Questions about refinancing and renovating

kayser · Joined: 11 Feb 2008 Posts: 1 1.00 Dollars($)

we want to do about $50,000 in renovations on a mobile home. We would love to refinance and hoping to lower our high 7.5% interest rate. Can you point us in the right direction?

Guest 0.10 Dollars($)

I think it will be good to refinance now as rates are low. So, talk to your lender first and see what he has to offer you. You may then consult some more lenders to get better rates and terms. By the way, is your mobile home on a permanent foundation?

jameshogg

Hi Kayser,

You can consider taking FHA 203k loan to refinance and renovate your mobile home. Check out the eligibility requirements and improvements that can be made from a previous discussion on FHA 203k Mortgage .

Thanks

0.10 Dollars($)

Unfortunately the 203k loan is not your solution---it limits the total rehab expense to 35K or less...

I'd need to know more about you, the property and your rehab intentions to advise you further.

Regards,

Scott Miller

ezmortgageloanz · Posted: Tue Feb 12, 2008 2:47 pm Post subject:

Sorry, that was my post above.

Regards,

Scott Miller

adonis · Posted: Wed Feb 13, 2008 3:20 am Post subject:

Then what can be the possible options here? Any conventional loan I believe or may be renovation loans offered by lenders.

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