The bank said they couldn’t refinance home but would try and help me find someone who would. I thought it was a modular home but they’re say it’s a manufactured home. It’s really big. The place I bought it from went out of business. How can I find out which home it really is? I need a lower payment or may loose home. Please tell me an honest place to start.

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We have been working on a loan to put a new manufactured home on our property. The appraisal came in ,000 more than the loan amount. The broker called yesterday to say that the underwriter denied the loan because of what they saw going in and out of our checking account. My husband is a seasonal worker and the bank statements were from the period he was not working. If you use our annual income to determine our average monthly income, then our debt to income ratio is 25% before the loan (I am including child support payments in this). We realize that we will need to put money in savings for the house payment when he is working to pay the payment when he is not. We have the money to do that. We had 4000 extra dollars after paying our bills this month.
Anyway, the broker didn’t agree with the underwriters decision. He asked us for more bank statements and also something in writing about our plan to pay the payment in the off season. Should I give up that this is going to go through or can the underwriter change his mind?
For Jim…
How is the appraisal value relevant to your problem? I thought that ,000 in equity before even signing would be a plus.

What did the underwriter see going in and out of your checking account? After seeing what went into the checking account and what went out, there wasn’t enough money left to make the house payment which would be true because we weren’t needing to have money left for a house payment.

Is your husband currently not working? He went back to work in July and got his first check August 1st.

If he is currently working why did you provide a bank statement from when he wasn’t working? It went to underwriting the day he got his first paycheck, August 1st, but the current bank statement only goes to July 20th.

If he is not currently working, when does he go back to work? N/A

Do you receive the child support income for at least the next 3 years? The child support is an expense, not income and she will be 18 in April so I believe the payments will end then.

Do

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I have been living in a manufactured home for over 11 years now and made payments of 550 a month but then i checked the interest rate and its 12% and in the 11 years the principle amount i paid for is 00+ but now i seen a nice house for ,000 my question is what would happen if i just went and bought the other house and left the manufactured home?

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they said I was not eligible because I live in a manufactured home. Don’t you find it a discriminatory action? I am not trailer trash. My home is beautiful and extremely functional.

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Our bank has basically screwed us over. They raised our house payment on his the past summer due to a mistake made by one of their employees. Then, my husband and I made payment arangements with them because we were behind on our bills, and with the increase in our house payment it was hard. The bank said fine, and allowed us an extra two weeks or so. So, after the time had passed, and I went to pay the payment the teller swiped my debit card twice, which caused my account to go negative for two weeks. We had late fees on all our bills, and we out another 200 dollars due to overdraft fees. Well, this has been a month ago. I called the bank numerous times in which they told me everytime that they would give me back my money. I even had a lawyer write me a letter in which I faxed to them. Never heard a word,and never got my money. It put me really behind. Now, we also have credit card bills. I haven’t paid them in a few months, and they sent me a bill today for a lower minimum payment..which, I can’t afford the entire thing, but I can send a little. My husband(who is deployed right now) also racked up an 1100 dollar cell phone bill. I just don’t know what to do. Im in school more than full time, and dont have time for anything else because I am almost done, and cant afford to quit now because then I will have tons of student loans to pay back. Okay, well my husband wants to apply to be a recruiter next year. He will get to get out of deployments for a while, make a little extra money, and get out of his horrible shop he works in now. I am so close to just saying screw it, moving back closer to family where he can apply as a recruiter, and renting again. But, I dont know. Im scared about it. I know it will be hard going from a homeowner to a renter again. Plus, after we get caught up we want to have a baby, and Im not sure if I will be happy bringing a baby back home to an apartment. My mom said she might be able to help co-sign for a manufactured home maybe? Would she be able to do that?

Help!

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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 purchased a manufactured home about 2 years ago and I am making my mortgage and lot rental payments. I have a 15 year mortgage.I have a lot of credit card debt ( I pay about 0 a month in minimum payments). I would like to consolidate this into one payment so I feel like even if I am living pay check to pay check I am doing ok and pay them off and close the account. only want one card with a low credit limit. Plus the interest rates are high. I have good credit (approximate score 685-710 at last check) never made a late payment, or missed a payment no bankruptcy etc. So my question is should I be able to get a consolidation loan without a co-signor and is this the way to go. I would like to also purchase a new car (lease is up and need to get a new one) should I roll this all into together or do seperate loans and will that even be possible. Any guidance would be helpful thanks.

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and both the applicants income and the co-apps income without using the co-apps. credit. My boyfriend and I are looking into buying a manufactured home. Our first house. We have 10 acres that are being deeded to us, which I am told will cover our down payment. I have been told by the loan agency with the manufactured home that my score is fine for the loan, but putting my boyfriends on as co-app could hurt us. However, my income alone is not enough to get this high of a loan. I don’t want a co-signer, just myself and my bf to be responsible. Anyone know how to go about this? Does anyone think we qualify for a 1st time homeowners loan even though it is a manufactured home? I’m not really sure where to go with it, or what kind of % we are looking at with just my score which is in the mid 600….
Yeah, and how many of the mentioned "loan" companies listed below are scams?? Sorry just a little sceptical

