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 Hufweims
Joined: 19 Oct 2009
Posts: 1
1.47 Dollars($)
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 Posted: Tue Oct 20, 2009 11:50 am Post subject: refinace |
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| I have private mortage with a balloon due in April. This property is a doublwide on 5ac in Fl. We bought the property 4 yrs ago for $179,000 and owe $119,000. I have a credit score of 772. I don't earn alot of income but we have a combined income of $100,000. We need a new roof so would need some cash out. This is a second home that we use 6 months a yr. How would lenders look at this and would it be difficult for me to get a refinace loan? |
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thewretched02
Joined: 23 Jun 2009
Posts: 115
23.90 Dollars($)
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chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 372
Location: Florida
64.35 Dollars($)
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| Posted: Wed Oct 21, 2009 2:37 pm Post subject: |
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The only loan program that will do a mobile home refinance is FHA. FHA will do up to 85% cash out on a refinance. Your income and credit seem fine. You should not have an issue with an FHA mobile home refinance.
_________________
Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
Five Stars Mortgage On Facebook |
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thewretched02
Joined: 21 Oct 2009
Posts: 18
3.29 Dollars($)
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Wed Oct 21, 2009 8:38 pm Post subject: |
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Hi thewretched!
Welcome to forums!
Well, you could have simply googled "FHA" to find the answer. Anyways, it stands for Federal Housing Administration.
Sussane |
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chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 372
Location: Florida
64.35 Dollars($)
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| Posted: Thu Oct 22, 2009 8:12 am Post subject: |
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this is a forum to answer people's questions and help them. Not for you to blatantly abuse and self promote your own interest. I hope no one calls this person.
_________________
Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
Five Stars Mortgage On Facebook |
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Sonja
Guest
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| Posted: Thu Oct 22, 2009 3:05 pm Post subject: |
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| FHA will not refinance on second homes, it has to be primary residence. |
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chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 372
Location: Florida
64.35 Dollars($)
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| Posted: Thu Oct 22, 2009 3:33 pm Post subject: |
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Right you are Sonja. I missed that in the original post.
_________________
Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
Five Stars Mortgage On Facebook |
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