Posted: Wed May 06, 2009 12:07 pm Post subject: Manufactured home re-fi needed
I am trying to refinance my manufactured home. I have talked to several brokers and keep coming to dead ends with them. After getting my initial information they don't even call me back! I have even sent emails to them asking what happened, what the problem was so at least I know and still no answer. Here's what I want. A 30 yr fixed with cash out. I haven't found a lender that will do anything but a 20 yr fixed. I don't want a loan that requires impounds, that's a deal breaker.
Our home was put up in 2003 in California. It's 2280 sq ft and on a permanent foundation on 40 acres. Lenders have told me the acreage is an issue. Our credit is good, 770's or so. Our home is worth at least $750,000 probably more. I don't know if there are many/any comps available. I would like a loan for approx $350,000. I currently owe $207,000 on my first and $65,000 on my second and would like approx $75,000 cash out to pay for an ungodly amount of legal bills. We make around $100,000 a year. I am currently not working and my husband has been at the same job for 15 years. So comps and acreage could be a problem but aside from that I thought we looked great! Any help is really appreciated. I hope I provided enough detail.
As some of the lenders have told you that the acreage is a problem, I guess that's the issue why you aren't getting the loan. Apart from this, I agree that other things look great for you.
You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether you would be able to get a loan or not.
Thanks
Amy Guest
Posted: Wed May 06, 2009 8:34 pm Post subject: Manufactured home re-fi needed
Sorry, it was only one lender (out of six) that told me acreage could be an issue, he's the only one that came thru for me, but it is a 20 yr fixed. He told me he expected the acreage to be a problem and expressed surprise when the bank said it was a go. I don't know how other banks feel about the size of the property.
I looked at the "no obligation free mortgage consultation" link but since it only asks for name, email and phone number and no other details I will wait and see what comes of this post and any replies I receive before filling it out. Thanks for answering me.
I would suggest you to check out with other lenders if the acreage is a problem with them or not. This will help you know the reason for not getting a mortgage. I would also suggest you to go for the "no obligation free mortgage consultation" which will help you to get the opinion of the lenders participating in the community. _________________ Procrastination is the enemy of your financial sucess
aciddio
