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Refinance a double wide manufacture home

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.

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:20 | Post subject:

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

[size=9:dc00a548ca][color=Red:dc00a548ca][Link deactivated as per forum rules. Thanks.][/color:dc00a548ca][/size:dc00a548ca]

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:20 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:20 | Post subject:

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

>>[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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:20 | Post subject:

hecmrev's picture
hecmrev | Joined: October 10, 2009 09:30 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:20 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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."

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:20 | Post subject:

hecmrev's picture
hecmrev | Joined: October 10, 2009 09:30 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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,

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:20 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:20 | Post subject:

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