Notes and Opinions from one of Arizona's Most Trusted Loan Teams

After more than 25 years specializing in manufactured home and land financing, we are more than a little concerned about recent events. In the last two weeks, both Flagstar Bank and Bank of America Mortgage have announced that they are no longer accepting loans on manufactured homes.

This has been going on for the last several years, starting in 2004 when FannieMae and FreddieMac started placing restrictions on financing these homes. These rules were tighter than the rules for site-built homes. During the years since then, fewer and fewer mortgage banks have been willing to jump through the extra hoops that are required. Flagstar and B of A are just the latest to pull out altogether.

We urge you to check with us if you have pre-qualified with one of these companies or one of their brokers like us. There are some other sources available, but they become fewer and fewer as time goes on. To avoid problems, take steps now to make sure financing will be available for you.

Sterling Mortgage Corporation has been expanding its reach in other areas including Jumbo loans, FannieMae Homepath loans and other special programs for some time now. We are still able to offer some manufactured home loans, but we now have many other programs available. Please call for details.