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JennDallasOr
Guest
0.10 Dollars($)
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Post subject: Refinancing Manufactured home on property |
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| We purchased our home 10 years ago & would like to refinance to: lower payments, home improvements (include foundation upgrade) & consolidate bills. My credit is not so good, my husband's is good. |
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savior70
Joined: 25 Mar 2009
Posts: 1778
Location: Florida
238.16 Dollars($)
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Post subject: |
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Hi,
If there's enough equity in the property, you can do a cash-out refinance and use the excess cash to carry out home improvements and consolidate bills. In case, you do not qualify due to bad credit, your husband can apply for the loan. How good is his credit? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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Post subject: |
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jenn, it's difficult to respond to you with clear-cut information. "not so good" credit runs a wide gamut, as does "good" credit. if you know your scores, that's a definite help to us who try to answer your query.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Tina23498
Guest
0.10 Dollars($)
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Post subject: bad credit |
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| My FICO score is 548. I know that is horrible ,but do you think that I will ever be able to get a home loan. My husband and I have never purchased a house. We ruined our credit when we were younger. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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Post subject: |
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ever? yes, but it's going to take some work. if you have collections or judgments, they'll need to be eliminated. if you have accounts that you pay late now, you'll have to get caught up and stay that way. if you lack favorable credit, you're going to have to acquire some. that may mean you'll wait a little longer until the negative things are gone.
you could, conceivably, raise your score sufficiently within a year if you have the funds now to pay things off or reduce balances and maintain a good record in the interim period. obviously, how fast the score goes up will depend on how much you owe and how quickly you can eliminate bad debt.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Diana&Ricky
Guest
0.10 Dollars($)
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Post subject: Loan |
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| My husband and I are trying to find a mortgage co. that will finance land and manufactured home on permament foundation. Its already set up and has been in place for several years |
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savior70
Joined: 25 Mar 2009
Posts: 1778
Location: Florida
238.16 Dollars($)
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Post subject: |
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Hi,
The no. of lenders offering mortgages on mobile home has reduced in recent times. The eligibility criteria are now a lot stricter. What are your credit scores? How old is the mobile home? Is it in good condition? Have you contacted any local lender? |
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needing help
Guest
0.10 Dollars($)
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Post subject: Conventional Loans for Mobile Home Converted to Fixture Impr |
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In the state of CA, a mobile home (pre June 1976) can be converted to a "fixture improvement on real property", however, FHA/FNMA guidelines require a "Manufactured home" (built post June 1976).
Do you know of a lender (if major bank, can you give a specific branch) in the State of CA that recognizes that once its an "improvement" legally its the same as a stick built house (and they certainly give conventional loans to stick built homes older then 1976.
Thanks |
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jenkin7
Joined: 04 Jun 2007
Posts: 4292
Location: Hawaii
677.83 Dollars($)
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Post subject: |
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Hi Guest,
As far as I know, no lender wants to finance a mobile home that was built before June, 1976. In order to be eligible for a loan, mobile homes need to comply with the construction and safety standards set by the HUD. I am not sure if a 'fixture improvement' can get a mobile home approved for a loan. Moreover, things have changed drastically in the past few years and it does not make financing a mobile home (built before June, 1976) any easier. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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Post subject: |
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i am in agreement with jenkin7 - lenders have no interest in financing an older mobile home. not only that, as he also pointed out, the vast majority of lenders want nothing to do with mobile homes at all.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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TC
Guest
0.10 Dollars($)
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Post subject: HOME LOANS |
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| what type of loans are the right ones for someone who was given house with no mortgage , but needs money to get home improvments done , but has poor credit . |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.96 Dollars($)
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vinnie
Guest
0.10 Dollars($)
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Post subject: |
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| THi! I want to purchase a mobile home and my income is about 60,000. My credit score is around 750 do I need a big down payment. Purchase price is 79000 how much down do I need. Just to have an Idea. Thank you |
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heavyhoney
Guest
0.10 Dollars($)
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Post subject: Help |
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| [color=Cyan]I am on KS and need a home loan of 32,000 minus 3200 for down payment, the home I am wanting has dropped in price from 35,000 to 20,000 and I owe 7,500 on my car and 4,000 on a credit card. I am wanting to consolidate them all so I can afford this home as my debt to income ratio is bad, my credit scores are 680, 716 and 730 with a tax lien I just paid off and filed the paperwork in district courtn and have the stamped satisfaction of judgement. I am on SSI disability and the consolidation is the only way my debt to income ratio will work, where can I get this done?[/color] |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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Post subject: |
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honey you don't state where you are located...although KS is the abbreviation for Kansas...but you said you are "on" KS. i dunno.
please don't use that crazy color - i changed it so people won't go blind - thanks.
you didn't indicate your income, and it's impossible to tell you what kind of monthly payments you'd have on a mobile home loan because i, for one, don't do mobile home loans, nor do many of the others on here. have you spoken with a loan officer? did you get a quoted interest rate?
as for consolidation loans, you can try your local bank, credit union or finance company on the corner. is this a mobile home you're talking about?
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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