help requested

[Anonymous]

have a client with 30% ltv.....stick built with 19 acres......the dilema is that borrower has 2 dmv (not real proprty) manus on the land....everyone that i have discussed with says they must be removed.......can this conventional loan be done?  thanks for the time

[ShanetheMortgageMan]

If the manufactured homes aren't being given value by the appraiser, they should be OK remaining on the property, but this is an area where a lot of lenders have overlay guidelines not permitting the other manufactured homes on the land.

[Anonymous]

Shane

that is exactly what i have run into...i am 0 for 5.....u ever gotten one like this closed? i have not had this situation since 06...and then it was a no brainer...any thoughts are appreciated

[ShanetheMortgageMan]

I have a couple times.  Both were closed with now defunct sub-prime lenders.

These DMV titled manufactured homes... are they on permanent foundations, just not titled as real property yet?  Or are they on wheels like an RV?  This is the type of situation where it'd be good to have photographs of the property in question.

[Anonymous]

well the darn appraisal does not even show them (reasons unknown)....but i presume since they are just personal property

thats what im thinking its the old subprime that is nonexistent now

[ShanetheMortgageMan]

I actually think that is how one of ours got through - the appraiser just didn't even take pictures of them nor list them on the appraisal property/building sketch.  Not sure what their reasons were, if they felt that we didn't want pictures of them or if it wasn't USPAP requirement at the time.

Can they be removed?  If so, and the appraiser documents that they are truly mobile and not permanent affixed like real property, then I think they should have a shot with FHA at least.