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Obtaining a Manufactured Home Loan

People who own manufactured homes and prospective buyers are finding out that this isn’t an easy task in today’s len

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ding market. If they do find a loan, many times the rate is much higher than it would be on a traditional stick built home.

In the last year, many bank

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

and especially the subprime lending institutions have dropped their manufactured home loan programs because of the high level of defaults on these loan

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

and the stigma on Wall Street that has plagued this industry since the beginning. Popular subprime lender such as Ameriquest, Argent, Option One, New C

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ntury and First Franklin no longer lend on these homes but they still hold a huge portfolio of existing loans that are mostly adjustable rate mortgages.

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

Many manufactured homeowners are in adjustable mortgages right now, commonly known as 2/28 or 3/27 loan programs. These loans are fixed for a period o

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

time from 2-3 years and then they become adjustable after that. A borrower might have a great rate now but they may be in for a shock when the rate adj

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

sts. I personally have seen rates go from 6% to 11-12%! Frantically, the borrower calls the lending institution where they have their loan, only to fin

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

out that they can’t help them. Where does that leave manufactured homeowners and prospective borrowers? Good question!

An estimated 99.9% of the loan

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

officers in mortgage offices and banks across the country perform traditional loans on a daily basis but when it comes to manufactured home loans, they

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

have no idea how to complete one or where to go to help the consumer. Many times they tell the manufactured homeowner they can help them because that’s

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

hat they are trained to do. Sometimes, they will quote you a rate, order the appraisal, open escrow and then 30 days later they inform the prospective b

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

rrower that they can’t do the loan. Frustrated, the homeowner turns to the yellow pages and the internet, filling out loan applications, having their cr

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

edit ran multiple times, only to get the same answer, “Sorry, we don’t lend on manufactured homes!”

Manufactured homeowners and prospective buyers need

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

to get educated and the best place to find information today is on the internet. Do a search for manufactured home loans and start visiting mortgage com

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

any websites that specialize in these types of loans. Study the website to see if they even lend in the state where the property is located and see what

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

types of loan programs they offer. Many of these companies may only lend to manufactured homes in parks, where the homeowner rents the land or they may

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

only lend to borrowers who own the land and the manufactured home is permanently attached to the foundation and land. Take your time, get educated and m

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ke phone calls.

Real estate will probably be the most important investment you ever make in your lifetime and if you own a manufactured home, it that d

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

es not mean that you made a bad investment. You need to educate yourself and deal with manufactured home loan professional who knows what they are doing

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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