Posted on: 20th Oct, 2009 11:50 am
I have private mortage with a balloon due in April. This property is a doublwide on 5ac in Fl. We bought the property 4 yrs ago for $179,000 and owe $119,000. I have a credit score of 772. I don't earn alot of income but we have a combined income of $100,000. We need a new roof so would need some cash out. This is a second home that we use 6 months a yr. How would lenders look at this and would it be difficult for me to get a refinace loan?
from what you've said i wouldn't think there should be too much of a problem. you can make some online enquiries if you like - there are plenty of places that will make an online assesment.
you have plenty of equity which is great, so you may be able to cash out refinance to repair the roof and your income looks more than sufficient to satisfy a loan of say 150k.
what are your other debts like? do you owe much on your other home?
you have plenty of equity which is great, so you may be able to cash out refinance to repair the roof and your income looks more than sufficient to satisfy a loan of say 150k.
what are your other debts like? do you owe much on your other home?
The only loan program that will do a mobile home refinance is FHA. FHA will do up to 85% cash out on a refinance. Your income and credit seem fine. You should not have an issue with an FHA mobile home refinance.
what does FHA stand for?
Hi thewretched!
Welcome to forums!
Well, you could have simply googled "FHA" to find the answer. Anyways, it stands for Federal Housing Administration.
Sussane
Welcome to forums!
Well, you could have simply googled "FHA" to find the answer. Anyways, it stands for Federal Housing Administration.
Sussane
this is a forum to answer people's questions and help them. Not for you to blatantly abuse and self promote your own interest. I hope no one calls this person.
FHA will not refinance on second homes, it has to be primary residence.
Right you are Sonja. I missed that in the original post.