can you get a 30-year loan for a manufactured home?

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Icon Mini Profile blackburnsbay

Joined: 05 Nov 2009

Posts: 1

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Post Posted: Thu Nov 05, 2009 9:44 am    Post subject: can you get a 30-year loan for a manufactured home?

I have a double wide manufactured home built in 2006 on a finished basement on 20 acres worth app. 245,000. I want to refinance my 10-year balloon mortgage to a 30-year fixed rate and combine a second mortgage. Is this possible? My first mortgage is $165,784.00 at 4.9%. My second is actually a HELOC of 28,000 and I wanted to consolidate a signature loan of 8,000 at 13% also. Can I get a consolidation loan like this for a decent rate? My credit score is 690 and my husbands is 680.
Icon Mini Profile sonjakracine

Joined: 24 Oct 2007

Posts: 77

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Post Posted: Thu Nov 05, 2009 12:51 pm    Post subject:

There will be other things to consider like your total debt ratio, income etc., however you can refinance to a 30 yr fixed FHA which will most likely give you the best rate with 85% of the equity available. Conventional is a little more strict limited to 20 yr note and 65% loan to valueand rates are usually highert. Be happy to answer more questions if you have them.
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