Posted on: 15th Jun, 2009 09:09 am
I have a double wide mobile home on leased land its 10 years old and I wanted to know if it can be refinanced. my credit is below 600 and it is also not on a permanent foundation
In order to avail a mobile home refinance loan, you need to qualify as a borrower and your mobile home should also qualify for the refinance. To qualify as a borrower, you should satisfy the following criteria.
A minimum credit score of 620.
Your credit history as well as employment history should be impressive.
You must not have filed bankruptcy since the past 5 years.
You should have made 3 months payments on the existing loan.
You must have 2 consecutive years of tax filings in case you are self-employed.
Your mobile home should also fulfill some criteria for the mobile home refinance loan.
The mobile home cannot be older than 1977.
It should be built according to HUD standards.
The loan amount should not be less than $20,000,00.
Your mobile home should have been built in 1990 or after, in case you want a cash-out refinance loan.
The home can be situated in a park on a leased land.
The size of the home should be about 768 square feet.
Apart from these criteria, there can be some others which vary from one lender to another. I would advice that you consult a suitable lender, provided you have already satisfied the above criteria. Also, refer to our section on Refinance before you apply for a loan against your mobile home.
A minimum credit score of 620.
Your credit history as well as employment history should be impressive.
You must not have filed bankruptcy since the past 5 years.
You should have made 3 months payments on the existing loan.
You must have 2 consecutive years of tax filings in case you are self-employed.
Your mobile home should also fulfill some criteria for the mobile home refinance loan.
The mobile home cannot be older than 1977.
It should be built according to HUD standards.
The loan amount should not be less than $20,000,00.
Your mobile home should have been built in 1990 or after, in case you want a cash-out refinance loan.
The home can be situated in a park on a leased land.
The size of the home should be about 768 square feet.
Apart from these criteria, there can be some others which vary from one lender to another. I would advice that you consult a suitable lender, provided you have already satisfied the above criteria. Also, refer to our section on Refinance before you apply for a loan against your mobile home.