Released on = October 1, 2006, 7:06 pm

Press Release Author = Maurice Bedard

Industry = Financial

Press Release Summary = Manufactured homeowners with bad credit still have loan
option but they need to do their homework.

Press Release Body = Manufactured Home Loans for People with Bad Credit

The manufactured home loan industry has undergone several changes over the past
couple of years and the main change is that most all banks have discontinued their
subprime manufactured home loan programs. Many still loan under Fannie Mae
guidelines but these loans are capped at a maximum 65% loan to value. The problem
with this is that many manufactured home owners purchase their properties a few
years ago at much higher loan to values when the banks were much more flexible in
their loan programs, so when a borrower tries to get cash out for debt consolidation
today, they realize it's almost impossible to find a lender who will go to 80-95%
loan to value.

Manufactured homeowners with bad credit are having a tougher time finding mortgages
for their homes and many are in adjustable rate mortgages that are starting to climb
towards the sky. Leaving borrowers frustrated with very few options in finding a
decent loan for their properties.

The truth is that there are still lenders, investors and mortgage brokers that
specialize in the subprime financing of manufactured homes. Subprime, meaning
borrowers with less than perfect credit to even terrible credit. Even A paper
borrowers may be forced to go this route to consolidate debt and obtain a loan with
a higher loan to value

The first thing every manufactured homeowner with bad credit should do is their
homework and there is no easier way than the good old trusty internet. When
searching the web, keywords will be the golden key to connecting with the right
lender, investor or mortgage broker. Try keyword phrase searches such as, bad credit
manufactured home loan, manufactured home loan, manufactured home loans,
manufactured home lenders, subprime manufactured home loan, etc. Each search will
pull up different results. Some sites will be just lead portals for companies to
sell your information and some will be the companies you want to talk to.

When searching for a manufactured home loan, my advice is to always talk with
someone or a company that specializes in these types of loans. If you just go down
to your local mortgage company down the street, chances are they can't help or will
give you the run around leaving you stressed out and frustrated.

Like I always say, real estate will be your most important investment of your
lifetime, so please take more time in educating yourself about it and spend mush
more time then you would planning a vacation. You'll be much better off in the
future and hopefully much richer!


Web Site = http://www.mhloanpro.com

Contact Details = Maurice Bedard has been in the real estate and loan industry for 8
years. His specialty is manufactured home loans and is the owner of two websites ,
http://www.mhloanpro.com and http://www.mhloanpro.net, which caters to only
manufactured homeowners and prospective buyers that are searching for a loan. You
can also email him at maurice@mhloanpro.com or call him direct at 951-736-6796.