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Guest

I have gone through 9 mortgage brokers to try and refinance, with cash out, my Manufactured home (on cement runners - permanently afixed to the real estate - no stemwall) appraised at $250K and I owe $110K. I have now paid for two appraisals and then the brokers never call me back. My credit score is outstanding. I have recently heard that a manufactured home owner cannot get the 80% ruling as other home owners. What is the deal?

Guest

Rick,
Have you tried an FHA loan refinance. I believe they will finance manufactured homes, and you can borrow up to the mid 90% of the homes value. Their rates are usually pretty competitive.

rick · Joined: 12 Sep 2008 Posts: 1 1.24 Dollars($)

FHA will only loan if the house has a stemwall and they do not do cash-out on manufactured homes

helping_user · Posted: Sat Sep 13, 2008 12:28 am Post subject:

Hi Rick,

Frankly speaking I haven't heard that FHA lenders do not offer cash-out refinance on mobile/manufactured homes. By the way, do you know why you have been denied? I mean what are the lenders saying about their denial? what do you need to fix in order to qualify for the loan?

How's your debt to income ratio? Given the amount that you owe, I suppose it's quite easy getting approval for a mobile home loan.

Check out how to qualify for mobile home loans so that you make sure you don't lack in any of the factors.

Thanks.

Guest

I have now been through 15 lenders, including 6 from this site's list of brokers, and the last six have all indicated that they know of no investors that will loan money for a cash out on manufactured homes in the state of Texas.

I qualify in every aspect and over qualify in many. Just can't find a lender. My next door neighbor, who built his house himself (and not very well - doesn't look very good and isn't even complete) just refinanced his house with cash out and his house appraised for $120K more and he has 5 acres vs my 6.5. My property looks much better and the house is built much better. I think there is extreme prejudice against manufactured home purchasers in Texas.

Samantha · Posted: Tue Sep 16, 2008 3:41 am Post subject:

Well Rick, frankly speaking, I don't know whether there's a prejudice amongst manufactured home purchasers in Texas. But what I can suggest is, you can at least go for a no-obligation free loan consultation with our community lenders who can help you to decide upon the best mortgage offer.

May god bless you.

Samantha

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