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helping_user
Joined: 31 Mar 2006
Posts: 661
Location: Hawaii
123.27 Dollars($)
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 Posted: Sun Nov 19, 2006 8:52 pm Post subject: RE: Best way to qualify for mobile home loan |
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Hi Barb,
Since your property is located in a rented lot, it is considered as personal property. In that case, you need to look out for personal property loans instead of mobile home mortgage loans.
Your score is fair enough to help you qualify for the loan. Only it is the bankruptcy that can affect getting your credit, as it will stay on your credit report for at least 7 years from the date of filing. Even then, you can qualify for the loan as you have started to build good credit.
I think you should look out for companies offering personal property loans or personal loans for mobile homes. The interest rates on such loans are higher than mortgages. And, you are required to put forward a down payment of 10% with the remaining purchase price being financed through a loan having a total repayment period of 10 to 15 years.
Thanks |
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Janice Anderson
Guest
0.10 Dollars($)
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| Posted: Thu Dec 28, 2006 4:41 pm Post subject: Refinance |
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| do you refinance singlewide mobilehome++land |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1322
Location: florida
218.39 Dollars($)
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| Posted: Thu Dec 28, 2006 8:26 pm Post subject: RE: refinance mobile home and land |
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Hi Janice,
Welcome to the forums.
Our Community has a group of lenders offering a variety of loan programs for different types of property. If you can provide us with your credit score and the state where you live in, it will be easier for us to locate if we have lenders offering services in that state.
Thanks,
Caron.
_________________
Mortgage Shopping made easy with booklet |
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Betty
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0.10 Dollars($)
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| Posted: Tue Apr 03, 2007 11:09 am Post subject: |
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| I want to refinance my mobile home loan to do improvements and payoff some credit cards. I need a loan that does not require a permanent foundation. I also have financed my home and land together. The house is a 1999 and it does have synthetic brick around it. It also has a permanent porch that is fully cemented and attached to the home. I've looked all over the internet and haven't been able to find anyone to help me because my home is not on a permanent foundation. Help!!!! |
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penrose
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0.10 Dollars($)
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| Posted: Tue Apr 03, 2007 2:44 pm Post subject: |
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| Quote: | | I've looked all over the internet and haven't been able to find anyone to help me because my home is not on a permanent foundation. Help!!!! |
Betty, it would be difficult to find financing for a mobile home not on permanent foundation. |
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glover
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0.10 Dollars($)
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| Posted: Tue Apr 03, 2007 3:16 pm Post subject: |
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| It is not that all lenders will refuse to finance a mobile home which is not on permanent foundation but I would also agree with penrose that very few will agree to it. |
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wanagel
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0.10 Dollars($)
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| Posted: Tue Apr 03, 2007 3:36 pm Post subject: |
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| Quote: | | I want to refinance my mobile home loan to do improvements and payoff some credit cards. I need a loan that does not require a permanent foundation. I also have financed my home and land together. The house is a 1999 and it does have synthetic brick around it. It also has a permanent porch that is fully cemented and attached to the home. I've looked all over the internet and haven't been able to find anyone to help me because my home is not on a permanent foundation. Help!!!! |
The reason why lenders do not agree to finance is because many states will not title them as mortgageable unless the mobile home is on permanent foundation. As far as I know 16 states will not recognize them as real estate at all. |
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sara
Joined: 05 Jul 2006
Posts: 934
Location: New Brunswick, New Jersey
178.88 Dollars($)
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| Posted: Wed Apr 04, 2007 2:25 am Post subject: RE: refinance mobile home with permanent foundation |
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Yes Betty, it's true that people like you who do not have a permanent foundation on their mobile home find it difficult to secure financing for their home.
But do not worry, it happens at times when you do not get things going the way you want.
By the way, I have been participating in this forum for quite some time and I also find some lenders taking part in the discussions and often helping people with financing. May be you can get some helpful advice or services from them. |
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SHARLEE2004
Joined: 03 Nov 2006
Posts: 48
Location: Florida
23.63 Dollars($)
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| Posted: Mon Apr 09, 2007 7:57 pm Post subject: |
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There are not many lenders to choose from when refinancing or purchasing a single wide mobile home. There are a couple of reputable large lenders that will finance a doublewide mobile home.
With the closing of many subprime lenders over the last few weeks the pickings are even less. Go with a broker who will work for you to find the loan you need. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 539
Location: MICHIGAN
49.60 Dollars($)
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| Posted: Tue Apr 10, 2007 5:06 am Post subject: RE: subprime mortgage industry |
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Yeah, there has been a spike of defaults and delinquencies on subprime loans recently and regulators have simply asked lenders to be more cautious as to whom they are offering loans.
Regulators feel that lenders should be strict in evaluating borrowers for loan approvals. But I guess, not all lenders avoid following the guidelines. There are some because of whom may be the entire lending industry has to come across stricter rules and guidelines. |
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stacy
Joined: 25 Sep 2007
Posts: 1
1.27 Dollars($)
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| Posted: Tue Sep 25, 2007 12:16 pm Post subject: How to qualify for a mobile home mortgage loan |
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| I just wanted to say "Thanks" for your explanation of how to qualify for a mobile home loan - you simplified what seemed to be a "ghost" of an answer in the past! |
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larry
Joined: 27 Jun 2007
Posts: 2598
349.39 Dollars($)
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| Posted: Tue Sep 25, 2007 8:55 pm Post subject: |
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| It's really great to feel that you have been benefited from the community. |
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Roncrigger
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| Posted: Wed Jan 30, 2008 6:46 pm Post subject: Trying for a Loan |
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| I have purchased a 2008 manufactured home but seem to have a hard time getting approved. My credit score is 663, I have an 8 year old bankruptcy but all other credit is excellent, all RI lots of credit so latest lender said i owed too much, although my credit is excellent. dealer was surprised. Any hints as to what I can say or do, I make $60,000.00 plus a year |
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adonis
Joined: 22 Oct 2005
Posts: 1184
Location: ALASKA
97.57 Dollars($)
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| Posted: Thu Jan 31, 2008 3:05 am Post subject: |
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Welcome Roncrigger,
Your credit score isn't that good. The bankruptcy is too old to affect you. What credit do you owe and how much is it? may be the lender feels that you won't be able to carry on with payments as because you owe a lot of debts. Your income is good but I suppose your debt-to-income ratio is higher. So, if you can go for no ratio loans which do not consider the debt ratios, you can get a loan for the mobile home.
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Procrastination is the enemy of your financial sucess |
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blurvrmom
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0.10 Dollars($)
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| Posted: Wed May 07, 2008 4:46 pm Post subject: relocating to better mobile home |
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| my son and i live in a flood zone area, the town we live in was flooded on the 19th in march here in IN, we were stranded for two days. Our home was not flooded. now we both are suffering from an arsenal of molds and pollens, causing some major allergy problems. I found a cute mobile home, 1980 on a lot for sale for a very reasonable price. I need a loan. $15000.00 dollars to be exact. my credit score is around 711. |
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