Are there places where a person can get a refinance on a modular home?

November 24th, 2009

I have a modular home and would like to refinance it’s value is around 259,000.00

3 Responses to “Are there places where a person can get a refinance on a modular home?”

DirectLendingPlanet Says:
November 24th, 2009 at 8:13 am

yes you can there are gov loans FHA that will do them. they are a bit harder to get done but as long as your home is still holding value they can be done.

Lakerman Says:
November 24th, 2009 at 8:13 am

Hi, any bank should be able to provide financing, but the problem is in the appraisal. Appraisals for those really good mortgages, like FHA, Fannie Mae or Freddie Mac require an appraisal with at least three comparable propertiess that have sold within six months or less. "Comparable" is the key word, there really need to be three modular homes within the immediate market area that have sold within the time frame, that maybe hard to find! If you are in a rural area, contact your local rural development office to see if you qualify.

This aspect is often overlooked by home buyers, especially if the initial financing was provided by a contractor/builder or the seller, properties must meet financing standards as well as the owner.

If you have a loan-to-value ratio of 80% or less, a bank can make a loan in thier portfolio, where they hold the note, not sell it, but the rate may be higher and, that really depends on your credit and ability to pay. Hope this helps, Good Luck, B

Jody S Says:
November 24th, 2009 at 8:13 am

Yes you can refinance modular home. Here is the source of a mortgage refinancing company http://iloanshop.com/apply_mortgage.php for your reference who offers refinancing for modular home.

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