# Refinance



## the mama (Mar 1, 2006)

Having trouble with trying to refinance 10 acres and a manufactured home. Struck out with wells fargo after 4 months of work and an apprasial over the requested refinance amount. Am at 13% right now and its killing me.:Bawling:


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## tarbe (Apr 7, 2007)

Did they tell you why they won't write the loan?


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## Nomad (Dec 19, 2002)

Holy Crow!! That is horrible. There must be someone who will do a deal for less somewhere.

Nomad


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## farmergirl (Aug 2, 2005)

Have you looked into the possibility of doing a modification of your loan with the current loan company? Read the fine print on that company's website. The Federal Government put some changes into law last year that are designed to help homeowner's keep their homes.

Good luck!


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## caroline (Sep 29, 2009)

How old is your home? Right now mobile or double wides must be built by 1995or later to qualify for a regular home loan and then you must have great credit and no high debt to income ratio.

There are places that will finance back to a 1990 but they want an arm and leg interest rate.

Also banks or lending institutes won't do a reverse mortgage on any mobile.

It might be possible to get a personal loan for less interest if you have great credit and no debt. Financing is difficult these days. Well Fargo is possibly the worst bank you could have chosen for this. They just bought out Wachovia and so there is one less bank to try. Wells fargo are stinkers when it somes to a stick built home for financing!

Good luck!


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## oregon woodsmok (Dec 19, 2010)

The only bank I know for sure finances manufactured is in the PNW, so that doesn't help you. I've heard Bank of America will finance manufactured. (I hate Bank of America; bunch of idiots)

You might try stopping by a place that sells manufactured and ask them if they know anyone who will finance.


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## garyinmississip (Aug 23, 2010)

Are you upside down on your current mortgage? Do you owe more than the house is worth? That may be why you are having trouble refinancing. If you have any equity in the home, you might want to take a home equity loan and use that to pay down the mortgage. The HEL should have a lower interest rate. Use the money you save each month to further reduce the principle on the loan.


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## caroline (Sep 29, 2009)

garyinmississip said:


> Are you upside down on your current mortgage? Do you owe more than the house is worth? That may be why you are having trouble refinancing. If you have any equity in the home, you might want to take a home equity loan and use that to pay down the mortgage. The HEL should have a lower interest rate. Use the money you save each month to further reduce the principle on the loan.


On a manufactured, mobile or doublewide, a bank will not do a home equity loan. This is fact as stick builts generally increase in value while manufactured or mobiles decrease in value, no matter how well you care for them. A lot of manufactured homes had or have a VIN number, putting them in the catagory of a car. There are places that will refinace, but they will charge you the same interest rate, that's why they are in business.

I would suggest this:

Make your monthly payment as usual

then make another payment for principle only to the bank in a separate check and make sure they know it is not to go to the loan --only to the principle. Do this every month and you will down pay faster. Ask first if they will accept this.

Good luck, hope it all works out.


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## NorthCountryWd (Oct 17, 2008)

13%? Ouch. Have you shopped local banks? Maybe one that specializes in Hud code manufactureds? 

Don't know your area, but if there aren't many manufactured homes in your immediate area, try local banks in areas that do have more. 

I know FHA has slowed writing mortgages on manufactured homes in recent years, but you could try contacting HUD.

Good luck.


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## the mama (Mar 1, 2006)

I owe 100,000 and the appraisal was 119,ooo. The reason they gave me was that FHA would not finance the home if it had been moved. They knew it had been moved since day one. I have private financing so I can not get loan modification. I am going to try Bank of america, not my favorite place but you do what you have to.


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## NorthCountryWd (Oct 17, 2008)

Understood. Once it's been moved, that limits the options. Used to be Fannie and Freddie would accept them, but since they stopped the rest of the secondary market won't accept them either. 

I would recommend trying a local bank or credit union that will hold the loan in house, if you can find one. It may not be easy in the current lending environment.


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## agr8day (Sep 14, 2009)

Do you have any Credit Unions in you area you could join? We have had great success with two of them here in WI. Credit wasn't tops the first time, either. Paying ahead on your mortgage as Caroline suggested can be a big help in reducing the amount of dollars of interest you pay overall, even with the rate at 13%. Will also shorten the number of years you pay on it. Even one extra full monthly payment a year allocated 100% to principle will shorten a 30 year mortgage as much as 3 to 7 years. Ask if your present lending institution will give you an amortization schedule. It will show you how much of your payment goes to principal and how much to interest every month for the life of the loan. What an eye opener!
Good luck. Let us know if you can work anything out. There are a lot of manufactured homes out there and if you have good success with your refinancing, you will be able to help others in your situation. That is my favorite thing about HT--the helpfulness and neighborliness that crosses all the states and don't forget our neighbors to the North as well!


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## Dutchie (Mar 14, 2003)

caroline said:


> Also banks or lending institutes won't do a reverse mortgage on any mobile.
> 
> 
> Good luck!


I do appraisals on mobile homes for reverse mortgages all the time.


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## Dutchie (Mar 14, 2003)

the mama said:


> Having trouble with trying to refinance 10 acres and a manufactured home. Struck out with wells fargo after 4 months of work and an apprasial over the requested refinance amount. Am at 13% right now and its killing me.:Bawling:


Was the land value higher than the value of the mobile home? How old is it?


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## Dutchie (Mar 14, 2003)

the mama said:


> I owe 100,000 and the appraisal was 119,ooo. The reason they gave me was that FHA would not finance the home if it had been moved. They knew it had been moved since day one. I have private financing so I can not get loan modification. I am going to try Bank of america, not my favorite place but you do what you have to.


Yep, that will do it.

Try Quicken Loans .... they do Manufactured Housing conventional mortgages.


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## Wolf mom (Mar 8, 2005)

Is the appraisal for the manufactured house alone or with the 10 acres? 

Get the apraisal for both inclusive. 

One reason that it may have been turned down is that there's too low a loan to equity ratio. If the appraisal is for the mobile and the land both, is there any way you can add out of pocket $ into your refi to gain a higher ratio?

Rather than going to BofA - try a mortgage BROKER - they work with lots of companies and usually have a better handle on how to get your loan processed. Going to a mobile home dealer & asking who they use is also a good idea.

PS. take ALL your paperwork with you from where you were turned down - appraisal included. It's yours even if the company that turned you down says it isn't. Everytime you go to refi with a different bank, - it costs you $$.

Good luck. Oh, my credit union doesn't finance (or refi) mobile homes, although due to the large number of them in this area, they're "thinking about it".


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## caroline (Sep 29, 2009)

Dutchie said:


> I do appraisals on mobile homes for reverse mortgages all the time.


Where are you? Around here they have to be a 1995 or newer to even get a mortgage. NO reverse mortgages here for any mobiles.


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