Refinance a double wide manufacture home

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Icon Mini Profile jmattocks





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Post Posted: Wed Dec 02, 2009 9:28 am    Post subject: Refinance a double wide manufacture home
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I have a ten year note on a double wide manufactured home(bloked in) and 1 acre of land and i was looking at refinancing and maybe cashing out but i am having trouble finding a lender in Alabama. Also the other problem is that the original note is a conventional loan.
Icon Mini Profile gmakerley
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Post Posted: Wed Dec 02, 2009 9:53 am    Post subject:
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try to contact usbank - their site is usbank(dot)com. i don't think you'll find them to be a direct lender, but they work in the wholesale area and can likely suggest lenders to you.
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Icon Mini Profile raymond
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Post Posted: Wed Dec 02, 2009 3:57 pm    Post subject:
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Try Sun West Mortgage too. Their website is "www.swmc.com" and they can service you directly. They do FHA manufactured, but it'll need to be installed on a HUD-approved permanent foundation.

[Link deactivated as per forum rules. Thanks.]

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Icon Mini Profile gmakerley
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Post Posted: Thu Dec 03, 2009 8:30 am    Post subject:
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thanks for adding that, raymond. we get so many inquiries on mobile/manufactured homes...it's nice to know we might be able to provide some level of service - at least give them a conduit.
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Icon Mini Profile raymond
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Post Posted: Thu Dec 03, 2009 9:02 am    Post subject:
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>>[Link deactivated as per forum rules. Thanks.]

I was wondering why George did the usbank URL like he did ... now I know, and will do the same.

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Post Posted: Fri Dec 04, 2009 10:03 pm    Post subject:
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Refinancing a double wide manufactured home with a reverse mortgage is an option for those 62 and older. There are no credit qualifications or income requirements.
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Icon Mini Profile gmakerley
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Post Posted: Sun Dec 06, 2009 9:00 pm    Post subject:
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but anthony...truthfully, how many lenders are doing reverse mortgages on mobile homes? it's hard enough for a mobile home owner/borrower to get an ordinary loan on a modular or mobile home...what's the chances of getting a reverse mortgage? for the majority of lenders, what they hear is "trailer."
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Post Posted: Sun Dec 06, 2009 10:47 pm    Post subject:
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George, I guess you don't know much about reverse mortgages? As long as the mobile home has enough equity and meets FHA guidelines, it is know problem closing them with most reverse mortgage lenders. I have even closed earth homes and underground homes as well.

Regards,

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Icon Mini Profile gmakerley
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Post Posted: Sun Dec 06, 2009 10:50 pm    Post subject:
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lenders i've worked for didn't do mobile homes, period. we didn't have a very active reverse product market either, so you're partially right - i have a modicum of information, and not enough.

thanks for the clarificiation.

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