Posted on: 28th Jun, 2009 10:07 am
hi,
we are looking to refinance a singlewide on land. located in texas. ok credit but not great. we are owner financed and have a balloon note coming up. help!
thanks
we are looking to refinance a singlewide on land. located in texas. ok credit but not great. we are owner financed and have a balloon note coming up. help!
thanks
Hi ahoo!
Welcome to forums!
Refinancing a loan will depend upon your credit score as well as your income. If you do not have a stable income, lenders may not refinance the mortgage. As far as credit score is concerned, to get a FHA refinance, you would require a credit score of 620 whereas for conventional loans, you should have a credit score of 720.
Apart from this, you should also have equity in the property. If there's no equity in the property, then lenders will not be ready to refinance the loan. I would suggest you to speak to the lender and check out what he has to say in this regard.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Refinancing a loan will depend upon your credit score as well as your income. If you do not have a stable income, lenders may not refinance the mortgage. As far as credit score is concerned, to get a FHA refinance, you would require a credit score of 620 whereas for conventional loans, you should have a credit score of 720.
Apart from this, you should also have equity in the property. If there's no equity in the property, then lenders will not be ready to refinance the loan. I would suggest you to speak to the lender and check out what he has to say in this regard.
Feel free to ask if you have further queries.
Sussane
Hi,
Thanks for your reply. We are not trying to refinance for the lower interest rate but have an owner financed balloon note due where we can possibly loose everything. The value is in the land not the manu home. We do have equity have approx 50,000 in equity on the land. Located in Texas. Anyone have any ideas? (other than local banks)?
Thanks!
Anne
Thanks for your reply. We are not trying to refinance for the lower interest rate but have an owner financed balloon note due where we can possibly loose everything. The value is in the land not the manu home. We do have equity have approx 50,000 in equity on the land. Located in Texas. Anyone have any ideas? (other than local banks)?
Thanks!
Anne
If you have equity in the land, then you can definitely apply for a refinance. But refinancing will also depend upon your credit score and income. You should have a credit score of 700-720 in order to get a loan. You should also have a stable income in order to prove that you would be able to pay the mortgage after you refinance it.