refiance home equity

kathleensleutel · Joined: 02 Nov 2009 Posts: 1 1.53 Dollars($)

I would like to refinance my home equity line as I am locked in at 7.99% with Bank of America. They pulled a slick one on me. They wanted my business so I brought my mobile home to them. It sits on its own land over 1/4 acre. It is on its own foundation, vinyl sided and skirted all the wat around. The whole place was redone about 8 yrs. ago An oak kitchen was put in, a whole new bedroom was added on as well as a laundry room and the living room was bumped ouit a bit on the sides. Ity also has a garage on the property. Anyway I went to refinance with the lower rates and Bank of America is now ltelling me they do not do mobile homes. Well they did and I am an existing customer. Anyway I would like to refinance. I have never been late on my mortgage in over eight years and my husband and I both have good credit. I hope you can help.

sonjakracine · Posted: Mon Nov 02, 2009 1:05 pm Post subject:

Hi Kathleen,

The state of the lending/banking industry is changing on a nearly daily basis. The types of loans that banks use to do has changed dramatically even within the last year. This is not personal, these are just the changes that lending institutions have had to make in order to remain profitable and keep investors happy. With that being said, you may need to shop around and even go to a small local lender or credit union to see if they can make you any offers. It may turn out, however, that the loan you currently have is the best you can get because you may not be able to find anyone willing to refinance it. Even if you do find someone, the loan to value limits may have changed so that you may not qualify. Again this is not personal, just the box the lenders need to fit you in.

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Hi Sonjya: Are you telling me that you cannot help me? Nothing personal but yor site makes it look like they can help anyone?

raymond · Posted: Mon Nov 02, 2009 1:46 pm Post subject:

You may be able to do a normal FHA refinance on it with a 6.5% interest rate. What year was it manufactured? And are all the additions you've done "permitted" and legal?

sonjakracine · Posted: Mon Nov 02, 2009 1:50 pm Post subject:

I can only deal with residential mortgages and regarding property types mobile homes are not included in that list. A mobile home is just that, mobile. Per policy the title needs to be retired and home needs to be permanently affixed to the foundation. Mobile homes will always be considered personal property, therefore I cannot help. I even checked on the bank side and just like Bank of America, Wells Fargo does not consider a mobile home as acceptable collateral, it's why I suggested a smaller lender, they may be able to keep the loan in house.

sonjakracine · Posted: Mon Nov 02, 2009 1:57 pm Post subject:

Raymond,
What she said was mobile home, that is totally different than manufactured. Terms like mobile , manufactured, modular are not interchangeable. What needs to be established here is what type of home is it really. Then, if it is manufactured, by all means an FHA loan all the way no problem.

raymond · Posted: Mon Nov 02, 2009 1:58 pm Post subject:

Any Manufactured and/or Mobile Home built after June 15, 1976 is eligible for FHA financing. If it doesn't have a HUD-approved permanent foundation when the homeowner contacts me, we get one installed and do the loan.

raymond · Posted: Mon Nov 02, 2009 2:03 pm Post subject:

It actually depends on which part of the country you're from ... some people always call a Manufactured Home a Mobile Home, and versa visa. However, Modular homes are always considered the same as SFR's.

The bottom line is the date of Manufactured. If it was built after June 15, 1976 it qualifies for HUD financing.

sonjakracine · Posted: Mon Nov 02, 2009 2:10 pm Post subject:

Very true Raymond and that is the challenge. As you can see Kathleen one word interpreted differently may make the difference of if you can refinance or not, that may be the issue here. There is a nice laundry list of items that defines the home as being one or the other, I'd be happy to go over that list if you like.

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