities - In several states, condominium ownership is popular. Owners are provided the benefits of real property ownership and a Home Owner's Association is incorporated. FHA has recently issued a Mortgagee Letter that clarifies their position in regards to Condo Communities. Homes must be installed to HUD guidelines. We are glad to be able to offer this FHA product. A copy of this FHA Mortgagee Letter is online at: http://www.parkloan.net/fhacondoletter.pdf Co-Op Communities - Ownership in a cooperative requires the homeowner to purchase a share. This type of ownership provides benefits to home owners, but no form of organized mortgage market exist for Co-op Communities.
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