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robdelo1982 · Joined: 18 Nov 2009 Posts: 1 1.45 Dollars($)

Hello,

I recently inquired online about refinancing my manufactured home. I purchased the home in August 2008 under a THDA first time homebuyer loan. The property was appraised at $110,000.00 and I paid $103,000.00. The total that I paid for this home included securing the home to where it is similar to a permanent foundation. The work that was done was: added several support beams under the home, concreted all of the pillars, and used stucco around the bottom of the home. Since last year I have completed some additional work on this home, so I am estimating that it may appraise at $115,000.00-$120,000.00. My current Mortgage is through U.S Bank. The loan is a fixed 30 year with an interest rate of 6.99%. I would like to refinance my home with a 30 year fixed loan with a lower interest rate preferably around 5 - 5.5%. I do not have additional money to pay for closing cost and ECT. Last, I have never filled for Bankruptcy and my current credit score is around 660. It will be very difficult to reach me at the phone number that I provided on my online application, so please send an email with all of the information.

Thank You,

Rob Delozier

sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

Your best bet is to refinance into an FHA loan, the rate will be around what you want and you can roll the closing costs into the loan. As long as a structural engineer can come out and say that the improvements and foundation meet FHA guidelines you should be fine. And if you have not done so the title will have to be retired to make it real property. Be happy to answer more questions if you have them

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