We own a 1998 double wide on a crawl space with half an acre of land free and clear, and need to borrow around ,000 on it. Are there any banks that would offer a home equity loan on it? Or what about a refinance? I don’t want to have to pay a ton of closing costs on 000.

Technorati Tags: acre of land, banks, closing costs, crawl space, home equity loan

I paid the lender a 0 check towards closing costs but the lender has failed to close due to title issues(manufactured home title) do I get this back from them due to the fact they never actually closed on the loan?

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I was talking with the sales rep. for Oak Creek Homes. He said I should expect K – K in closing costs on a 0K loan at 6.5%. That sounds absolutely ridiculous to me. I’m putting 10% down and will put the home on my land in rural Texas. Are his numbers realistic? He said the costs will get added to the loan, but I don’t want to pay that. I’d rather do without a home if closing costs are going to be that much.
Not sure I understand how placing the home on land I own increases construction costs. I can figure k for improvements to the land, but if closing costs are capped at 6% i still don’t reach the k this sales guy is talking about.

Technorati Tags: closing costs, construction costs, improvements, oak creek homes, sales rep

My wife and I both have excellent credit, and started a refinance on our home with Countrywide… They wanted to do most of it by fax, so the broker never came out to our house.

She sent an "opening package" that was like 8 pages for us to sign that estimated 00 in closing costs for an interest rate of 6.3 – an exhorbitant sum in closing costs and only an average interest rate. We were going to do it anyway though and she sent a "mobile closer" to our house who was supposed to get everything signed in 15 minutes and be out the door.

They tried to pull a classic bait and switch, and the the notary showed up with paperwork that had 50 in closing costs! The closing was only supposed to take 15 minutes because they were hoping I would not read everything.

I asked them to leave and did not sign the paperwork. Where can I report these folks for pulling a scam like that?

Technorati Tags: 15 minutes, bait and switch, closing costs, exhorbitant, interest rate, notary, paperwork

we have 3 children. just moved to the area a planned on being long term tenants. I got a notice in February that our landlord didnt really want us to rent anymore cause they wanted to sell the house because they could buy another unless this is sold one.

then all of the sudden they said okay we can stay for 300 more a month. we already pay 1000 so we decided to buy a house instead. not knowing that wed find the one as fast as we did we bid on the home and the offer was accepted.

Also in not knowing finances are going to be tight because of the closing costs and 3.5% down. paying for inspections ect homeowners up front so on so forth. I asked the landlord if shed make some arrangment with us on the last two months of rent since this happened.

She is in a uproar because we dont want to buy this house. so she types me back this smorning say her LAYWER advised them that they can not make an arrangment we have to pay in full. She was always so nice untill we didnt want to buy this house. come to find out it is a modular home and we couldnt get finaced for one of these homes and it is too small! well the reality is is that we can not afford to do both at the same time.

what would you do?

Technorati Tags: arrangment, closing costs, landlord, last two months, laywer, modular home, shed, term tenants, uproar

We were looking into buying a home from a company. We had been denied an FHA loan initially with a lender. We decided to look into the option of a modular home because they had a different set of financing.

We were approved easily enough and everything sounds great.

No down payment. (up front)
No closing cost.
But the catch is, we give them the 8,000 dollar house credit we will recieve "as the down payment."

Now, I may be thinking about this all wrong, but with the amount of our loan, the fact that it is FHA (through them) and the closing cost I really don't think all that would add up to 8,000.

When we looked at a similar house, they quoted us at around 3,000 dollars as a down payment for the FHA loan.
Even if our closing costs were 3,000 dollars that still doesn't add up to the 8,000 that they're asking from us in the end..

Is there something I'm over looking in the procedure that makes this a good deal or am I right about my gut instinct that something seems fishy?

Thanks in advance!
What I'm wondering about is if this is actually a reasonable deal? We've never bought a home before so we don't know all the fees and other things that go along with it. For all I know, 8,000 dollars is the right amount to make it happen. I'm just not entirely sure. It would be great b/c we don't have a down payment at the moment, but I'm unsure.

Technorati Tags: buying a home, closing cost, closing costs, fha loan, gut instinct, modular home, thanks in advance

I'm a little confused interpreting what they are saying. Here's their response:

Yes, you can use your VA benefit to refinance your existing home into (or back into) a VA loan.

"In most cases, the loan may not exceed 90 percent of the reasonable value of the property as determined by an appraisal, plus the funding fee, if required. The maximum VA guaranty is ,000, which covers a loan up to 4,000. For loans amounts above 4,000, most lenders will want additional security, such as equity in the home, along with the VA guaranty. Each lender has their own policies, so you should talk to a VA-approved lender regarding your specific situation. The loan may include funds for any purpose that is acceptable to the lender, plus closing costs, including a reasonable number of discount points. A veteran must have available home loan entitlement. An existing loan on a manufactured home (except as noted below) may not be refinanced with a VA guaranteed loan."
Is the K what they will guarantee above the loan amount or is K what they will guarantee on the loan?

Thanks in advance.

Technorati Tags: additional security, benefit, closing costs, existing home, guaranty, home loan, lenders, loan entitlement, loans, manufactured home, thanks in advance, veteran

My husband and I bought a manufactured home back in 2001. Unfortunately, we were very inexperienced and did not understand that having money down at closing was so important. At the time, we also had bad credit, but the dealer was determined to sign us. We ended up buying down 7 points and rolling it into the cost of the loan along with the other closing costs in order to lower our interest rate into something we could afford. It was lowered from 12.5% to 10.75%. We have always made timely payments for the last 6 years, but would like to refinance to get the incredibly high interest rate down. Our current lender says that 10.75% is their lowest rate, and our credit union won't finance due to the negative equity. The house is appraised at ,000 and we still owe ,000 on the loan. I've heard that there are loans available for 125% of a home's value, but not if it's manufactured. Does anyone know of any alternatives or have any useful suggestions to help us?
Also, just to clarify, the house is attached to a permanent foundation on a piece of land that my husband and I own.

Technorati Tags: 6 years, bad credit, closing costs, finance, high interest rate, loans, manufactured home, money, negative equity, timely payments