Posted on: 15th Apr, 2009 08:40 am
here are some general manufactured home refinance guidelines:
age of home: all homes 1976 and newer. homes older than 1987 may require independent appraisal paid by the homeowner. homes older than 1987 may not qualify in some states.
home location: home must be in a manufactured home park, community, leased land, or owned land (can be either the home owner or other, land deed not in current loan)
home type: all manufactured homes
credit score: fico score of 600+ required. cannot accept bankruptcies in the last 2 years or anyone using contractual credit repair services. current late pays within 6 mo on current mortgage forbidden.
income: proof of income required. (w-2's, bank statements, and/or other)
debt to income ratio: dti of 45% or less. dti = (your monthly gross) / 12 * .45 dti is the amount a bank will allow you spend per month on your monthly bills (credit cards, mortgage, other loans) individuals who calculate above 45% may fall below 45% with a refinance!
cash out refinance: current balance of home must be below 80% of the appraised value of the home
debt consolidation refi: current balance of home must be below 80% of the appraised value of the home.
and some general guidelines for manufactured homes on owned land refinance
age of home: homes older than 1990 may not qualify in some states.
home location: home must be on owned land (home owner must have deed)
home type: all manufactured homes! on fixed foundations only
credit score: fico score of 600+ required. cannot accept bankruptcies in the last 2 years or anyone using contractual credit repair services. current late pays within 6 mo on current mortgage forbidden.
income: proof of income required. (w-2's, bank statements, and/or other)
debt to income ratio: dti of 45% or less. dti = (your monthly gross) / 12 * .45 dti is the amount a bank will allow you spend per month on your monthly bills (credit cards, mortgage, other loans) individuals who calculate above 45% may fall below 45% with a refinance!
minimum refinance amount: $75000
mortgage terms: 5/10/15/20/25/30 year fixed.
age of home: all homes 1976 and newer. homes older than 1987 may require independent appraisal paid by the homeowner. homes older than 1987 may not qualify in some states.
home location: home must be in a manufactured home park, community, leased land, or owned land (can be either the home owner or other, land deed not in current loan)
home type: all manufactured homes
credit score: fico score of 600+ required. cannot accept bankruptcies in the last 2 years or anyone using contractual credit repair services. current late pays within 6 mo on current mortgage forbidden.
income: proof of income required. (w-2's, bank statements, and/or other)
debt to income ratio: dti of 45% or less. dti = (your monthly gross) / 12 * .45 dti is the amount a bank will allow you spend per month on your monthly bills (credit cards, mortgage, other loans) individuals who calculate above 45% may fall below 45% with a refinance!
cash out refinance: current balance of home must be below 80% of the appraised value of the home
debt consolidation refi: current balance of home must be below 80% of the appraised value of the home.
and some general guidelines for manufactured homes on owned land refinance
age of home: homes older than 1990 may not qualify in some states.
home location: home must be on owned land (home owner must have deed)
home type: all manufactured homes! on fixed foundations only
credit score: fico score of 600+ required. cannot accept bankruptcies in the last 2 years or anyone using contractual credit repair services. current late pays within 6 mo on current mortgage forbidden.
income: proof of income required. (w-2's, bank statements, and/or other)
debt to income ratio: dti of 45% or less. dti = (your monthly gross) / 12 * .45 dti is the amount a bank will allow you spend per month on your monthly bills (credit cards, mortgage, other loans) individuals who calculate above 45% may fall below 45% with a refinance!
minimum refinance amount: $75000
mortgage terms: 5/10/15/20/25/30 year fixed.
Hi mtgfixit ,
Thanks for giving this information on our forum.
I like your this post, Thanks for giving this guideline to us.
I hope you will doing work like this in future for us.
Thanks & Regards.
Thanks for giving this information on our forum.
I like your this post, Thanks for giving this guideline to us.
I hope you will doing work like this in future for us.
Thanks & Regards.
gunzijjistaff,
You are more than welcome! And yes, I will continue to post very informative info - education is key!
Make it a great day!
You are more than welcome! And yes, I will continue to post very informative info - education is key!
Make it a great day!
karla, we get queries from people seeking loans on mobile and manufactured homes regularly, so your posting is timely and effective. we can only hope that borrowers and potential borrowers will avail themselves of the information. thanks.
Attn
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Get a loan today at low rate apply now loans are given at a rate of 3% apply now this can increase your business to a greater hight. We are offering Loan to business and personal people, if you need a Loan to start up a business or Loan to pay off bills do contact us now and get a Loan from our Company...I render the best Loan services My regardS CONTACT US AT ; johnson.williams93@gmail.com
by the way, raymond, i meant to say thank you for all of the clarification you added to the mobile home issue.
Will any one finance 28,000 for a 1973 mobil home with two add ons and six lots ?