Posted on: 05th Apr, 2010 03:09 pm
we have a manufactured home which was secured with a va loan. we are paying 6.75% and wish to refinance, but no-one seems to be doing refi's for manufactured homes. what can i do?
Hi polly1acracker!
Welcome to forums!
In order to get a refinance, you should have some equity in the property. Depending upon the equity, the lender will be ready to give you a loan. However, there are various other factors which will be taken into consideration. One of them is your credit score. You should have a credit score of 620 in order to get a VA or a FHA loan whereas you should have a score of 720 in order to get a conventional loan.
You can speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you know whether or not you would be able to qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In order to get a refinance, you should have some equity in the property. Depending upon the equity, the lender will be ready to give you a loan. However, there are various other factors which will be taken into consideration. One of them is your credit score. You should have a credit score of 620 in order to get a VA or a FHA loan whereas you should have a score of 720 in order to get a conventional loan.
You can speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you know whether or not you would be able to qualify for a loan.
Feel free to ask if you've further queries.
Sussane
That didn't answer my question. Are there any companies that have lenders, willing to refinance manufactured homes? I have no equity because I am upside down on it, due to the economy. I HAD $16,000 equity when I purchased. That is gone because of depreciation.
Hi Polly,
As you do not have equity in the property, lenders won't be ready to refinance the loan. You can apply for a loan modification with your lender in order to get an affordable payment plan to pay off the loan. The lender will either reduce your principle amount or he will lower the interest rate to pay off the loan.
Thanks.
As you do not have equity in the property, lenders won't be ready to refinance the loan. You can apply for a loan modification with your lender in order to get an affordable payment plan to pay off the loan. The lender will either reduce your principle amount or he will lower the interest rate to pay off the loan.
Thanks.