Thank you everyone for the replies. Well it appears that it may be a moot point as our lender got back to us and told us “our underwriting committee told us that no bank will extend a loan for your property due to the age of the home.” Apparently the federal guidelines stipulate that a manufactured home (not mobile, but built in pieces in a factory, assembled at the site and then tied down on the permanent foundation) that was manufactured before 6/15/76 is not eligible to be underwritten. So B of A told us that according to their underwriting committee, only an all cash buyer would have been able to purchase the home, and we don’t have that kind of cash available, so we’ll probably have to terminate this sale.
Our realtor wants to see if anyone else will underwrite us but it looks like this was just not meant to be (or just not a good idea!!!) and hopefully we can get our earnest money deposit back and call it a learning experience and walk away now.
