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 griffmsv
Joined: 03 Nov 2009
Posts: 1
1.36 Dollars($)
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 Posted: Tue Nov 03, 2009 5:41 pm Post subject: Mobile Home Mortgage Refi |
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We live in a mobile home that is on a leased lot. It is tied down to a concrete slab and has the wheels still attached. I have tried the bank that holds our current mortgage which is 7.99%. They and others have said the fact that it is on a leased lot makes us ineligible for a bank loan. And we contacted HUD to see if we qualify for a mortgage modification under the Federal Government guidelines. The answer is always "no".
My wife and I are both retired and we are trying to lower our monthly expenses.
Any information you can supply will be appreciated.
Thanks!! |
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Guest1971
Guest
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| Posted: Tue Nov 03, 2009 10:08 pm Post subject: |
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| I dont know of any banks anymore lending on mobile homes. The last two we used just stopped their programs last week even. Call around your area and find out, that is the only way. |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Tue Nov 03, 2009 10:50 pm Post subject: |
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Hi griffmsv,
It will be difficult to get a mobile home loan if your property is located on a mobile home park with a monthly lease. Loans for properties located on a lease lot are known as chattel loans and there are very few lenders who offer such financing in this market. However, if the home is on a land contract and leased for a long period of time, you can qualify for a regular mobile home loan with low interest rates.
You may go for a no-obligation free mortgage consultation with the lenders in this community and see if they can help you in this regard. If they do offer such loans and you qualify for it, they should be able to help you refinance the mortgage at a lower interest rate. |
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