fha-hud financing

garymllrApril 9, 2008

We have a manufactured home that we purchased from bank it was foreclosed on and only lived in a few months, it still had axles, wheels and hitch attached. We moved it to our land and set home on a permanent foundation and met fha-hud guide lines and have lived now in home for 22 years. We applied for a reverse mortgage and have been told we do not qualify because home was lived in before.

Thank You to anyone who has info about our problem.

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Your problem is not unique. This typically happens with homeowners trying to get Reverse Mortgages. Because Reverse Mortgages are also FHA backed and must meet HUD's requisites, the underwriters will often not approve a loan if records indicate the home has been moved form its original location. We have seen instances when such loans are funded, but it's becoming increasingly more difficult. However, this usually will not impact you if you go the conventional route.

    Bookmark   June 3, 2008 at 7:45PM
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