Can not find a bank to refinance.

cwright1964 · Joined: 02 Oct 2008 Posts: 1 1.50 Dollars($)

We put an addition on our manufactured home, which is on a full basement,and we are being told we can not refinance. There has to be a bank out ther willing to do this, with a low rate. Our credit is in the mid 700,s ,we are located in Wayne County Ohio. We also have a second mortgage,betwwen the two we owe 143,000.00. The home is valued @175,000.00 as of 2005. Please help.

elnoralittle · Posted: Thu Oct 02, 2008 8:46 am Post subject:

when you say manufactored home, do you mean a modular?

elnoralittle · Posted: Thu Oct 02, 2008 9:02 am Post subject:

I just proposed this to our branch Manager, as long as the property is built on a foundation, there shouldn't be a reason you couldn't refinance.

We don't do Ohio, and though I am not a huge fan of Wells, that would be my first stop on a property such as this.

gmakerley · Posted: Thu Oct 02, 2008 9:02 am Post subject:

a 2005 value is not likely to help you in 2008, regardless of the property type.

elnoralittle · Posted: Thu Oct 02, 2008 10:28 am Post subject:

George is correct about the value. I missed that. You would have to obtain a new appraisal. I was more responding to the type of home you are owning. If my assumption is correct, they are saying you can't refinance because of the foundation.

brian1 · Posted: Thu Oct 02, 2008 12:08 pm Post subject:

Try FHA

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

If the home is deeded as real estate then you should be able to refinance into a low rate. Many lenders do not refinance manufactured homes but some still do.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

I wanted to add to my post that a mortgage broker should be able to find a lender for you.

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