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Old 10-19-2010, 09:14 PM
 
166 posts, read 225,506 times
Reputation: 117

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My credit is good, my equity is great... but I'm having a hard time finding a reputable company to refi my mobile home on 10 acres.
Anyone have any recommendations? I'm in Florida.
Thanks!
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Old 10-20-2010, 07:03 AM
 
Location: Plano, Texas
1,675 posts, read 6,644,321 times
Reputation: 693
The issue is the manufactured home. If it is a doublewide, US Bank will do it. That is the only lender i know that will touch manufactured homes.
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Old 10-20-2010, 08:52 AM
 
166 posts, read 225,506 times
Reputation: 117
Thank you. Yes, it's a huge doublewide.
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Old 10-21-2010, 08:00 AM
 
2,564 posts, read 1,394,271 times
Reputation: 347
if you are VA qualified:

http://www.vba.va.gov/pubs/forms/26-0286.pdf
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Old 10-21-2010, 08:05 AM
 
Location: Plano, Texas
1,675 posts, read 6,644,321 times
Reputation: 693
Even though VA and FHA will finance manufactured homes, lenders have overlays to those rules and lenders will not lend on them.
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Old 10-21-2010, 08:24 AM
 
Location: MID ATLANTIC
8,204 posts, read 20,313,892 times
Reputation: 9467
There were three alarms I heard in your post: Mobile home, 10 acres, and Florida. Unfortunately, this combination will prove to be very difficult, if not impossible. Recommend you contact whoever has the loan now.
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Old 10-21-2010, 09:57 AM
 
166 posts, read 225,506 times
Reputation: 117
I'm about 90 miles inland from either coast..hurricanes are much less of a concern than coastal property. By the time they make it this far they've usually weakened a lot. The codes for mobile homes in 2000 were required to be built to withstand 100 mph winds in 'zone 2' counties...
I understand their reluctance, I really do. I just think that the cases should be reviewed on a case-by-case basis instead of a blanket 'no'.
Going with the current lender is a no...I have Greentree. They have a clause that states for a $200 fee I can convert my ARM to a fixed rate. I thought it sounded like a great idea so I called. They'll lock it at a fixed rate of 9.3%!!!!!!!!!
I'm not sure I understand the relevance of the 10 acres on the decision? Logically it would seem that more acreage would translate to a higher overall value? Perhaps because it indicates a rural area and therefore fire/rescue would take longer to respond? If that's it I live 2 miles from my nearest fire dept.
I'll be fine. I don't have to refinance, I just wanted to get my interest rate locked at a lower rate.
Thanks for all the info.
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Old 10-21-2010, 01:27 PM
 
Location: Plano, Texas
1,675 posts, read 6,644,321 times
Reputation: 693
Lenders want to lend on a home, not land so that is the issue with having the acreage. They also want the majority of the value to be on the home and not land.
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Old 10-24-2010, 07:39 AM
 
Location: Wake Forest, NC
835 posts, read 3,758,869 times
Reputation: 649
Get a referral to a local broker. I have a couple of small pass through lenders that will do this here in NC.
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Old 10-24-2010, 08:49 AM
 
Location: OK
2,765 posts, read 6,833,767 times
Reputation: 1951
Try Quicken. They do doublewides on acreage.
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