Why Is It Realtors And Mortgage Companies Do Not Comply With State Laws Like Was

I have a manufactered home it has been on a permanent foundation for 33 years. No wheels, no tongue and upgraded inside. Washington state RCW laws state a manufactured/mobile/modular home are considered declassified to stick type houses once placed on permanent foundation. But mortgage companies are reluctant to give loans on them. We have to sell due to our age and health and it is becoming dire. But we have to get the price needed so we can relocate and still finish paying off the mortgage we owe balance. Realtors aay well the problem is we have a manufactured home. So why is this a problem when state law says it should not be.???

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Answer #1: Posted by Pawel888 on January 29th, 2023 1:53 PM

Pawel888

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It sounds like mortgage companies are reluctant to give loans on manufactured homes because they may appear to be riskier investments than other types of houses. The good news is that there are specialized lenders who focus on lending on manufactured homes. Before speaking to a mortgage lender, it's a great idea to research your options and find out what the best loan terms would be for your situation. Additionally, it may be helpful to talk to a financial advisor who can help you review your options and provide guidance on the best approach for getting a loan for your manufactured home.