the title on our doublewide is inactive and is being assessed as real property it is set on a permanent concrete foundation we had an appraisal for 180000.00 and only owe 144000.00 so we have 36000.00 in equity yet because it is a mobile home all of the banks say they will only lend 80% as opposed to the 100 to 125% they would lend on a stick built home. any solutions. thanks
2007-05-25 01:53:53 · 4 answers · asked by daisy 1 in Business & Finance ➔ Renting & Real Estate
The title on our double wide is inactive and is now assessed as real property. It is set on a permanent concrete foundation. We have an appraisal for $180000.00. We owe 144,000.00 which includes double wide and one acre of land. Our land is in our name and is included in the $144000.00. We have 36000.00 in equity. Because it is a mobile home banks will only lend 80% as opposed to the 100% they would lend on a stick built home. I want to empasize that our home is being assessed and taxed as real property by our county assessor, and we have deactivated our title through the motor vehicle department. We would like to make home improvements. We have good credit and good income. Any solutions. thanks.
2007-05-25 03:59:21 · update #1
A lot of banks only lend 80% on any home, mobile home or otherwise. You might check with a mortgage company instead of a bank. Just note that if you borrow 125% of the value of your home and then need to sell it you are going to have a problem.
2007-05-25 02:06:13 · answer #1 · answered by angela 6 · 0⤊ 0⤋
Mobile homes are still considered a vehicle that has a license (tags). If it was taken off its wheels and placed on the concrete foundation it is still considered mobile. The concrete foundation is part of the space in a park and not the same as a foundation you find attached to a house.
The other poster is right about the 80% financing. Why would you want 100%-125% when the fact that mobile homes depreciate and the land it sits on is separate property.
Even with manufactured homes the financing would be the same.
2007-05-25 02:37:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Lenders are increasingly tightening criteria on other than 'stick built' residences, simply because they tend to not rise in value according to the valuation increases of other homes in the area. As well, when these homes end up on the market due to foreclosures, lenders are discovering that they are not bringing sale values to the levels at which they were appraised.
As a real estate broker, I encounter similar responses from buyers when they attempt to finance a double wide or similar in a purchase.
Sad to say, you will have to contend with the decisions of the lenders. They're the ones in the driver's seat here.
2007-05-25 03:00:33 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
I can go up to 95% cash out on a manufactured home. If you live in any of these states:
MI, IL, IN, TN, AL, MO, OK, OH
and if you're still interested, shoot me an e-mail and I'll be more than happy to help you.
David
dwoolman@shoremortgage.com
2007-05-25 03:29:45 · answer #4 · answered by davidt5w6 2 · 0⤊ 0⤋