home loans

[dag]

what is your thoughts on the feds buying and closing all finance companies and all lending will have to be thru a bank at the govt's approval,, i hear this is happening,, i signed a contract thru a finance company and paid down pmt to find a rule chanced over night preventing my purchase, and if you own a mobile home and are trying to sell there is no way people can get financing now due to fed regs,, thru bank or otherwise,, you thoughts,, ivarified this thru two finance companies and two local banks

[challenger99]

dag wrote:

what is your thoughts on the feds buying and closing all finance companies and all lending will have to be thru a bank at the govt's approval,, i hear this is happening,, i signed a contract thru a finance company and paid down pmt to find a rule chanced over night preventing my purchase, and if you own a mobile home and are trying to sell there is no way people can get financing now due to fed regs,, thru bank or otherwise,, you thoughts,, ivarified this thru two finance companies and two local banks

There are lending companies that specialize in mobile home and manufactured home loans/mortgages. Sample is MH Loans, check their web site get an idea of their terms and conditions.Only those banks that are "weak" enough to go under the Fed's Regulatory Oversight and State Banking Commission control require Govt approval on certain transactions.
Mortgages are available for manufactured homes providing the axles and wheels have been removed and the home is set on a fixed, permanent foundation.
This being said, banks today are being very stringent on mortgage loans, especially in terms of down payment, credit score, current wages and property that should appreciate rather than depreciate in value over the term of the mortgage.

[dag]

i was approved for a loan credit score, debit income ratio, signed agreement, made down payment, it was accepted and over night rules changed that congressman nathan deal said should not have affected my loan as it had gone thru approval state,, only new applications should have been affected,, but, that's not the way it happened for thousands of people in process of buying homes,,,i will try to att a link,, it is less than five minutes long and tells the story,,

http://www.youtube.com/watch...

[dag]

MY URL ON YOUTUBE WAS CHANGED THE NEW LINK IS AS FOLLOWS,, PLEASE WATCH THIS VID

http://www.youtube.com/watch...

[challenger99]

dag wrote:

MY URL ON YOUTUBE WAS CHANGED THE NEW LINK IS AS FOLLOWS,, PLEASE WATCH THIS VID
http://www.youtube.com/watch...

For reasons apparently known only to the lending instution they decided they wanted out of your loan and are using the "law" to justify it.
In the last two or three months there have been several homes in our area that have had "sold" signs placed on them only to have the lender pull out right before closing. Makes no sense, and it is obvious that the lending institutions are not going to tell us what the hell they are doing.