Posted by Bill K. - FL on June 19, 2000 at 06:40:08:
When talking about mh notes you have to make the distinction between notes secured by land and home and home only. For every “home only” note buyer there may be 100 for land and home. The credit req. are usually higher and ltv/itv requirements are usually lower for home only. And the investor yields are higher. If anyone on this site is interested I have a portfolio of apprx 75 notes with high note rates (over 17%), seasoned, terms to 60 months, avg note current bal. of $7K-8K, low ltvs (70-75%) for mh home only.
Getting back to your ques. You can do simultaneous closings - either yourself or as a broker. As far as finding mh paper, check with your state gov’t. In FL the state will do a mobile home lienholder title search (not free) for you for home only. I can find paper on homes with land thru county property records. As far as your last ques. - I don’t think an old credit score is going to do you much good. Seasoning, with a good record of payments (copies of checks rec., deposits made)is better. I am not a lender but have set up an acct. to pull credit (which I charge for) very easily. Check with diff. companies in your area. Tell them your business and you should have no problem. Keep posting on this site for advice and encouragement. Good luck.