Conventional Mobile & Manufactured Home Loans
The Federal National Mortgage Association (FNMA or Fannie Mae)was established in 1938 as a publicly traded government sponsored enterprise(GSE). The purpose of the GSE’s is to purchase loans from lenders and pool the loans into mortgage backed securities (MBS). This allows the lenders to sell their loans and free up capital to make more mortgage loans. Lenders underwrite their conventional loans to Fannie Mae’s guidelines, and will either sell them to an investor that will service the loan for Fannie or service the loan themselves. Conventional loans have down payment requirements as little as 5%. They have programs for all property types including Manufactured Homes and Modular Homes. Conventional loans are sometimes the most attractive option for individuals who have larger down payments because unlike FHA, conventional loans do not require monthly mortgage insurance if you put more than 20% down.
For more information on Fannie Mae loans go to www.fanniemae.com
We Are CountryPlace Mortgage
CountryPlace Mortgage is the nation's premier lender for manufactured, modular, and mobile homes. We offer a one-time close construction loan for new homes. We make financing or refinancing your home simple and easy. If you own a manufactured or mobile home, or are thinking about purchasing a new or existing home, Countryplace Mortgage should be your lender of choice. We can finance your manufactured or mobile home whether it's tied to the land or in a mobile home park.
Founded in 1995, Countryplace Mortgage is a direct lender with both Fannie Mae and FHA. That means that we can offer you the most competitive rates, with down payments as low as 3.5%. When financing a manufactured, mobile, or modular home, it is important that you are working with a mortgage professional that understands these unique properties. Whether it's a chattel (home-only), land/home package, or construction loan we have the expertise to help you navigate today's challenging mortgage process. Many of our Loan Officers have several years experience originating manufactured and mobile home loans.