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Under the Title I program, approved lenders make loans from their own funds to eligible borrowers to finance the purchase of a manufactured home and/or lot, and FHA insures the lender against loss if the borrower defaults. Credit is granted based upon the applicant's credit history and ability to repay the loan in regular monthly installments.
Why is it so tough to get financing? What they wont tell you is that the commission is a fraction of what they would make. You have to find lenders with heart that care about you and not just doing this for the money.
So if you feel resistance when dealing with a lender realize its not you and you should move on to a lender that cares about the client not the money they make.
Title I manufactured home loans are not Government loans or grants, and are not low interest rate loans. The interest rate is fixed and is generally based upon the prevailing market rate in the area at the time the loan is made. FHA does not lend money.
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