Manufactured Homes and FHA Loans Questions

[BJ Ralphs]

Hi All, 

I have a deal for a manufactured home. Priced right, plenty of meat on the bone but here's the hitch. I just got word from my RE Agent that that it wont qualify for FHA or Conventional loans after I have repaired it and put it back on the market, because the home has been moved more than once. (Twice as far as I can tell). The property is solid but apparently there is a rule regarding loans on these things if they've been moved a couple of times? Only Cash buyers or VA will qualify. This severely limits my resale possibilities by reducing the market.

Question: 

1) Can anyone verify this info? Property is in Washington State. 

2) Does anyone know of any modifications I can do to the property to change its status to a permanent structure so its no longer considered a manufactured home (I can level it and start over but that isn't a profitable option) 

This could be a walk away deal if I have a limited pool of buyers. What do you think.

Thanks for any and all feedback!!! 

BJ 

[Account Closed]

There are certain credit unions and community banks that offer conventional financing on them even though a manufactured home may have moved more than once. I would encourage you to call the local lending institutions and see what they offer. Don't lose hope!