Why are manufactured homes so difficult to finance?
My fiance and I live in Southern California where the current real estate prices are strating to calm down and stabilize but the price of a home is still unatainable to someone who only makes 50K per year. We have gone to a few manufactured home sales lots and have seen so many different makes and models that really convinced us that buying a manufactured home would be the way for us to go. Not only were the homes really, really nice but they were so affordable!
Well, we talked with several agents and one of the first things they ask is about our credit. My fiance has yet to establish any credit and my credit has taken a few very hard hits a few years ago due to some unexpected job loss. Needless to say our credit score was less than desirable. Once they find out that we don't meet the miniumum 700 credit score they tend to dismiss us like we were only wasting their time, which I'm sure we probably were.
I just don't understand why a person would need such a high credit score to buy a manufactured home. If I had such a score, wouldn't I be looking at real homes rather than manufactures homes? I was under the impression that manufactured homes were geared more for lower income individuals like us.
So perhaps someone in the manufactured home financing industry can answer my question. Why is it so difficult to finance a person with less then perfect credit?