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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi Ann,
It would have been better if you could sell the mobile home and pay off the existing mortgage on it. But since you have not been able to sell off the property, you can try and rent it, if possible. You can make the mortgage payments using the money you receive the as rent. In case you cannot find a renter and you really need to get rid of the home, you can do a deed in lieu of foreclosure. But this will affect your credit scores adversely and once you do a deed in lieu, you will have to wait for approximately 2 years or more to qualify for a new home loan. |
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Sandi
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We're in the market for buying a home. After looking for 4 years, we have finally found one within our price range that offers us exactly what we need.
It is a 1989 doublewide in PRISTINE condition (NOTHING wrong with it at all. not cosmetically or anything), fixed over a permanent foundation (full walk out basement). It has several decks, a screened in porch, patio, etc. It's beautiful! It sits on a level acre, off of a main road, yet private. Also sitting on the property is a Trans Steel 30x60 garage with power, heat and a full bathroom. We own a small business, so it is PERFECT for our living space and work space.
Only one huge problem. We cannot find someone who will finance it as a mortgage loan. Those willing to finance as a personal property loan have insane down payment requirements (20%!) and interest rates, with the balloon payment due.I have called every bank and mortgage company I can think of. Local and National. We've looked into the government programs, and nothing.
Is there anything at all we could do for a bank or mortgage company to look at the property's actual worth, and not just go by what a paper says? I can't stress enough how perfect this place is for us.
Please help us!
Thanks in advance! |
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sasha
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| can my wife and i get a mortgage big enough to buy and consolidate too. |
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Christi
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Post subject: Refi for rental property |
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| I want to refi my manufactured home that I am using as a rental property, but no takers. Any advice? |
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amanda
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Post subject: fha loan |
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| i am looking at buying a manufactured home and i want to get an fha loan. the bank told me i might not be approved because the house is a manufactured home? can you get an fha loan if the house is a manufactured one? |
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saftgek
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Post subject: Manufactured Home on Owned Land |
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It is extremely disappointing, depressing & disillusioning to see lenders continue to live in the distant past re: manufactured homes. When are "they" going to come out of the financial Dark Ages and recognize the legitimacy of alternative housing (other than site-built housing)?
The exorbitant interest rates charged is just short of usury, by comparison to "conventional housing." My wife and I have found an excellent 2,100 s.f. manufactured - custom built - on owned land. When searching for lenders to finance 40% of the purchase price, one feels like a leper.
The best I've found is a local lender who will write the loan at 7.75% for 15 years - fully 3 point above the "conventional" home loan for the same amount of money.
If ever there was a place for governmenal intervention, it would be for parity in financing ALL homes. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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you won't get any disagreement from this corner. i used to finance mobile and modular homes, and that generation of homes was very nice - it was quite a while ago. now i continue to see people contribute to our forums with information that leads me to believe that there are more than a few lenders who are willing to do fha title 1 financing on mobile/modular/manufactured housing. if i had the names on the tip of my tongue, i'd pass them along to you. my presumption is that you'd find rates to be better than what you've discovered so far; though i still believe that rates are going to be higher than for your ordinary stick-built home.
that can be explained, at least in part, by the marketability of the homes. the american public simply desires other types of housing more often.
i hope one of those posters happens on your query, so that you can get some assistance at a more acceptable interest rate. if i learn of anyone, i'll pass along the information gladly.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Carl
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Post subject: Construction Loan |
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| I own 3 properties, renting 2. I purchased a manufactured home to set up on the third un-improved property for primary residence. Seeking 80-90k to complete set up, improvements, and consolodate debt. |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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To Carl,
There are lenders in this community with whom you can seek a no-obligation free mortgage consultation with them. If you meet the eligibility criteria in terms of credit, income, etc. the lenders will offer you assistance to get the loan to complete the improvements and consolidate your debts.
To Amanda,
It is possible to get an FHA-insured loan on a manufactured home. The HUD Title I program is one such loan program that helps you get a loan to finance the purchase of a manufactured home. But the manufactured home must meet the HUD-specified property eligibility conditions and should have a permanent foundation. |
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jim r
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Post subject: get new mortage |
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| I am buying a manufactured home on a lease purchase the value of the home and land is $170,000 to $185,00 I put $20,000 down a have been making the payments for 29 months of $1100.00 per month. I need to get a new mortgage as the old one is in the sellers name. I need one in my name. I paid 157.000 for the property the balance is approx. $127.000 I would like to pull out $20.000 and put a porch and stem wall on the property. What type of mortgage and Interest rate am I looking at? my credit score is 647. also I have the title to the property already. |
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caryn
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Post subject: refinance mobile home on one acre land |
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| I currently have a private loan with interest rate of 13%. Purchased mobile and land for 140,000 in 2006 with a down payment of 60,000 and balance due of 80,000. I need to refinance this loan so my payments will be smaller. I have not missed one payment in 3 years to the lender and my fico score is 639. I am currently employed in medical field. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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caryn, wouldn't your current lender be amenable to a refinance? your history, credit score that's sufficient, etc. ought to make you eligible.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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jstanford1207@comcast,net
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Post subject: poor credit |
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| is there anyone who will finance a mobile home with poor credit |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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To jstanford,
It is almost impossible to get mobile home loan with poor credit. You need to have at least 620 credit score in order to get a loan. There are not too many lenders who offer mobile home loans in this market. The few who still offer such loans require a borrower to have good credit. By the way, how bad is your credit? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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it's difficult enough for people to get credit to purchase a mobile home when they have good credit; how much more difficult will it be for someone with "bad" credit? unfortunately, "bad" credit won't take you very far at all. no matter what the type of loan you're seeking, you really need to have "decent" credit these days, at worst.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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