Manufactured home refinance loan

Mobile Home Financing and

Manufactured home refinance rates tend to follow the pattern of regular mortgage rates because they have to be competitive with lenders that are encouraging traditional homeownership. In the past, in order to finance a modular house, there was a 20% down payment needed and the loan life was 10-20 years. Unlike traditional houses and land, manufactured ones are only financed for the home itself. Manufactured home refinance rates can be obtained by those seriously considering refinancing their newer model modular one. Most finance companies will not refinance a house that is not worth $35k or more.Modular houses tend to decrease in value over time, unlike real property. Most manufactured homes are on a site in a park community or on leased property. Land appreciates, homes do not. The financing for a manufactured home is called a Chattel mortgage, or personal property mortgage. These types of plans should include an appraisal of the home, and should be done fairly early in the loan payment life. These companies have strict guidelines when it comes to applicant qualifications. These guidelines are to protect not only the lender, but the applicant as well.

The applicant seeking a manufactured home refinance loan should have good credit (660 credit score or above) with at least 3 open active charge accounts. They must have established credit for at least 24 months. They must provide income verification with employment that has been consistent. They must have made at least 3 monthly loan payments to their original chattel mortgage lender. Two years of tax returns are recommended. There must be no repossessions, charge offs, or major collection activity on the applicants credit report. The applicant must not have filed for bankruptcy in the last five years, and their debt to income ratio must allow for the payments of a new loan.


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Book (Mortgage Bankers Association of America)

HELP! Hard Money CashOut Refi: Manufactured Home

2006-10-19 19:52:20 by GigHarborWA

I'm a mortgage originator that works part-time with a local real estate investment firm. We have a partner with 720 FICO who will be on deed for a title-eliminated manufactured home permanently located on 4 acres of land in the state of Washington. It has a fair market value of $240,000, and the current debt is $162,000 (67.5% LTV).
The investment partner wants to get a hard money cash-out refinance for the homeowner, because it is in pre-foreclosure with an auction date early next month. She's been focusing on hard money as a solution since conventional refinancing usually takes a few weeks or more to get approval, but she's open minded about how to help this guy save his home from auction

Refinance?

2009-03-11 08:59:14 by brat33

Hi,
I bought a manufactured home with 1/3 acre for 175,000. It now is worth about 120,00. I went with colonial bank and i have a conventional loan. My loan was set for a few years and it soon will go to a variable rate. My current rate is 6.125% and it will go up 2.75%. That will send me way over the top. I have kept current with everything, never late but i want to refinace because the house has depreciated so much. Does anyone know who i go to in order to find out how to get this done? If no one will help me, what happens if i have to walk away because of the new rate increase. I am a single mother and have done the right thing, this is my first home

"We were the victims"

2007-08-27 08:50:43 by Apprsr

7/27/06 at 09:34 AM
On 8/26/2004
We were the victims of predatory lending by an unscrupulous broker at NEW CENTURY who took advantage of our ignorance.
We walked in owing $117,188.67 to AMERICAN GENERAL ANOTHER SCAM- And was talked into a stupid 'bandaid loan' INTEREST ONLY with a two year ARM !
We walked out owing $128,250.00!
With all the junk fees added the total settlement charges were an ungodly $10,192.29!
The broker pocketed $6,400.00 himself and then turned around and sold our loan purely to recycle us through this heinous process, we NOW know

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