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mary
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0.10 Dollars($)
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Post subject: loan |
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| iam trying to mortage my house and land but they are also a mobile home on my land and no one will do it. can you help? |
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savior70
Joined: 25 Mar 2009
Posts: 1774
Location: Florida
237.32 Dollars($)
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To Mary,
| Quote: | | iam trying to mortage my house and land but they are also a mobile home on my land- |
You mean there is a mobile home on your land and you want to get a mortgage against it, right? Well, if the mobile home is in good condition and you qualify for a mortgage, you can get a loan against it. Do you have a clear title to the both the home and the land? Is the mobile home sitting on a permanent foundation? How good is your credit?
To Larry,
| Quote: | | Ihave 2 loans total 100k and change. I am on 80 acres valued at 1400 to 1600 per acre. What can I look for in a loan? |
Are you looking to get a loan using your 80 acres of land? Getting a loan against land is not easy in this economy. Lenders have ceased to process land loans. The few lenders who might offer such loans will charge you high rate of interest. If there is a house on the property which you would like to use as collateral, you can qualify for a loan.
To Yvonne,
If you want to refinance with Greentree, you need to contact them and find out if they can offer you a loan. Have you got in touch with them yet? However, it is a good decision to refinance your existing loan as the interest rate of 11.54% that you are currently paying is way too high. The rates on home loans are quite low at present and if you have good credit you can expect to get an interest rate of anything around 5-6% or may be less than that.
To Brandi,
| Quote: | | My husband and I want to purchase a new mobile home, but have poor credit. Our credit scores are both in the low 500. |
I am afraid to say that you will not qualify for a mobile home loan with a credit score of just 500. The depression in the market has made the qualifying criteria for a loan stricter than before. You must have a credit score of 620 to get approved for a mobile home loan or any other type of loan.
To Jan,
It is common practice to charge PMI on loans with LTV ratio higher than 80%. The Fannie Mae guidelines require the borrower to pay private mortgage insurance premium if he/she is putting down less than 20% in down payment. Since your daughter is paying only 10% down payment, she will have to pay the PMI.
To Joseph,
If there is enough equity in the property, you can surely go for a cash-out refinance. You can then pay off your debts and do the required repair work with the extra cash-out money. However, there could be a problem due the fact that your mobile home is on a leased land. Not many lenders would want to do a cash-out refinance on a home that is on a leased land. |
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Tim O'Connell
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0.10 Dollars($)
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Post subject: $8000 tax credit |
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| We are having a debatein our office. Can a borrower with a moblie home that is owned and parked in a Trailer Park with mionthly rent for the lot quasligfy for the FTHB tax Credit. |
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stantheman
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0.10 Dollars($)
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Post subject: Modular Home Mortgage |
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| Is a manufactured home (double wide) on a permanent foundation considered a permanent home. No wheels, no tongue, and strapped down by code. Does any banks go fixed rate mortgages for these types of home? |
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Elaine
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0.10 Dollars($)
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Post subject: Purchasing |
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| Can you get a loan to purchases a moblie home but you rent the spot the home is on |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1848
Location: MICHIGAN
283.45 Dollars($)
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Hi Tim,
Mobile homes do qualify for First Time Buyer Tax Credit. But the tax credit is applicable only in case of a purchase of a real estate property. Mobile homes sitting on permanent foundation on a piece of land owned by the home owner are considered as a real estate property. These homes qualify for the tax credit. However, as far as I’mm aware of, if the mobile home is on a rented lot and is not sitting on a permanent foundation it is considered as a personal property rather than a real estate property. This is why these homes do not qualify for the tax credit. However, it is best to contact the IRS in this regard.
Hi stantheman,
A mobile home on a permanent foundation is considered as a real estate property and a permanent home. These types of loans qualify for a mobile home mortgage loan. Thus, you can surely go for a fixed rate mortgage loan.
FHA offers a Title I loan program to help borrowers purchase either a mobile home or both a mobile home and a land. The home must meet the property eligibility conditions as specified in the HUD guidelines. You need to have a score of 620 at least and a decent income to qualify for the loan.
You may seek a no-obligation free mortgage consultation with the community lenders and check out what type of mortgage you can qualify for. They will consider your financial situation, your credit and your requirements and will offer suggestions on the right kind of mortgage which serves your purpose.
Hi Elaine,
You can get a mortgage loan to purchase a mobile home if you have clear title to both the land and the home. Are you going to rent the mobile home or just the land? If you are going to occupy the property as your primary residence, you can get loans at low interest rates. But if you are going to rent it out, you will have to pay a higher rate of interest.
You, too, can go for a no-obligation free mortgage consultation with the community ranked lenders and see if you qualify for a mobile home loan.
Thanks,
Jerry |
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paul Elkins
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Post subject: home loan amount 34000. |
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| imformation on loan for mobile home cost $34000. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4267
Location: Hawaii
672.41 Dollars($)
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Post subject: |
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Hi Paul,
A loan amount of $34,000 is not too high. If you have a decent income and credit, you should be able to qualify for the loan. What are your credit scores? Are there any negative items on your credit? Do you own the land where you want to place the mobile home? Or do you want to place it on a rented lot? How much down payment have you saved? |
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Sandilee
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Post subject: refinance existing conventional loan on manufactured home |
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| We would like to lower our monthly payments with a low interest mortage loan fixed rate. We have a existing conventional loan on our manufactured home on a perminent foundation. My husband is a Veteran, could we get a refinance VA or FHA even if our present loan is conventional?[/img] |
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Connie S Venker
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0.10 Dollars($)
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Post subject: Land |
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| I need a loan to purchase my land to set my mobile home on. and to do some inprovement to my mobile home. |
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Connie S Venker
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0.10 Dollars($)
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Post subject: Land |
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| A loan to purchase land |
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Billy
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0.10 Dollars($)
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Post subject: mortgage on leased land. |
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| Looking for a mortgage on 55+community manufactured homes on leased land community. Yr to Yr lease |
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Charlie
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0.10 Dollars($)
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Post subject: Home improvement loan on a Mobile Home |
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| Question? I am a Veteran and live in South Carolina, my mobile home is attached to two acres of land, and is on a permanent foundation. Credit score is around 700. I have tried to obtain a loan but is very difficult with a mobile home. It is paid off and also is a 1972, in very good condition and wanting to install new windows and heat pump. Does anyone know of a lender that will make such a loan in South Carolina? Thank you for your time and consideration. |
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Charlie
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Post subject: Home improvement loan on a Mobile Home |
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| Question? I am a Veteran and live in South Carolina, my mobile home is attached to two acres of land, and is on a permanent foundation. Credit score is around 700. I have tried to obtain a loan but is very difficult with a mobile home. It is paid off and also is a 1972, in very good condition and wanting to install new windows and heat pump. Does anyone know of a lender that will make such a loan in South Carolina? Thank you for your time and consideration. |
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lmartinez
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0.10 Dollars($)
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Post subject: mobile home |
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I have been tring to get a loan for a mobile home and the rate that I have been told is 10% . I have a 645 score and my husban has a 654 score. we are 1st time buyers and thought that we might get a better rate than that with 10000.00 down. he mobile home is new and the company has given me a great price but the place that the company wants to finance through want buget with the rate. How can I get a better rate  |
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