Posted on: 16th Jun, 2009 01:22 pm
I bought two acres, paid for the foundation, well and septic. I found a 1994 double wide for $20,000 including set up. I thought I had a loan for 10 yrs., but found out I have 59 monthly payments and one odd, large payment on the 60th month. Now the bank is telling me it's too old(the double wide) and the bank won't lend any money on the house without the land, septic, and well as collateral. Three years ago the bank was all over this now they say they can't. Are they right? It's just your standard loan not a mortgage.
Hello,
Check with HUD for information regarding the FHA Title I loan program for information on mobile home financing.
Good luck.
Check with HUD for information regarding the FHA Title I loan program for information on mobile home financing.
Good luck.
dear ar,
first of all it sounds like you have a 10 year note with a 5 year balloon. meaning the payments are calculated (amortized) over a 10 year period but you have to pay it off or refinance within 5 years.
that being said, as long as you don't want any additional cash-out (i.e. debt consolidation or to pay off bills) then there is a possibility to get this done.
when you are refinancing a mobile home that is on your own property but you do not want to tie the land into the loan the current mobilehome guidelines say that the only loan type available is a rate/term refinance.
keep in mind there are other factors effecting this loan like your credit, income, etc. (see mh guidelines ).
hope this helps put you on the right track.
first of all it sounds like you have a 10 year note with a 5 year balloon. meaning the payments are calculated (amortized) over a 10 year period but you have to pay it off or refinance within 5 years.
that being said, as long as you don't want any additional cash-out (i.e. debt consolidation or to pay off bills) then there is a possibility to get this done.
when you are refinancing a mobile home that is on your own property but you do not want to tie the land into the loan the current mobilehome guidelines say that the only loan type available is a rate/term refinance.
keep in mind there are other factors effecting this loan like your credit, income, etc. (see mh guidelines ).
hope this helps put you on the right track.