2007-06-25 01:05:45 · 3 answers · asked by northshoretile 1 in Business & Finance ➔ Renting & Real Estate
Chances are you're going to have to refinance using an FHA loan, because most banks are avoiding manufactured like the Plague. If you go FHA, you'll have to pay for a structural engineer to inspect your foundation, in addition to the appraiser. The engineer will cost a few hundred, and it'll just really piss you off, because all he'll do is take a couple of pictures of your crawlspace. That's it. Aside from that, everything on your credit profile has to be in good shape to go FHA. You'll be paying MI for over 80% LTV, but your rate will be lower.
2007-06-25 03:09:01 · answer #1 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
You may search for refinancing options, but it will not be easy to find available financing at reasonable options. With the current wave of foreclosures, lenders have learned the hard way that these manufactured homes are not appreciating in value similar to conventionally constructed homes. Many lenders are requiring substantial equity in these properties and will not consider anything less than 30% equity. They will not refinance them above a 70% LTV ratio. Others are as high as a 50% LTV ratio, and still others are refusing to refinance these properties in any way, no matter the LTV.
Good luck.
2007-06-25 01:12:34 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck.
2007-06-25 01:28:23 · answer #3 · answered by stephen l 2 · 0⤊ 0⤋