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gtphillips
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0.10 Dollars($)
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Post subject: lied to |
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What can i do when i thought i was getting a mortgage for my manufacture home, but two years later i found out the loan was personal property loan, at that time i had great credit. Now am going throught some bad times. I ask the bank to modifly my loan under President Obama Program. But the bank won"t help me. So how can handle this.
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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unlucky1
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Post subject: equity |
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| Is there equity being built up when purchasing a mobile home? The loan company I'm with has an interest rate of 13.87%, and at the time I took the loan, I had good credit. Am looking to refinance for a lower interest rate. Any ideas on where I can get decent interest? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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To gtphillips,
In case you do not qualify for the Home Affordable Modification program, your lender will not be able to help you. But your mortgage company can offer you their own loan modification program. However, the lender will have their own set of qualifying criteria for such modification programs and you need to meet those criteria in order to qualify. Do you have enough income to afford the modified mortgage payments? In case your income is too little, the lender will not approve a loan modification.
To unlucky,
The interest rate on your mobile home loan depends on many things. What are your current credit scores? How much money will you pay upfront? An interest rate of 13.87% is way too high and you should look to refinance at a lower rate. You can contact a local lender or can seek a no obligation free mortgage quote from the community lenders. They will check your credit scores and other required factors and will offer you free mortgage quotes. This will give you an idea as to what kind of interest rates you can expect on your refinance loan. |
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mbaldwin
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Post subject: |
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| Do mobile homes qualify for first time home buyers programs? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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Hi,
Mobile homes do qualify for first time home buyer programs. FHA loans are considered good financing options for first time buyers. If you're a first time buyer with credit score of around 620 and a down payment of 3.5%, you can go for FHA Title I loan program which helps you buy both the mobile home and the lot. There are various state housing agencies that offer first time buyer loan programs to help finance purchase of manufactured homes. |
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dlouisetrujillo@gmail.com
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Post subject: sgl wide mobile |
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| Is there anyone who will give a loan for a 1979 sgl-wide improved home (metal roof etc) on a private lot (almost an acre in desired location) that will be given a permanent foundation? |
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anonymous-arizona
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Post subject: Clayton homes - I-House |
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| What type of mortgage is available for the purchase of the Clayton I-House and what are the current rates. The land is paid for and my credit score is 890 - the total cost is around $150K |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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anonymous, it's fascinating that you have a credit score of 890. inasmuch as credit scoring maxes out at 850, i have to wonder how you achieved this phenomenal score.
i wish i could be of assistance with your loan request, but that's not within my purview. please let us know, though, what magic you've acquired.
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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bestrates
Joined: 30 Oct 2009
Posts: 5
2.56 Dollars($)
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Post subject: Refinance Mobile Home without a permanent foundation |
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RD Travis,
Is this mobile home that does not have a permanent foundation to be financed in a rental community or on a deeded lot?
It is very easy to do within a MH Park where you lease the lot.
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Sam Hess
Mobile Home Loans |
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Sarah T
Guest
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Post subject: downpayments |
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| what if you don't have a downpayment, and have never owned a home? |
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jeff mazer
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Post subject: qualifications for manufactured home |
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I own a double wide manufactured home on 3 plus acres. (which I own). I am attempting to sell my home and need to know if the purchaser qualifies. The house has had massive improvements, but was built before 1976. Can the purchaser obtain a loan, mortgage for my home?
Thank-You
Jeff "jefmzr@copper.net"
[Email address deactivated as per forum rules] |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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To Sarah,
If you do not have a down payment, it will be really difficult for you to qualify for a loan in this economy. Most of the lenders require you to put down some amount of money at the closing. If you have at least 3.5% down payment, you can get an FHA-insured loan. For most other types of conventional loans, you require a down payment of at least 5-10% of the purchase price.
To Jeff,
If the mobile home was built before 1976, it is going to be impossible to get a loan against it. The mobile homes need to conform to the property standards as set by HUD in the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. Homes built before 1976 do not follow such standards, which is why lenders do not want to finance such old mobile homes. |
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Marcus
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Post subject: Mobile Home Purcahse |
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| I got approved for a loan in August of this year for a mobile home. I found one that fit my budget, but it wasen't what I really wanted. I found some property to put it on which was included in the loan and I am really wanting to back out of the deal, because the company I bought the mobile home from is giving me the run-around. It took forever to get the trailer built, and it took forever to finally get someone out there to work on the property, now it is taking her forever to move the trailer to the property. She promised me that we would be in our home before thanksgiving and were not. We went and looked at the built trailer on the 17th of November and she was supposed to move it that week but didn't, when the weather was beautiful, but didn't. The weather was nice for two weeks and still no trailer has been moved . This has been going on for almost five months and I am very angry about it all. I am still having to pay rent to someone else to live in their home when I should be paying it towards my own home. I have not closed on the deal yet and I would really like to cancel it all and go with someone else and get what I really want, but how do I go about doing that? Is it possible to do this? I know I would lose my earnest money but this process is taking to long because she is not doing her job, and I really feel that she dosen't care whether or when we move in the trailer or not. What would happen if I cancelled out on this deal because of this? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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marcus, you ought to have a lawyer on your side to direct and counsel you in this. it's been a long haul, and you're so close that it may be painful to go on, but you may be best off to continue. beginning again is no guarantee that the next transaction will be a whole lot smoother, for one thing.
if you have legal counsel, you may be able to use persuasion to get this home done that's been delayed for so long. i agree that 5 months is outrageous, but i hope you'll consider all of the consequences before you do anything rash. your contract ought to be able to spell out any penalties you might incur, though having a lawyer would certainly help with that also.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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ANN
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Post subject: |
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| I HAVE A SINGWIDE HOME THAT HAS A 30YR LOAN ON IT I BOUGHT IT AT 37,000.00 IN 1999 I'VE HAD IT FOR TEN YEARS I STILL OWE 32,000.00 ON IT I TRYED TO SELL IT BUT NO LUCK I TRYED TO TRADE IT IN NO LUCK IT STILL IN GOOD SHAPE BAD PART ABOUT IT I BEEN LIVING IN A TRAILERPARK FOR THE LAST TEN YEARS I WANT MY OWE LAND OR EITHER BUY ME A HOUSE THAT WHAT I REALLY WANT MY CREDIT IS GOOD MY INCOME IS 2,000.00 MONTHLY BUT I CANT GET RID OF MY MOBLIE HOME WHAT CAN I DO PLEASE HELP THEY WANT GIVE ME A LOAN AS LONG AS I HAVE THIS LOAN PLEASE HELP. |
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