Posted on: 11th Jan, 2006 11:56 am
i am located in ct in a mobile home park. i own outright a mobile home that was just appraised at $85,000. i have been looking everywhere for a lender to do some sort of loan, equity, refinance (whatever works) so i can consolidate debts, put a little aside and make some desired improvements.
i have not found anyone to help and i have tried many. the original mobile home was built 1965, however in 1985 a large addition was put on that is larger than the original portion. it's now over 1200 square feet and in better condition than many of the newer homes in the park.
my desired loan is approx- $50,000 to $60,000 dependant on closing costs, interest rate and monthly payment amount. my credit? fair. unfortunately one company was going to put it in as a single family (that is how the town taxes it), went through the whole process and then decided that it was still a mobile home. so i am sure the credit pull affected my score. the scores they pulled from the three companies ranged from 600 to 640. i financed my new car 13 months ago and have made every payment as required. in addition, none of my payments for any credit card, etc have been late since 2002. i just celebrated my 9th year with the same employer and lived for 7 years in my previous home.
are there any suggestions for me? i am getting very frustrated with my search and with the cost of everything going up really wish to consolidate. it would be nice to get ahead for once and be able to say "yes" to my children once in a while.
thank you!
holly
i have not found anyone to help and i have tried many. the original mobile home was built 1965, however in 1985 a large addition was put on that is larger than the original portion. it's now over 1200 square feet and in better condition than many of the newer homes in the park.
my desired loan is approx- $50,000 to $60,000 dependant on closing costs, interest rate and monthly payment amount. my credit? fair. unfortunately one company was going to put it in as a single family (that is how the town taxes it), went through the whole process and then decided that it was still a mobile home. so i am sure the credit pull affected my score. the scores they pulled from the three companies ranged from 600 to 640. i financed my new car 13 months ago and have made every payment as required. in addition, none of my payments for any credit card, etc have been late since 2002. i just celebrated my 9th year with the same employer and lived for 7 years in my previous home.
are there any suggestions for me? i am getting very frustrated with my search and with the cost of everything going up really wish to consolidate. it would be nice to get ahead for once and be able to say "yes" to my children once in a while.
thank you!
holly
Hi Hollypia,
You are going to be be paid for your efforts. There are several types of loans available on mobile homes today and I am sure you are going to get one.
Don't get frustrated with shopping for a mortgage. This is an essential part in the mortgage process.
Regards,
Blue
You are going to be be paid for your efforts. There are several types of loans available on mobile homes today and I am sure you are going to get one.
Don't get frustrated with shopping for a mortgage. This is an essential part in the mortgage process.
Regards,
Blue
Thank you so much for your kind words- I am simply overwhelmed by all the "nos" at this point. What further information should I provide you with? Right now phone is a little stressful due to my schedule- I run my own direct selling business PT and I also work FT and have two children. Perhaps I could get started via e-mail and then phone when I need to?
Thank you again!
[E-mail edited by Jessica as per forum rules, thanks]
Thank you again!
[E-mail edited by Jessica as per forum rules, thanks]
Hi Hollypia,
Welcome to MortgageFit Forums.
I can understand your problem in placing the phone number here. We are already in the process of studying your requirement.
You will be contacted by our respective representative soon for more specific details through your e-mail.
God bless you.
Thanks,
Samantha
Welcome to MortgageFit Forums.
I can understand your problem in placing the phone number here. We are already in the process of studying your requirement.
You will be contacted by our respective representative soon for more specific details through your e-mail.
God bless you.
Thanks,
Samantha
you should try FHA...they allow up to 95% cashout refinancing.
there aren't many FHA lenders that lend against mobile homes...but I know of at least 1.
there aren't many FHA lenders that lend against mobile homes...but I know of at least 1.
The problem is the age of the mobile home........I'm not aware of any lender that will lend on a mobile home from 1965......even with a new addition......
Hello Hollypia,
The trouble may be that you are calling mortgage companies. Mortgage companies will not lend on a mobile home located in a park. Try searching companies that specialize in only mobile home financing. Do a search online with these terms or you can even check with the mobile home park office and see if they can refer you to lenders.
The trouble may be that you are calling mortgage companies. Mortgage companies will not lend on a mobile home located in a park. Try searching companies that specialize in only mobile home financing. Do a search online with these terms or you can even check with the mobile home park office and see if they can refer you to lenders.