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My loan officer said we could get our new home while having our current home on the market if we did one of two things- paid off our credit card debt or for me to get a job to cover the minimum monthly payments on the credit card debt. This was the only way for us to have two homes at once. If neither of those things could be done, then we had to sell our current home. We paid off almost all the debt and I got a job that covers the minimum credit card payments and some and not to mention my hubby got a 6% raise. We paid down the debt by selling every piece of furniture we own and other odds and ends and even my husbands car. Now, after all this, a hard hit on my credit and frustration with a loan officer who cusses, never returns phone calls or emails and hangs up the phone on you, none of the things that we did to get our new home would have helped us, except to sell our current home. Our new home will be under rural development and RD never allows a second home unless the current home is a manufactured home or trailer. So, we sold everything, took a hard hit on my credit and got a lousy minimum wage job for nothing. Luckily in 6 days we will be closing on the sale of of current home and closing on our new home, but having our new home does not make up for the fact we are out furniture and a car, when those things did not have to be sold in the first place. I even talked to the bank that is funding the mortgage and they said it sounds like my loan officer was stalling us (our new home is new construction so our loan has been processing for 5 months pending the finish of the construction) in hopes our current home would sell so she could make a buck. What can I do to recoup the damages? I want at least a refund on the money we spent for this loan officer to process our loan. ideally, the money spent to process the loan and money to replace our car and furniture. What can I do?

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My mom has been in the process of buying a Modular home since December. She decided to put a manufactured home on her land. She entered a legal contract with the dealers that had a closing date of June 2010. Her loan was approved, but the place continued to put off closing. SO, she called the loan officer. He said that the problem was that the dealer wasn’t licensed thru the government to receive the government loan she was approved for. The odd thing is this is the loan they use to get people to buy homes from them. So we are starting to wonder how many other people went into contracts with them, and this dealership knew that they were not approved by the government to receive the funds from these rural development loans. Thus, making this place a scam! They have pocketed not only the 0 non refundable deposit, but also my mom’s land!! Which they put into the contract that as soon as the modular home was on the land, the land and the home were both the property of this dealership until closing. Well, I really think that my mom should get a lawyer because this place is a scam! But my question is can she sue for the tax credit she is going to miss over this?
I think we were thinking along the lines of punitive damages, not actually sueing for the "tax credit". Sorry maybe I worded this question wrong. Anyway, thanks for the answers. She’s going to talk to a lawyer~

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I need to know what type of a loan I will need to buy a piece of property, set up and prep the construction site and then move my current manufactured home onto it? This loan also needs to refinance the home, pay for the hookup fees, move, set up and install, and would it be possible to add a garage onto the property?

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can you refinance a manufactured home?

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Basically I am looking to lease a Manufactured home, aka double wide. I want to know if there is any way of doing so with no credit. I know they have tightened down the past few years on loans, but can a 10% down payment change their minds? We dont want to go through the hassle of finding and apartment, and being stuck in a lease. I’m moving in the next month, and want to possibly go this route. We can afford it, but will they see that?

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I began the process to refi my house with usbank they charged me up front with my visa credit card an appraisal was done. One week prior to closing they called and changed the terms of the loan saying that because the home is a manufactured home the terms were different. When the original appraisor called I asked if they knew that the home was manufactured, they said no but would contact us bank for another appraisor to come out. Which they did. Our original loan was with us bank. They had this information.Needless to say we did not continue the transaction w/them. We refied with another bank i have now discovered that us bank charged my account the 0 appraisal fee without notification.We would have continued with the loan had they not changed the terms from 30 year fixed 0pts to 20 years 1pt. I don’t believe they are correct in doing this as THEY changed the terms of the loan! Help I want my 0 back!

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My boyfriend is buying me a new manufactured home for 5,000. He is also paying off my school loans of ,000. The extra money is for the start of a business. I want to know if I should accept it as a gift or have him 1099 me. I don’t expect to have any money left after I pay all the above.

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Ok…Im just a nervous wreak. We are trying to buy a brand new manufactured home, through a USDA loan. We were pre-approved, and I sent in all the proper documentation to the mortgage company. They now tell me that they will send it to underwriting. Ok, she keeps telling me everything looks good, but I am still nervous….we have found the house, locked our price and done everything up to this point….is my odds good that it will go through underwriting. I just dont understand clearly any of this

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My husband and I were pre-approved for a FHA loan on a manufactured home through that company’s lender. But after researching, we think a site built home will be better in the long run. We went to Wells Fargo since that is where we bank. Currently the FHA loan is in underwriting. Since we were approved once, does that mean we will get approved again and for the same amount?
**We went through our bank for the site built home and explained everything to the loan officer. We have gave her our paperwork and when I spoke w/her earlier this week for a status, she mentioned our paperwork was given to the processors and is in underwriting. I figured she meant in the pre-approval process.
Also, we never signed a go ahead w/the manufactured home company. Instead we went to our bank for the stick built home loan.

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CLosing is next week.. What can still go wrong with the loan? What are the chances I wont get the house. P.S. supposedly it has to be reviewed by FHA Board or something due to it being a Manufactured home, but I think thats just for the House, not my income/credit stuff.

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My boyfriend is giving me 8,000. 5,000 for a manufactured home, ,000 for school loans, ,000 to start a business. He is having the funds transferred to my bank at the closing of a real estate deal by the escrow company.

I expect I will be writing checks almost immediately after I receive the funds for the home and school loans. But if I don’t is it safe to keep all that money in one account? I plan on putting ,000 in a business account under my DBA. Is it safe to keep this amt in one account? Would this amount be insured by the fed?

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how does that effect my credit?the loan was for a manufactured home.

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