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aciddio · Joined: 06 May 2009 Posts: 1 1.61 Dollars($)

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.

jameshogg · Posted: Wed May 06, 2009 7:21 pm Post subject:

Hi aciddio,

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

Guest

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.

adonis · Posted: Fri May 08, 2009 1:09 am Post subject:

Hi Amy,

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.

Guest

I am having a similar problem. Did you find a lender yet? Also, what is the name of the lender that offered a 20 year fixed note? I can't even find that. No one wants to seem to lend due to the acreage. It is very frustrating.

hecmrev · Joined: 10 Oct 2009 Posts: 39 6.97 Dollars($)

If you are 62 or older you could use a reverse mortgage to refinance your manufactured home to cashout equity and payoff debt. Acreage on a reverse mortgage would be taken into consideration but typically is not a problem.

With a reverse mortgage should the homeowner choose they could make a payments, however most never make a payment.

You would still retain title as you would with a traditional mortgage.

They main difference is you don't have to make payments.

Hope this helps & Happy New Year!

Guest

Sorry Anonymous been busy. I have some info but it's fairly lengthy. You can reach me at aciddio at gmaildotcom.

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Manufactured home re-fi needed