Posted on: 02nd Oct, 2008 07:09 am
we put an addition on our manufactured home, which is on a full basement,and we are being told we can not refinance. there has to be a bank out ther willing to do this, with a low rate. our credit is in the mid 700,s ,we are located in wayne county ohio. we also have a second mortgage,betwwen the two we owe 143,000.00. the home is valued @175,000.00 as of 2005. please help.
when you say manufactored home, do you mean a modular?
I just proposed this to our branch Manager, as long as the property is built on a foundation, there shouldn't be a reason you couldn't refinance.
We don't do Ohio, and though I am not a huge fan of Wells, that would be my first stop on a property such as this.
We don't do Ohio, and though I am not a huge fan of Wells, that would be my first stop on a property such as this.
a 2005 value is not likely to help you in 2008, regardless of the property type.
George is correct about the value. I missed that. You would have to obtain a new appraisal. I was more responding to the type of home you are owning. If my assumption is correct, they are saying you can't refinance because of the foundation.
Try FHA
If the home is deeded as real estate then you should be able to refinance into a low rate. Many lenders do not refinance manufactured homes but some still do.
I wanted to add to my post that a mortgage broker should be able to find a lender for you.