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JennDallasOr
Guest
0.10 Dollars($)
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Post subject: Refinancing Manufactured home on property |
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| We purchased our home 10 years ago & would like to refinance to: lower payments, home improvements (include foundation upgrade) & consolidate bills. My credit is not so good, my husband's is good. |
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savior70
Joined: 25 Mar 2009
Posts: 1412
Location: Florida
166.99 Dollars($)
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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: 7405
Location: bloomfield, ct
62.63 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: 7405
Location: bloomfield, ct
62.63 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: 1412
Location: Florida
166.99 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: 3421
Location: Hawaii
512.47 Dollars($)
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Hi Guest,
As far as I know, no lender wants to finance a mobile home that was built before June, 1976. In order to be eligible for a loan, mobile homes need to comply with the construction and safety standards set by the HUD. I am not sure if a 'fixture improvement' can get a mobile home approved for a loan. Moreover, things have changed drastically in the past few years and it does not make financing a mobile home (built before June, 1976) any easier. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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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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