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Lori Brockmeier
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0.10 Dollars($)
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Post subject: refinance a modular home |
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| My modular home is six years old. It does not have a stem wall. where can I find a reputable place to refinance it? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Lori!
Welcome to forums!
As far as I know the main requirement to refinance a manufactured home is that it should have a stem wall. As the property does not have a stem wall, I doubt whether or not you will be able to refinance the mortgage. However, I would suggest you to contact your present lender and check out if he can help you in this regard.
Feel free to ask if you've further queries.
Sussane |
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thes5
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0.10 Dollars($)
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Post subject: manufactured home with land |
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| I recently purchased a doublewide which I moved onto 46 acres. I financed both the home and land via our local bank so that we could get into the home faster. Our local banker said that their rates were not competitive but that most customers just refinance with another lender once they get into the home. So, we did not foresee any trouble as we have good credit. However, I am having extreme difficulty finding anyone who will loan on a doublewide with the 46 acres. If I had 5 acres or less...no problem. If I had over 80 acres...no problem; just not the 46 acres. Do you know of anyone who finances both acreage and homes together? I am desperate as my current note is a variable rate loan and I really need to find a fixed rate mortgage as soon as possible...thanks |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Hi thes,
Did the lenders give you any reason as to why they will not refinance the manufactured home? Is it just because of the land specifications or is there any other issue regarding the property? You may speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know whether or not you will qualify for a loan.
_________________
Procrastination is the enemy of your financial success |
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ladyfarmer
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0.10 Dollars($)
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Post subject: Mortgage Refinance on Mfg Home and Land |
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| We own a double wide mfg home permanently set on a full foundation on 33.19 acres with 2 additional out buildings. It is currently mortgaged at 6.55% in a 30 yr fixed loan with approximately 23 yrs left to maturity and has a 10 yr 2nd mtg at 6% with approximately 3 yrs left to maturity. 1st mtg has a balance of approx. $65,500 and 2nd mtg has a balance of approx. $13,500. Our goal is to refinance at a lower rate while rates are still down and (1) reduce the term to 15 yrs, (2) reduce the combined monthly payment, and (3) add a cash out equal to the balances of our current high interest credit accts (approximately $12,000), thereby saving many thousands in interest overall as well as hundreds in monthly pymts. Property appraised at $155,000.00 in 2003. Please contact us if you have a product available that may address these goals. Thank you. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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You will have to appraise the property first and check out if you have any equity on it. Lenders will be ready to refinance the loan only if you have equity in it. Once you refinance, you will be able to combine both the loans into one and you can even lower your term of mortgage payments. You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them which may help you know whether or not you will get approved for a loan.
_________________
Good is the Enemy of Great. |
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fw
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0.10 Dollars($)
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Post subject: permanent foundation |
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| what is considered a permanent foundation? |
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ls3medic
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0.10 Dollars($)
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Post subject: obtaining a mortgage |
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| I am trying to rebuild my credit and my life after a divorce a few years ago.I have found a mobile home I wish to purchase,but have been unable to obtain a mortgage due slow payments in the past.I am just looking for a chance at a better life for myself and my 2 children.Is there any companies willing to take a chance? |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Post subject: |
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Hi fw,
The mobile home that you're buying should be attached to the land on which it is located. This is known as permanent foundation. In order to get a mobile home loan, most lenders will want your mobile home to be permanently attached to the land.
Hi ls3medic,
As the negative items are mentioned in your credit report, it must have lowered your credit score by some points. As a result you do not have the required credit score to qualify for a loan. You'll have to pay the dues on time and improve your credit score and then apply for a loan.
_________________
Procrastination is the enemy of your financial success |
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ishot65@yahoo.com
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Post subject: mobile home loan |
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| i have been paying 1,000.00 a month for my mobile home on rented land.my father actually owns this mobile home.i have lived here for 5 years and the loan is for 15 years.i owe 85,000,00.on the home.i would like to get my own loan with poor credit so my father can have his money.what should i do? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi ishot!
Welcome to forums!
You've mentioned that you've a poor credit. With a poor credit, it will not be possible for you to refinance the mortgage in your name. You will have to improve your credit first and then look out for a loan. Check out the given page to know some simple steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane |
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Florida Bound
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Post subject: Mobile Home in park financing |
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| I live in Michigan and I am looking to purchase a mobile home (as a 2nd home) located in a mobile home park in florida for $30,000. The home was built in '78. I have 800+ credit scores and I am wondering how much I need to expect in fees and interest rate for a 15yr term assuming that I put 20% down. |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Post subject: |
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The fees will vary from lender to lender. The interest rate generally keeps on changing on a daily basis. The present interest rate for a 15 year fixed term is approximately 4.67% today. You need to speak to some of the lenders and check out the type of rates they would be giving you. You may even speak to the lenders of this community and seek a no obligation free mortgage quote from them and get to know the rates and terms you would receive.
_________________
Procrastination is the enemy of your financial success |
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bee
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Post subject: |
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| i would like to by a home i have the land and good credit i dont have a down payment or a home picked out where do i begin |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi bee,
You'll first have to arrange for a downpayment. If you do not have a lump sum amount as downpayment, lenders will not be ready to give you a mortgage. You can contact your friends or relatives and check out if they can help you with the downpayment. They may be ready to give you a gift. Once you have it ready, check out your credit score. With a low credit score, it would be impossible for you to get a loan. I hope you're planning to take a conventional mortgage. You would require a credit score of 700-720 in order to get a loan. Apart from this, the lender will also check your income. You'll then have to get pre-approved from a lender. Then you can contact a real estate broker and check out for properties.
Thanks |
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