I am getting a manufactured home (but for simplistic purpose, -let’s assume I’m buying a home) for the first time. I am very new to all these mortgage terms, having spent hours reading about (interest rate, apr, loans, etc). I still need clarifications on some concepts.

-Based on the price of our home and the cost of the contractor to put that home on our property, the total costs comes to around 0,000.

- I am looking at different lenders and looking for a 30 year loan with a fixed-rate of 6% or less. I know interest rate is the extra amount I pay each month in addition to to the principal. However, based on this website of lenders:
http://rates.interest.com/icom/rate/mortgage/step6.asp?params=0,30,CA,1,0,1,0,1,0&sort=99
I see "rate" and "APR" as similar. I know interest rate is monthly and APR is the summation of interest rate. But how come the numbers are close or similar?

- On the list, I see some processing fee as high as K to low as 0. Is this a one time thing?

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I am seeking Mobile Home Refinancing for my 1990 Fleetwood in park. What are best lenders? We are having problems finding someone who will refinance it, thanks

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I will put this question out there and hope for a more definitive answer. I own a manufactured home on land that we put on a foundation and were told that if we did that it would equal a site built home and go up in value. We also had an ARM that we did get fixed, but it is still at 11.3%. We now cannot get any type of refinance simply because lenders won’t touch these types of homes. Also it has gone down in value dramatically. When we moved into it in 2003 it appraised at 93,000 and we had appraised again in 2007 and it went down to 85,000 and that was before the home prices hit rock bottom. So I guess my question would be would it be for us to try to sell it for what we owe on it, which is about 74,500, and get out from under it before we are completely underwater, or keep it and hope things get better? Any suggestions would be greatly appreciated. Any other manufactured home owners out there have any input on this? Thanks!
I also forgot to add that the home is affixed to the land, making it a land/home package, so there is no way to separate the home and sell it outright even at a loss.

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He will be placing a new Palm Harbor home on land he currently owns (not outright but in an existing mortgage that will be paid off by this one). He is in affect replacing the old home on his lot with a new one and is having trouble finding lenders to compete against the one and only option he’s located in our area (Oregon)… Any suggestions?

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I’m looking to buy a house already on propoerty but it’s a manufactured home and I need 100% financing. Does anyone know of any lenders that are willing to do this??

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I am trying to find ANY lenders in Texas that will refinance
or take equity loans for mobile homes with land.
I purchased the home and the land seperatly at first, now
they are attatched as real property by deed. Are there ANY
lenders in Texas that I can contact?!

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I’ve noticed that lenders are shying away and dropping manufactured home programs. Can anybody tell me why? I am NOT looking for a loan!

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I own 8 acres of land a 2007 Singlewide mobile home that is combined in the same mortgage. Im interested in refinancing the home and the land for a better intrest rate. My current intrest rate is 7.5% fixed.
My home is FHA approved. My actual question is where can I find a lender willing to refinance the land and home in my area? (Stone County, Mississippi)
Notice most lenders wont touch a used mobile home.
What about the lands value? Doesn’t that help?
Thank you.
I owe 8,000.00 total.

Technorati Tags: current intrest rate, fha, lenders, mobile home, mortgage, stone county mississippi

My mom is looking to re-fi her mobile home and needs a co signer. a couple lenders I talked to said the co-signer must be a resident of the home, but the co-signer lives out of state. is this a requirement for all mobile home loans or just a few?
Additional details –
Co signer needed cuz step father passed and only income is mom’s social security and the pmts are too high. we don’t want her to lose the home

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My wife and I both enjoy excellent credit and we desire to purchase a doublewide manufactured home. However, there seems to be a problem with finding lenders for manufactured homes. One lender offered us 25 yrs at 11% with 10% down. Thats insane to me. Our credit scores ( high 700s) calls for a rate far lower even if it is a manufactured home.
Can someone out there with experience help us? We need some lending institutions that WILL finance a manufactured home so we can find the best rate possible.

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I have a 1994 mobile home on a big corner lot in PA. The mobile is anchored to a permanent cement slab and the axels and tires were pulled. There is now an addition so it looks more like modular, double wide,, not sure of the correct wording. The land and the home are both paid in full. My credit is fair. As soon as they hear "mobile" the conversation is over. Am i looking too the wrong lenders? Why will they not give me a loan and use my home as collateral? The property is worth about 78,000 and I only want to borrow 28,000. Banks will finance them when they are bought from dealers so why is this different? I really need to figure this out and find someone who can quote me terms w/o wasting each others time. The property is also paid in full. I have a land deed for that and a title for the mobile home. Can i change the title to a home deed? Good luck with this one,, I appreciate ur input.

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I have a clear title to a mobile home, that is part of land.,
which I still have a loan on. The home and land were originally purchased separatly. Are there any lenders in Texas that will
refi my current loan.

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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.

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I am seeking Mobile Home Refinancing for my 1990 Fleetwood in park. What are best lenders? We are having problems finding someone who will refinance it, thanks

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I hear that a lot of lenders will not deal in manufactured home loans, so I wondered who I should turn to to get a loan to buy a used manufactured home. It is already in a mobile home park and you are paying lot rent each month for the land it is on. So…what is the best way to do this? Does anyone have any idea who the lenders like this would be in the Tampa, Florida area? I don't care if the lender is local, just want to find a few to compare that deal with such a loan and what kind of down payments would be required and what kind of interest rates are available for people with decent credit.

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It appears that lenders do not refinance mobile homes that you dont live in. I own the mobilke that my son lives in. He pays the morgage.

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I am looking at refinancing our manufactured home that is permanently attached (with concrete pillars) to our 6 acres of land. Right now, we currently owe more than the value of the property. I have tried several different lenders and have been told they won't finance for more than the value. Any suggestions?

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