If you are approved for a FHA loan on a mobile home will it be the same on a site built home?
My husband and I were pre-approved for a FHA loan on a manufactured home through that company’s lender. But after researching, we reckon a site built home will be better in the long run. We went to Wells Fargo since that is where we bank. Currently the FHA loan is in underwriting. Since we were approved once, does that mean we will get approved again and for the same amount?
**We went through our bank for the site built home and clarified everything to the loan officer. We have gave her our paperwork and when I spoke w/her earlier this week for a status, she mentioned our paperwork was given to the processors and is in underwriting. I figured she meant in the pre-approval process.
Also, we never signed a go ahead w/the manufactured home company. Instead we went to our bank for the stick built home loan.
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Tags: earlier this week, fha loan, Home Loan, loan officer, manufactured home, paperwork, pre approval, processors, wells fargo
Not necessarily. The guidelines are different for manufactured homes and stick built homes. If you don’t have a signed buy agreement, your loan is not in underwriting. A loan does not go to underwriting until there is a signed buy agreement.
Contact your loan officer asap. If you got the loan through a manufactured home lot, then you need to go to a bank to be approved for a stick built home.
Feel free to email me at msannw@yahoo.com if you have any questions.
Maybe. Your loan is in underwriting…for a pre-approval, do you mean? If that’s the case, and you want to do something different, tell them straight away. It’s a different loan and may have a different scorecard.