who refinaces dbl wides?
hello.i live in a 1998 28x60 dble wide in which we bought new.On a land /home finance we borrowed $55,000 @ 10% interest which put our payments@ $500 a month for 20 yrs(i think thats right) we now owe around $44,000.I have tried to take advantage of the lower intrest rates by refinacing but no one will refi.The only place that would refi was a bank in another town about 30 miles from here and the intrest rate was 7.6% which would put our payments at $475 a month for 15 years.Not much savings.Since then,I have contacted several banks here in Mississippi and lending institutions around the country to no avail.I have a credit score of 715 and I would think that would help me get a refi loan but when I mention that I live in a dbl wide home,they then say they dont refi "trailers."So I guess living in a "trailer" is more important than a good credit score.Ive also tried called mobile home dealers to see who they use and they all use the same lending company as Im using now which is Vanderbuilt Mortage.Ive even tried calling them and they said that they could not refinance.So my question is this,does anybody know a company that would refi at a lower intrest rate?Thanks
Mine is financed through Wells Fargo. As long as it met FHA lending criteria (permanent foundation, skirting comes down to concrete, tie downs, classified as real property by county) they would finance it no problem. I haven't spoken with them about a refi, so I don't know what they require there.
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DigitalDreams
Depending on how much land you are on Agstar Financial Services which is primarly a agricultural lender will do Dw.I refinanced mine which is on 12.75 acres after we paid it off the first time to throw together some dough to build a couple of sheds and what not got a rate of 6.25%.
The closing costs are low but the reason for that is they are a lending coop and you have to buy I think it is 5 shares to join but that is written into the loan and you get a dividend check each year on them shares, it ain't big but hell how many places will loan you money now days and actually send some back once and a while.
I can't say for sure they lend in Mississippi but never hurts to ask an they are on line at www.agstarhome.com and I think the only real requirement is that it is rural in easy words outside of city limits.
Oh and one more note on older doubles like mine they will only go 20 years but then my place is 35 years.
The closing costs are low but the reason for that is they are a lending coop and you have to buy I think it is 5 shares to join but that is written into the loan and you get a dividend check each year on them shares, it ain't big but hell how many places will loan you money now days and actually send some back once and a while.
I can't say for sure they lend in Mississippi but never hurts to ask an they are on line at www.agstarhome.com and I think the only real requirement is that it is rural in easy words outside of city limits.
Oh and one more note on older doubles like mine they will only go 20 years but then my place is 35 years.
Hi,
Have you tried using your local bank? Where your checking, savings might be?
If you do not, but a family does have an account with a local State Employee Credit Union you can try there as well.
Unfortunately alot of the new housing refi does not include manufactured homes. I have found if you do qualify for a refi there is one big catch...they demand a new roof be installed, completed by a contractor and with an engineers report.
Good luck
Have you tried using your local bank? Where your checking, savings might be?
If you do not, but a family does have an account with a local State Employee Credit Union you can try there as well.
Unfortunately alot of the new housing refi does not include manufactured homes. I have found if you do qualify for a refi there is one big catch...they demand a new roof be installed, completed by a contractor and with an engineers report.
Good luck
The difference between success and failure is who gives up first!
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texasprairierose
- Posts: 86
- Joined: Sun Oct 28, 2007 6:19 pm
- Location: Texas
sonboy36,
I feel your pain! Several years ago we wanted to refinance and take advantage of the lower interest rates and like you, we have an excellent credit rating, but as soon as they heard the words "mobile home" they immediately said that they weren't interested. I called every bank and credit union in town to no avail. Until we paid our house off, it was financed through 21st Mortgage. That is the company that bought our mortgage from Associates. If you are interested, you can find 21st Mortgage at www.21mortgage.com.
Diane
I feel your pain! Several years ago we wanted to refinance and take advantage of the lower interest rates and like you, we have an excellent credit rating, but as soon as they heard the words "mobile home" they immediately said that they weren't interested. I called every bank and credit union in town to no avail. Until we paid our house off, it was financed through 21st Mortgage. That is the company that bought our mortgage from Associates. If you are interested, you can find 21st Mortgage at www.21mortgage.com.
Diane