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 mtgfixit
Joined: 13 Apr 2009
Posts: 73
28.11 Dollars($)
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Posted: Wed Apr 15, 2009 8:40 am Post subject: Mobile Home - Manufactured Home Financing Guidelines
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Here are some general Manufactured Home Refinance Guidelines:
Age of Home: All homes 1976 and newer. Homes older than 1987 may require independent appraisal paid by the homeowner. Homes older than 1987 may not qualify in some states.
Home Location: Home must be in a manufactured home park, community, leased land, or owned land (Can be either the home owner or other, land deed not in current loan)
Home Type: All manufactured Homes
Credit Score: FICO score of 600+ required. Cannot accept Bankruptcies in the last 2 years or anyone using contractual credit repair services. Current late pays within 6 mo on current mortgage forbidden.
Income: Proof of income required. (w-2's, bank statements, and/or other)
Debt to Income Ratio: DTI of 45% or less. DTI = (Your Monthly Gross) / 12 * .45 DTI is the amount a bank will allow you spend per month on your monthly bills (Credit Cards, Mortgage, Other Loans) Individuals who calculate above 45% may fall below 45% with a refinance!
Cash Out Refinance: Current balance of home must be below 80% of the appraised value of the home
Debt Consolidation Refi: Current balance of home must be below 80% of the appraised value of the home.
And some general guidelines for Manufactured Homes On Owned Land Refinance
Age of Home: Homes older than 1990 may not qualify in some states.
Home Location: Home must be on owned land (Home owner must have deed)
Home Type: All manufactured Homes! On fixed foundations only
Credit Score: FICO score of 600+ required. Cannot accept Bankruptcies in the last 2 years or anyone using contractual credit repair services. Current late pays within 6 mo on current mortgage forbidden.
Income: Proof of income required. (w-2's, bank statements, and/or other)
Debt to Income Ratio: DTI of 45% or less. DTI = (Your Monthly Gross) / 12 * .45 DTI is the amount a bank will allow you spend per month on your monthly bills (Credit Cards, Mortgage, Other Loans) Individuals who calculate above 45% may fall below 45% with a refinance!
Minimum Refinance Amount: $75000
Mortgage Terms: 5/10/15/20/25/30 year fixed. |
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gunzijjistaff
Joined: 07 Apr 2009
Posts: 712
4.51 Dollars($)
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mtgfixit
Joined: 13 Apr 2009
Posts: 73
28.11 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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