Financing Spring, TX / The Woodlands, TX

[Travis Glenn]

Good Morning All,

I'm seeking some direction from investors living in The Woodlands area. I recently put in an offer in on a manufactured home in Conroe, TX. After doing so, I contacted my bank to discuss financing for the property as originally I was going to do a conventional loan and live in the house. My loan officer informed me that, generally speaking, big banks don't like manufactured housing and that instead of a 20% down, 3.75% interest loan, I would be required to have a 25%, 7.75% interest loan. This significantly effects my bottom line, not to the point of the house no longer being a good deal, but it certainly puts it much closer to that. Can anyone recommend a bank or credit union in this area that would have more favorable financing on a manufactured house? At minimum a better interest rate? Any advice or recommendations are appreciated. Thanks ahead of time!