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Article: Mortgages a bit different for manufactured housing
- Article from:
- Chicago Sun-Times
- Article date:
- June 20, 2004
CopyrightCopyright 2004 Chicago Sun-Times. (Hide copyright information)
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If you're in the market for a doublewide trailer, or any other
type of manufactured housing, it could be a bit harder to qualify for
a mortgage than it was a year ago. But you'll probably end up with a
mortgage you can really afford and a home that you will be able to
keep.
There are a number of reasons for the tightening of mortgage
requirements in manufactured housing -- also known as the MH market -
- explains Alfred King, a spokesman for Fannie Mae, a publicly traded
corporation that buys mortgages. "There are lenders out there who do
a good job, but some take advantage of borrowers. We are trying to
transform the manufactured housing market into a solid and dependable
market."
He adds ...