OVERLAND PARK, Kan., Oct. 8, 2013 /PRNewswire/ -- Overland Park-based CapWest Mortgage, a division of Farmers Bank & Trust, is now offering refinancing for clients with manufactured homes. The online lender will offer this product through all Fannie Mae programs and through Freddie Mac's Open Access program.
"At CapWest, we want to provide home financing solutions for as many people and as many housing situations as possible," said Monte Robbins, President & CEO of CapWest Mortgage. "This new product offering will allow us to serve a group of homeowners who often have difficulty finding lenders that can help them, simply because their home happened to be built in a factory."
In accordance with Fannie and Freddie guidelines, manufactured housing is defined as any dwelling unit built on a permanent chassis and attached to a permanent foundation system. The manufactured home and the land on which it is situated must be titled as real property.
Other eligibility requirements include: the manufactured home must be at least 12 feet wide and have a minimum of 600 square feet of gross living area (not available for single-wide homes); it must be permanently connected to a septic tank or sewage system, and to other utilities in accordance with local and state requirements; there must be adequate vehicular access and wheels and axles removed, among other requirements.
"In addition to serving manufactured housing clients on a retail basis, we will also be offering this new product to select wholesale and correspondent bank and credit union clients," said Robbins. "We are confident that the ability to offer refinancing to this underserved population of homeowners will be just as valuable to our secondary market clients as it is to us as a retail lender."
To inquire about refinancing with CapWest Mortgage, visit CapWestMortgage.com/refi. Correspondent and wholesale lenders may contact Tony Thole, National Sales Manager at email@example.com or by calling 913.378.9009.
About CapWest Mortgage
CapWest Mortgage is a division of Farmers Bank & Trust, which is a 106-year old family-owned bank that originates conventional, FHA, VA, and HomePath® loans across the nation through its bank's charter. CapWest Mortgage is committed to offering financial solutions that help our clients manage their money and meet their financial goals. Visit us online at CapWestMortgage.com. HomePath® is a registered trademark of Fannie Mae.
Media Contact: Andrea Sammarco
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