cash out refinance on manufactured homes

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Post Posted: Sun Mar 14, 2010 1:29 pm    Post subject: cash out refinance on manufactured homes
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I bought a manufactured home on 3/4 acre lot a couple of years ago. I bought it cash, and now because of relocating for a job, I rent the property. I would like to get a mortgage on it and get some cash out.

I was told that the Texas law prohibits cash out refinancing on manufactured homes, is that correct? If it is correct, how does someone go about getting some equity out of this situation?

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Post Posted: Sun Mar 14, 2010 11:02 pm    Post subject:
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Hi Guest,

As far as I know, cash out refinance is possible on mobile homes in Texas as long as there is enough equity in the property. However, you cannot get cash out refinance loan of more than 80% loan-to-value (LTV) ratio of the property. Texas laws do not allow cash out loans if it exceeds the 80% LTV limit. Moreover, once you refinance cash out, the loan will be considered as Texas A6 equity loan and when you refinance in future, you will have to refinance with another equity loan. You will not be able to refinance with a regular rate and term mortgage loan.
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